Park gains Mastercard issuing licence

Park Group plc, the UK's leading multi-retailer gift voucher and prepaid gift card business focused on the corporate and consumer markets, today announces that it is now a licensed issuer of Mastercard products.

Park is now able to issue Mastercard prepaid cards. The first product being offered is a digital card issued to customers for online redemption at a select number of retailers, including John Lewis, Argos and Debenhams.

Later this year, the 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.

This direct relationship with Mastercard brings the capability in-house, giving Park greater control over the process, allowing it improved flexibility and speed in servicing its customers' requirements.