Transact Network, a leading European prepaid card issuer, recently announced in a press release that it will now be offering its services through Visa Europe. With the move, Transact Network will become only few of the European prepaid issuers offering prepaid card programs under both major card schemes.

A principle member of Visa Europe, Transact Network has completed the implementation of its first Visa bank identifications numbers (BINs). Two new Visa Europe prepaid programs will be going live this month.

“As a principle Visa member, we are underlining our leading position in the prepaid market,” said Kriya Patel, sales director at Transact Network, in a statement. “We are now a one-stop-shop for our current partners, and have a stronger proposition for potential partners looking to implement new prepaid card programs.” 

“Transact Network has already issued over half a million prepaid cards with over 100 partners. With the addition of Visa prepaid card programs, we hope to double our cards issued over the next six months.”

Fiona Duncan, senior vice president of Prepaid at Visa, said, “We welcome Transact Network to Visa Europe. At Visa Europe we estimate that the cardable opportunity for Prepaid in Europe will be €442 billion by 2015, so we are tremendously excited by the opportunities this brings to our members.”

Transact Network recently issued over 500,000 prepaid cards on the MasterCard (News - Alert) network in Europe. Transact Network has been a MasterCard principle member since 2008 and launched its first prepaid program in 2009.

The company now has over 100 programs live in 12 European countries across a diverse range of prepaid program categories. With one of the most experienced management teams in the European industry, Transact Network's revenues have close to doubled over the last 12 months. 

Rahul Arora is a TMCnet contributor. He has worked as an editor and freelance writer for several reputed organizations in India. To read more of his articles, please visit his columnist page.

Edited by Jennifer Russell