Euronet has announced an agreement with digital wallet provider SOLFIN to provide issuing services for a minimum of 250,000 prepaid cards and up to 10 million cards over the next 10 years.
Under the partnership, Euronet will host its Ren Payments Platform in one of its global data centres and provide the SOLFIN wallet access to Ren’s issuing capabilities through customisable APIs.
The SaaS-based approach will enable SOLFIN to focus on new wallet enhancements while Euronet maintains the core Ren functionality for them, the companies said in a statement.
“We needed a partner with proven technology and expertise in prepaid card issuing. Euronet was able to deliver both and understands the needs of the LATAM region,” said Alejandro Hernandez, General Manager at SOLFIN, explaining the decision
SOLFIN currently serves consumers who do not have access to traditional banking institutions. Through the partnership the firm could expand its footprint beyond Costa Rica and Guatemala to other Central American countries in the future.
Once fully integrated into the project, Euronet and Ren will manage the full card life cycle as the SaaS prepaid card processing platform and Mastercard affiliate license sponsorship provider.