Vancouver, BC – March 5, 2022: Euro Asia Pay Holdings Inc. (CSE: EAP) (“EAP” or the “Company”), a leading fintech solutions provider, is pleased to announce that the Company has entered into an agreement with Discover® Global Network (“Discover”) to power EAP’s soon-to-launch Hero Financials product in the United States. Pursuant to the agreement, EAP and Discover will facilitate joint programs via issuers of prepaid cards in the U.S. 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 easily while monitoring payments and promoting financial literacy for the next generation of consumers.
The partnership with Discover will aid EAP’s expansion strategy in the U.S. and provide reliable choices to consumers for more secure payments. A recent study featured in Business Insider indicated that the purchasing power of Gen Z in the U.S. is expected to exceed $140 billion as it becomes the largest generational cohort, and tapping in this market will allow EAP’s latest product, Hero Financials, to provide U.S. customers with a safer, user-friendly, and reliable product with parental control features. This modern 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.
Peter McKay, CEO of EAP, commented, “This partnership will enable us to leverage a spectrum of payment capabilities as Discover has a significant market share and is accepted at millions of points of sales solutions and cash-access locations. We believe that this will grant our future Hero cardholders added freedom and choice with regard to how and where they can pay. EAP is committed to empowering its customer base with seamless access to innovations, convenience, and financial literacy.”
“Partnering with EAP complements our goal of providing the next generation of consumers with more payment choices and products to encourage lifelong financial skills,” said William Dulin, Vice President, Network Solutions, at Discover. “With Discover cards being accepted at 99% of merchants in the U.S. that take credit cards, this partnership will further equip EAP with access to a highly dynamic market and customer base.”
The agreement is for an initial term of five (5) years, during which time EAP has committed to issuing all future cards for its U.S. 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.
EAP anticipates that this agreement will enhance the Company’s growth plan with the support of Discover. Discover has maintained a substantial array of bilateral relationships in many regions, with more than 60 million global merchant locations and more than 2 million ATM and cash access locations worldwide. The Discover Global Network includes the Discover Network, Diners Club International®, PULSE®, and more than 25 alliance partner networks across the globe, such as Interac in Canada, Elo in Brazil, and Union Pay in China, to name a few.
About Euro Asia Pay Holdings Inc.
Euro Asia Pay Holdings Inc. is a developer of innovative financial solutions for the next generation of consumers. Its first product, SideKick™, enables parents to transfer, control, and monitor payments to their children in a simple, intuitive manner. The product includes a student-facing mobile application, a prepaid student payment card, and a parent portal, among other features. To learn more about EAP’s products and services, visit www.euroasiapay.com