U.K.-based international payments firm Tuxedo Money Solutions announced in a Feb. 9 press release that it would be partnering up with Dubai-based Global Processing Solutions FZ in a global payment program partnership. The main focus of this partnership is to expand the Tuxedo brand to Australia and the Middle East, which have up to this point mainly been hotbeds for cash transfers, but are now embracing alternative banking solutions, especially in the realm of prepaid services.
“Tuxedo has a stated focus on rapid international expansion for our payments technology platform to take advantage of the predicted £1.1 trillion global payments market. By working with GPS we are able to bring our technology to the expanding UAE market and support our existing expansion in Europe, Australasia and the U.S.,” said Tuxedo Chief Executive John Sharman.
Tuxedo was founded in the U.K. in 2006, specializing in custom and “white labeled” payment solutions for over 400 retailers and millions of customers. Its first prepaid product was released a year later, and over the last 12 months has embarked on an aggressive global expansion into Europe and Australia. The new partnership with GPS is intended to not only help support the Australian expansion, but also to help identify opportunities in the Middle East beyond just the UAE for alternative payment products.
“GPS continues to expand our global reach with Tuxedo Money Solutions,” commented Neil Weeks, GPS’ chief commercial officer. “I am delighted to have [Sharman] and his team operating on the platform and we look forward to launching many more exciting programmes together. Tuxedo have a great reputation in this industry and their choice to partner with GPS reflects our position as a leading Prepaid Processor.”
Tuxedo and GPS aren’t the only ones looking to expand alternative banking services to predominately cash only spaces. Last month, Western Union announced that Apple Pay would be accepted at its European branches, with possible expansion into other regions coming.
The partnership’s first payments program in the region is scheduled for Q2 2015.