Gift card firm gets Mastercard boost

PARK Group, the Birkenhead-based gift voucher and prepaid gift card business, has become a licensed issuer of prepaid Mastercard cards.

The first product being offered is a digital card issued to customers for online redemption at retailers, including John Lewis, Argos and Debenhams.  

Later this year, the £385m-turnover stock market listed group will expand the offering to include physical cards at any retailers accepting Mastercards, both online and in-store.

The license allows Park to be fully responsible for the end-to-end settlement with Mastercard, without the need for involvement from external programme managers or issuing banks.  Previously Park’s ‘Anywhere’ card was issued via third party providers.

Park said the direct relationship with Mastercard gives it greater control over the process, allowing it improved flexibility and speed in servicing its customers’ requirements.

Chris Houghton, chief executive of Park said:  “Our continuing goal is to offer the maximum choice and flexibility to all of our customers. We have enjoyed huge success with our ‘Anywhere’ card product, and I am delighted that we can now bring this broadened offering in-house, having met Mastercard’s stringent processing and security requirements to become a fully licensed issuer.

“This is a new capability and milestone for Park, allowing us to react even more quickly to what our customers tell us that they want. It also enhances our ability to develop new products, opening new markets and opportunities for us.”