Equals Group PLC Launch of B2C Linked Cards
March 25 2021 - 3:00AM
RNS Non-Regulatory
TIDMEQLS
Equals Group PLC
25 March 2021
For immediate release 25 March 2021
Equals Group plc
('Equals' or the 'Group')
Launch of B2C Linked Cards
Equals (AIM:EQLS) , the technology-led international payments
group focused on the SME marketplace, today announces the launch of
its new FairFX B2C 'Linked Cards' products. This new functionality
widens the use-case of the FairFX B2C offering to cover 'friends
and family' wallet options and to compete head on with
'pocket-money' cards.
Linked Cards represent another step away from the Group's
origins as a travel money business and the capabilities were a
planned part of the Group's technological roadmap for 2021. The
development utilises functionality from Equals' B2B applications to
widen the features of its B2C products, highlighting the benefits
of the unified platform the Group has established.
The Linked Card features allows a FairFX customer to share money
with relatives or friends for use both in the UK and overseas. The
FairFX card holder can opt either to use a shared-balance Linked
Card (where the secondary cards can access funds of the primary) or
a separate balance Linked Card (where funds have to be transferred
from the primary to the secondaries). This functionality, combined
with the Group's Rewards programme, where customers can earn
cash-back at many retailers, means that the FairFX B2C card
programme is now satisfying broader user requirements than simply a
travel-money product.
As the primary card holder can see transactions and balances of
the Linked Cards and can pause their usage and reactivate at any
time via the FairFX App, this product is ideal for teaching
children basic money skills both in the UK and abroad. In addition,
particularly relevant during pandemic lockdowns, the Linked Card
features can be used for community support allowing family and
friends to utilise a safe and secure method for helping those
unable to purchase goods for themselves. As there is no monthly fee
for the cards, the product significantly undercuts current leading
cards in this space.
Ian Strafford Taylor, CEO of Equals, said: "The Linked Card
features we have added to the B2C card product significantly widen
the use-cases, accommodating our customers' needs in this era of
travel difficulties. The multi-currency nature of the cards also
means that if a customer has bought currency for an overseas trip
that has been cancelled, it is easy to switch it back into Sterling
and then use these funds on a wider basis.
"The speed at which we have developed this functionality is
testament to the platform we have assembled and showcases how we
can utilise B2B developments for our B2C product lines and widen
revenue streams from the same technology. As we have also recently
deployed a new customer facing B2B international payments platform
(Equals Pay) and a new internal FX dealing system (Exchange) the
tangible benefits of the technology investments we have made is now
clear to see. We will continue to deploy new functionality across
Equals as the year unfolds."
- Ends -
For more information, please contact:
Equals Group plc
Ian Strafford-Taylor, CEO Tel: +44 (0) 20 7778
Richard Cooper, CFO 9308
www.equalsplc.com
Cenkos Securities plc (Nominated Advisor
/ Joint Broker)
Max Hartley / Callum Davidson Tel: +44 (0) 20 7397
Nick Searle (Sales) 8900
Canaccord Genuity (Joint Broker)
Emma Gabriel / Bobbie Hilliam / Georgina Tel: +44 (0) 20 7523
McCooke 8150
Alex Aylen (Sales)
Buchanan (Financial Communications)
Henry Harrison-Topham / Steph Watson Tel: +44 (0) 20 7466
/ Toto Berger 5000
equals@buchanan.uk.com www.buchanan.uk.com
Notes to Editors:
Equals Group is a technology-led international payments group
augmented by highly personalised service for the payment needs of
SME's whether these be FX, card payments or via Faster Payments.
Founded in 2007, the Group listed on AIM in 2014 and currently
employs around 250 staff across sites in London and Chester. For
more information, please visit www.equalsplc.com .
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