Store Financial Services UK (SFUK), a wholly-owned subsidiary of Emerchants, has signed a five-year agreement with TBS Europe, an Italian B2B prepaid fuel products provider, to launch two new prepaid fuel cards in the country.
The new MasterCard branded fuel cards will replace a paper fuel voucher programme that totalled €36m in loads in 2015.
The paper fuel voucher is currently marketed at a B2B level to corporate organisations in Italy who provide it to their staff for ad -hoc business travel and as employee rewards and incentives.
Emerchants believes that SFUK will complete the conversion process of voucher product with a MasterCard branded single load gift card by the end of fiscal 2017 and the program will become a financial contributor to the company in fiscal 2018 and beyond.
Additionally, SFUK will launch a reloadable MasterCard chip and pin card, targeted at B2B market for use at participating fuel stations across Europe.
Issued by Transact Payments (a subsidiary of The Bancorp), the cards will be distributed to clients of TBS Europe in Italy.
Emerchants managing director Tom Cregan said: “We are delighted to be launching these new products with TBS Europe SRL, which is part of our continued growth of the E-merchants prepaid business in Europe, as well as an expansion into a new market segment.
“This will be the launch of our first reloadable product within Europe and we expect the two products to perform extremely well.”