Mi-Pay Group Plc (AIM: MPAY) Contract extension

Mi-Pay Group plc (AIM: MPAY), the leading provider of mobile payment solutions to Tier 1 Mobile Network Operators and Mobile Virtual Network Operators, is pleased to announce that it has agreed a contract with a long-term existing client for an incremental 3 year period.

This is expected to secure existing revenues and drive material growth in payment transaction value processed from the €25 million processed in 2016. During the life of the contract it is expected that per annum transaction value processed will increase to over €100 million.

Mi-Pay will be working with the client over the next 12 months to secure the growth in transactions through the delivery of its fully outsourced, Omni-channel digital payment solution and assisting the client with its full infrastructure rebuild. Mi-Pay will be integrating and providing new services to the client’s customers, improving the end user digital payment experience within a secure, risk free fully managed environment and ultimately aiming to migrate further consumers to its solution during 2018.

There will be an initial reduction in revenues and margin as both parties focus on the delivery of new solutions and new commercial terms take effect, however Mi-Pay expects to see strong long-term revenue growth during 2018 and beyond as the anticipated higher volumes are realised

Seamus Keating, Chairman of Mi-Pay Group plc commented:

“We are delighted to have secured an additional contract with one of our valued existing clients for another three years, in which we expect to aid them in fully transforming their infrastructure and significantly grow their digital consumer base as their chosen digital payments partner. We look forward to growing our relationship with our client and providing additional functionality to their end users.”

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