One of the leading European prepaid card issuers and subsidiary of the Wirecard Group – Wirecard Card Solutions Ltd. – recently joined forces with a division of Euronet Worldwide, Inc. (EEFT) named cadooz GmbH. The partnership plans to roll-out two co-branded Maestro prepaid cards, namely, “cadoozCard” and “cadoozCard plus” in Europe.
The cadooz group, a subsidiary of Euronet Worldwide, is well known for its gift cards, premium awards and incentive solutions in the German-speaking nations. The company now intends to enter the European market through the aforementioned alliance. WireCard in this regard will provide the necessary infrastructure to cadooz GmbH for issuing the Maestro prepaid cards.
The Maestro prepaid cards will be issued to enhance employee incentives. Employers strive to reward employees through newer and better solutions to retain them in the long run. The cards will fulfill this requirement and help employers preserve employee loyalty.
While the cadoozCard can be used within a select shopping network, the cadoozCard plus is more flexible and can be used at all food retail counters, discounters and gas stations which accept Maestro. The cards were recently issued in Germany and will soon reach other European countries.
With the rising demand for card products all over the world, many companies are trying to bring in innovative solutions for customer satisfaction. Euronet’s cadooz group, being a popular name in this regard, has more than 3,000 companies across all industries where it provides marketing tools or employee benefits. The alliance with Wirecard and the issuance of the cards should expand its product range and open more avenues for sales growth for Euronet.
Euronet Worldwide currently carries a Zacks Rank #1 (Strong Buy). Among other financial services companies, FleetCor Technologies Inc. (FLT) with a Zacks Rank #1, and American Express Company (AXP) and Portfolio Recovery Associates Inc. (PRAA) with a Zacks Rank #2 (Buy) are worth considering.
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