Launch of B2C Linked Cards

RNS Number : 4102T

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."

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For more information, please contact:

Equals Group plc
Ian Strafford-Taylor, CEO Richard Cooper, CFO	Tel: [phone] www.equalsplc.com

Cenkos Securities plc (Nominated Advisor / Joint Broker)
Max Hartley / Callum Davidson Nick Searle (Sales)	Tel: [phone]
Canaccord Genuity (Joint Broker)
Emma Gabriel / Bobbie Hilliam / Georgina McCooke Alex Aylen (Sales)	Tel: [phone]
Buchanan (Financial Communications)
Henry Harrison-Topham / Steph Watson / Toto Berger [e-mail]	Tel: [phone] 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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