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EML Payments

EML Signs Multi-Year Agreement with Smartgroup


ASX Market Announcement


EML Signs Multi-Year Agreement with Smartgroup

EML PAYMENTS LIMITED (ASX: EML) (“EML”) is pleased to announce that it has entered into an eight year agreement with Smartgroup Corporation Limited (ASX: SIQ)(‘Smartgroup’) to be their provider of branded General Purpose Reloadable card programs for payout of Salary Packaging benefits.


EML has worked with Smartgroup since 2017 and currently manages approximately 50,000 benefit accounts.


The revolutionary EML Salary Packaging technology solution allows customers to have multiple benefit accounts funding a single card managed by a virtual wallet. Salary sacrifice participants no longer need to carry a number of cards, one for every benefit account. EML also provides Salary Packaging cardholders access to:

  • A Merchant Coalition program that delivers savings at more than 5,000 merchants which generate savings of approx. $5 per month on average to participants;

  • An innovative End of FBT Year Non Reloadable program allowing participants to efficiently expend unused funds prior to 31 March annually;

  • An innovative end of employment Non Reloadable program allowing participants to efficiently expend unused funds prior to ending their employment; and

  • Access to both physical cards and EMLs mobile payments capability to access their funds.

EML’s primary revenue derives from a monthly transaction fee per benefit account alongside other revenue streams of interchange, interest, FX fees, transaction fees on Non Reloadable cards sold and breakage. Once at full potential, EML expects to earn between $4 - $8 million revenue per annum from the incremental volumes in this contract, provided there are no adverse changes in market conditions.

EML is the largest provider of payment solutions to the Salary Packaging industry with more than 160,000 benefit accounts already in market. 

Including this contract, EML expects to provide services to more than 260,000 benefit accounts by April 2022.Total annual Gross Debit Volume for this vertical is expected to be approximately $2 billion once the transition is complete.

About EML Payments Limited

With EML, you will be empowered with more control, transparency and flexibility over your payment processes. Whether you serve businesses or consumers, EML makes your payment processing more efficient and secure from start to finish, while helping you improve customer service and increase brand loyalty.


Our portfolio offers innovative financial technology that provide solutions for payouts, gifts, incentives and rewards, and supplier payments. We issue mobile, virtual and physical card solutions to some of the largest corporate brands around the world, processing billions of dollars in payments each year, and manage more than 1,200 programs across 21 countries in North America, Europe and Australia1.


For more information on EML Payments Limited, visit: EMLpayments.com


For further information, please contact:

Robert Shore

Group Chief Financial Officer

EML Payments Limited (ASX: EML)

rshore@emlpayments.com.au

+61 (0) 419 590 128


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