Euro Asia Pay signs network agreement with Discover

Pursuant to the agreement, EAP and Discover will facilitate joint programmes via issuers of prepaid cards in the US for acceptance on the Discover Network. Hero Financials is EAP's full-service alternative-to-banking solution that allows guardians to provide funds to their dependents while monitoring payments and promoting financial literacy for the next generation of consumers.

The partnership will aid EAP's expansion strategy in the US and provide choices to consumers for more secure payments. A recent study featured in Business Insider indicated that the purchasing power of Gen Z in the US is expected to exceed USD 140 billion as it becomes the largest generational cohort, and tapping in this market will allow EAP's latest product, Hero Financials, to provide US customers with a product with parental control features.

This payment solution is expected to include a mobile application and a built-in budgeting tool, savings function, contactless payments, and security backed by third-party encryption. The agreement is for an initial term of 5 years, during which time EAP has committed to issuing all future cards for its US market exclusively on the Discover network. Under the agreement, both parties will review anticipated volumes within a reasonable time following the 24-month anniversary of the Hero Financials launch date.

For more information about Discover, please check out the company profile in The Paypers Company Database.