Global Payout Signs Agreement With XPayCardTuesday, February 4, 2014
Global Payout Inc., a San Diego purveyor of electronic payment solutions such as prepaid debit cards, said it signed an agreement with XPayCard International, its third contract this year.
The agreement calls for immediate delivery of an initial 5,000 prepaid chip and pin cards and 5,000 initial accounts on the company’s payment platform. By year-end, XPayCard estimates activation and distribution of 500,000 accounts to their client companies.
Full activation of the accounts will result in “significant revenue” to Global Payout this year beginning in the second quarter, the company said.
The initial implementation will support a Portuguese multinational company with some 4,000 locations in 80 countries, the company said.
Last month, Global Payout said it struck a deal with China Union Pay, the only domestic bank card organization in the People’s Republic of China and the second largest payment network in the world. The debit card platform represents some 70 banks in China. The contract with CUP is the result of previous licensing agreements with First American Electronic Payment Solutions Inc. and Intradata Solutions, LLC, Global Payout said.
CEO Jim Hancock said integrating its payment platform with CUP Global provides a competitive advantage for clients to access all Chinese residents.