Hot off the heels of a tie-up with Apple Pay, EML Payments (ASX: EML) aims to be ahead of the curve after securing new payments programs with four Australian fin-tech groups that bank on rising behavioural trends amongst Millennials and Generation Z.
EML Payments CEO Tom Cregan (pictured) says his company's product innovation, processing tech and Mastercard issuing license have positioned it well to power the home-grown brands WildCard, Qpay, DiviPay and ImpactPay.
"It's an exciting time to be an Australian fintech and EML is committed to powering home-grown brands with world-class innovation," says Cregan.
"We're seeing the Reserve Bank of Australia fostering competition for niches within the banking industry and we see a burgeoning industry in Australia with companies looking to compete in these niches."
He describes WildCard as a bank alternative aimed at Millennials to help manage their money and improve their savings
"WildCard will be EML's first fintech partner in Australia to launch with a vertical card, built for millennials, with card numbers on the back for Instagram-friendly posting," says Cregan.
QPay is a challenger bank whose customer base is Australian university students who handle payments for student societies, membership fees, launch parties, music festival tickets and textbooks.
Cregan expects EML's customised reloadable pre-paid Mastercard will enhance the QPay brand and deliver value in conjunction with its app.
"Qpay's major focus is making payments more convenient for student's and providing them with value and a user experience consistent with the lifestyle of a university student," he says.
The third new partner, DiviPay, has called on EML to deliver virtual cards for its service that helps customers control their spending and automate expense reporting.
"This will mean no plastic card, so it utilises EML's innovative mobile technical functionality of providing card details securely and directly to customers in the company's app and on their mobile device," says Cregan.
"DiviPay is EML's first customer to provide a virtual mobile Reloadable MasterCard to their users, using the PAYS capability via their own mobile application."
Finally, neo-bank ImpactPay is EML's first customer to utilise its transaction delegation authorisation technology, which automatically reads the cost and merchant ID to make a determination of how the transaction will be funded.
"ImpactPay aims to create a social change by giving customers the opportunity to tap their card to make a purchase and give a small amount of money to a charitable organisation," says the EML CEO.
"In essence, ImpactPay is about turning small change into meaningful change, using their tagline, "Tap and Give".
"Utilising EML's transaction processing system in conjunction with ImpactPay's technology allows millennial users to have control over when and how much they donate to charity or a given cause, as well as where their donated money is spent."
With the launch of these additional programs, EML now manages 35 reloadable programs globally.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support