Park obtains license for Mastercard products

9th Jan 2017 08:53

(ShareCast News) - Park Group, a British multi-retailer, announced that it is now a licensed issuer of Mastercard products.The group is now able to issue Mastercard prepaid cards for online redemption at selected retailers including John Lewis, Argos and Debenhams.The offering will be expanded to include physicals cards at any retailer accepting Mastercards, both online and in-store later this year.The license allows the company to have full responsibility for the end-to-end settlement with Mastercard, without the need for third party providers, which was previously the case for its 'Anywhere' card.Chief executive Chris Houghton said: "Our continuing goal is to offer the maximum choice and flexibility to all of our customers. We have enjoyed huge success with our 'Anywhere' card product, and I am delighted that we can now bring this broadened offering in-house, having met Mastercard's stringent processing and security requirements to become a fully licensed issuer."This is a new capability and milestone for Park, allowing us to react even more quickly to what our customers tell us that they want. It also enhances our ability to develop new products, opening new markets and opportunities for us."The share price rose 7.72% to 83.75p at 0950 GMT on Monday.