Euronet Software Solutions, a division of leading electronic payments provider Euronet Worldwide, Inc. (NASDAQ:EEFT), announces that De Surinaamsche Bank (DSB) and Southern Commercial Bank, both of Suriname, recently launched cobranded Surinamese UnionPay prepaid cards utilizing Euronet's Prepaid card software solution.
DSB and Southern Commercial Bank are the first banks in South America to introduce a UnionPay prepaid product. Originating in the People's Republic of China, UnionPay is one of the fastest growing card schemes in the world and is accepted in 148 countries and regions outside the Chinese mainland.
"UnionPay is an excellent alternative for both business travelers, students and tourists," said Sigmund Proeve, DSB CEO. "We have the ambition to bridge the rest of the Caribbean and South America with this card."
Miriam Park, General Manager of UnionPay International USA, said the introduction presented an opportunity for regional growth to UnionPay, DSB and Southern Commercial Bank.
The introduction of UnionPay advances the abilities of the financial industry in that region by enabling faster money transactions, reduced costs for banks and merchants and the ability to offer more customer services as the market requires. In addition to the many advantages to the industry there are also many benefits for cardholders.
"There is a lot of demand from our clients for a supplementary card service," said Andy Lau, Southern Commercial Bank CEO. "The flexible terms, convenient reload options and special offers are some of the many benefits."
The cards are available in two variants: 'Classic' and 'Gold' in US Dollars, each with their own limits. A minimum deposit is not required. A large number of local businesses accept UnionPay for payments. For added convenience, cardholders can reload their UnionPay cards via a variety of touchpoints including DSB ATMs, mobile banking and Internet banking as well as with a Southern Commercial Bank teller or through an account transfer. Special offers worldwide during promotional periods include 10% off at the world's top 40 shopping districts and up to 15% off at 30 global tourist destinations.
"Prepaid cards are a fast-growing segment of the overall payments environment," said Cindy Ashcraft, Vice President, Euronet Worldwide and Managing Director, Euronet Software Solutions. "Growth has been driven primarily by consumer payment applications such as gift cards, money transfers and general-purpose cards. As the prepaid market continues to flourish, so will the types of solutions made available. With our Integrated Prepaid Solution, DSB and Southern Commercial Bank will benefit from offering a comprehensive solution that is flexible and can quickly adapt to new market requirements."