LEAWOOD, Kan. - Euronet Worldwide Inc. (NASDAQ: NASDAQ:EEFT), a global provider of financial technology solutions and payments, has finalized the acquisition of the MEPS ATM network from Payments Network Malaysia Sdn Bhd (PayNet), the company announced Thursday. This move consolidates Euronet's position as the largest non-bank ATM operator in Malaysia.
The transaction, effective April 1, 2024, incorporates approximately 800 MEPS ATMs into Euronet's existing network, leveraging the Ren payments platform for enhanced service delivery. The integration aims to provide secure and reliable cash access around the clock, particularly benefiting communities and small businesses in both urban and rural areas of Malaysia.
Himanshu Pujara, Senior Vice President and MD Asia Pacific and Ren Payments, expressed enthusiasm about the acquisition, emphasizing the company's commitment to expanding the network according to customer needs. The deal is expected to offer Malaysian banks a credible alternative for ATM outsourcing services and create opportunities for digital banks and fintechs to utilize the infrastructure for cash-in and cash-out transactions.
PayNet's Group CEO, Farhan Ahmad, remarked on the importance of finding a partner like Euronet that aligns with PayNet's values of customer centricity, inclusion, and innovation. PayNet is known for its role in advancing Malaysia's digital economy and operates the national payments network.
The MEPS ATMs will undergo a rebranding to Euronet's brand over the next year, during which the MEPS brand may still be visible. The acquisition is part of Euronet's ATM Asset Acquisition Program, which offers strategic pathways for banks and operators to divest their ATM networks while enhancing business continuity and customer service reach.
This development is based on a press release statement and reflects Euronet's ongoing expansion of its global payment network, which includes ATMs, point-of-sale services, and money transfer networks across various countries and territories.
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