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EML Payments Announces Multi-year Contract with Smartgroup

23 May 2019  |  14:25:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Multi-year contract with Smartgroup

EML Payments announced that it has entered into an eight-year agreement with Smartgroup Corporation to be their provider of branded General-Purpose Reloadable card programs for payout of Salary Packaging benefits. The revolutionary Salary Packaging technology solution allows customers to have multiple benefit accounts funding a single card managed by a virtual wallet. Once at full potential, the Company expects to earn between $4 - $8m revenue per annum from the incremental volumes in this contract, provided there are no adverse changes in market conditions. Including this contract, the Company expects to provide services to more than 260,000 benefit accounts by April 2022. Total annual Gross Debit Volume for this vertical is expected to be $2bn once the transition is complete.

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