First Data Corp., Europe’s leading card transaction processor, has entered the French payment card market through an agreement with Egg to provide processing services for Egg’s launch of its international Visa card in France, la Carte Egg. First Data is providing full cardholder and transaction processing for Egg. The announcement follows recent news that First Data has been awarded a three-year extension to its contract with Egg in the United Kingdom. First Data has provided full card processing services to Egg since 1999, partnering with them to build the business from start-up to a 5 percent share of the United Kingdom card market in less than three years. The original services and functionality have evolved extensively to cater to the fastest growing Internet-based credit card in Europe.
Egg’s first product in France, la Carte Egg was launched on the back of Mori research indicating that internet penetration has increased in France by 25 percent over the past 12 months and Egg’s own focus group research signifying that French consumers are looking for new alternative card payment methods. La Carte Egg will be unique to the French market in that it will offer 1 percent cash back on all purchases as well as offering a highly competitive APR of 12.99 percent. John Schratz, director of global card operations at Egg, comments, “Egg strives to maintain its lead in online banking product and service innovation with the aid of strong partnerships and the use of the latest technology. As we enter the French market, we are very pleased to continue our relationship with First Data who we consider to be Europe’s foremost credit card processor.”
Sandra Lawrence, senior vice president at First Data, comments, “Egg has been a client for nearly three years and we are delighted that they chose us to facilitate their expansion throughout Europe. First Data’s experience, ongoing investment in system functionality and economies of scale deliver a unique advantage to our clients that helps them retain their competitive edge in the market while building their business.”
Egg, launched in October 1998, listed on the London Stock Exchange in June 2002. It offers customers a range of market leading products and services from four main areas ? banking, investments, insurance and online shopping.
Since its launch, Egg has acquired over two million customers. Egg has been at the forefront of digital financial services since its inception, launching the UK’s first ‘Internet-only’ savings account offering higher interest rates to customers and, in 1999, the Internet credit card. In the UK, Egg has 5 percent of card balances and its website, www.egg.com is now established as one of Europe’s most frequently visited financial services website, with over one million visitors each month.
About First Data
First Data Corp. (NYSE: FDC), with global headquarters in Denver, Colorado, helps power the global economy. Serving approximately 2.8 million merchant locations, 1,400 card issuers and millions of consumers, First Data makes it easy, fast and secure for people and businesses to buy goods and services, using virtually any form of payment: credit, debit, smart card, stored-value card or check at the point-of-sale, over the Internet or by money transfer. For more information, please visit the company’s Web site at [www.firstdata.com][1]. First Data is also the leading independent transaction processor in Europe and Europe’s leading Internet-only processor. Servicing major banks and financial institutions in the United Kingdom, Germany, Spain, The Netherlands and the Middle East, First Data has been active in the United Kingdom for over 10 years. For more information, please visit the company’s European Web site at [www.firstdataeurope.net][2].
About Egg
· Egg plc is Europe’s leading digital financial services provider, providing banking, insurance, investments, mortgages and a shopping portal through its internet site and other distribution channels.
· According to research from Nielsen//NetRatings, the independent web audience monitoring company, Egg’s unique audience for August 2002 was 1,105,606. This figure ranks it as the most popular financial website in Europe.
· Egg plc floated on 12 June 2000 raising proceeds of approximately £150 million and is listed on the London Stock Exchange. Prudential plc continues to hold 79% of the share capital.
· Research from Egg / MORI (Institut Francais de Demoscopie), November 2002.
[1]: http://www.firstdata.com
[2]: http://www.firstdataeurope.net
