Prepay Nation acquires assets of More Magic Solutions
Philadelphia, PA, August 9, 2016 — Prepay Nation, a global provider of cross-border prepaid mobile airtime, announced today that under a strategic alliance with Oberthur Technologies (OT), leading global provider of embedded security software products and services, it has completed the acquisition of specific assets related to the International Roaming & Recharge (IRR) and white label mobile top-up business of wholly owned OT subsidiary More Magic Solutions Inc.
Under the terms of the agreement, the partnership supports both organizations’ shared mission to generate incremental revenue for Mobile Network Operators (MNOs) by expanding mobile financial services for their subscribers. Given that the majority of MNOs operating in Asia, Africa and Latin America have subscribers who are supported financially by their friends and families working overseas, both organizations will cooperate in the development of new cross-border transfer solutions for MNOs around the world.
“OT is a preferred technology solution provider for mobile financial services among MNOs and banks around the world, so we are very excited about this transaction and the strategic partnership with them,” said Anurag Jain, CEO of Prepay Nation. “This will not only accelerate the expansion of our International Airtime Hub, but will also create new opportunities for growth.”
“As the use of mobile phones for financial services expands, there is a huge opportunity for MNOs to play an important role in facilitating the transfer of value from senders overseas to their own subscribers in-country,” said Pierre Barrial, Managing Director of the Mobile Network Operators business at OT. “The alliance with Prepay Nation will expand our offering in the field.”
About Prepay Nation
With over 200 mobile operator partnerships in 94 countries and diverse distribution channels spanning over 200,000 locations in the US, Canada, Europe and Middle East, Prepay Nation provides a valuable service to expatriates who financially support their loved ones back home. Prepay Nation’s unique business model, scalable multi-currency processing platform, and global interconnectivity with mobile operators and other digital service providers provides instantaneous and no-fee value transfers of prepaid mobile airtime for consumers and a significant revenue opportunity for distributors and retailers. To read more, visit www.prepaynation.com.
About Oberthur Technologies
OT is a world leader in embedded digital security that protects you when you connect, authenticate or pay. OT is strategically positioned in high growth markets and offers embedded security software solutions for “end-point” devices as well as associated remote management solutions to a huge portfolio of international clients, including banks and financial institutions, mobile operators, authorities and governments, as well as manufacturers of connected objects and equipment. OT employs over 6 500 employees worldwide, including almost 700 R&D people. With a global footprint of 4 regional secure manufacturing hubs and 39 secure service centers, OT’s international network serves clients in 169 countries. For more information: www.oberthur.com.
For more information contact:
Karen Vogl, Corporate Communications