Global Payout, Inc. and CCS Prepay UK Ltd. has announced the joint venture agreement to pool their US and international debit cards' product and resources, in order to strengthen the product base and more efficiently support client requirements.
Prior to this, last month, during mid November both companies have signed a product sharing agreement on an EMV Visa international debit card with a partner bank in Europe. By the end of this month companies expect to complete the joint venture with the effective terms and conditions.
This joint venture will enable both companies to share their product details and specifications with the other party. Moreover it also allows each company to deploy the other company's prepaid product to match and best fit the new client needs, as and when such situations arise. As per both company's management, though the product offering by both companies vary across many factors but they are complimentary to each other. They are expecting to share new revenue stream in competitive situations. It will be a win-win situation case for both client and company.
As market of the prepaid card has started to mature, this move has been looked as going out of coveted geographic areas and look for other venues for sale and client base. The move will help both companies to leverage not only technology expertise but also become strategic partner for long.
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