EEFT - Euronet Expands Malaysian Market Presence with the Acquisition of MEPS ATM Terminals from PayNet | Benzinga
LEAWOOD, Kan., May 30, 2024 (GLOBE NEWSWIRE) -- Euronet (NASDAQ:EFFT), a leading global financial technology solutions and payments provider, announced today the completion of the acquisition of the Malaysian Electronic Payment System (MEPS) ATM terminals of Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and central financial infrastructure for Malaysia. This acquisition enhances Euronet's role as the largest non-bank operator of ATM terminals in Malaysia.
The integration of this nationwide network of about 800 ATM terminals into Euronet's existing independent ATM deployer (IAD) network will benefit from Euronet's industry-leading Ren payments platform. This expansion ensures secure, reliable 24/7 cash access for millions of customers across Malaysia, strengthening its commitment to serving both urban and rural areas.
Since its inception in 2012, the MEPS ATM network has provided millions of Malaysians in local communities and small businesses with convenient access to cash. Euronet will maintain and expand the IAD network across Malaysia, promoting financial inclusion.
Effective April 1, 2024, the MEPS ATMs have been fully transferred to Euronet. A rebranding exercise to Euronet's brand will be completed in the next year, during which time the MEPS brand may still be visible at some ATMs.
This acquisition is part of Euronet's ATM Asset Acquisition Program, which has been successfully implemented worldwide and provides banks and operators like PayNet with strategic pathways for divestment of their ATM networks. The program enhances business continuity and expands customers' reach and services. It also includes full-scale ATM outsourcing services that cover?the complete value chain of ATM operations.
"We are excited to announce our acquisition of the MEPS ATMs from PayNet and will continue ...