TransCard Buys HQ Gift Cards, Expanding Reach to Malls and Casinos (Jan. 15, 2013)
Jan. 15, 2013
Chattanooga, Tenn.-based processor and program manager TransCard this week said it has acquired HQ Gift Cards, the nation’s largest program manager of mall-based prepaid and gift cards, as part of a broader expansion push. Gardena, Calif.-based HQ, founded in 2000 and acquired in 2006 by Ceridian Stored Value Solutions, manages gift and prepaid cards for more than 300 U.S. malls and casinos, including Westfield, Taubman, Harrah’s and MGM. The companies did not disclose terms of the deal.
The acquisition will help TransCard reach more diverse consumer markets with its various products. TransCard, which last fall announced it was developing a mobile wallet, plans to enhance HQ’s products with its own technology, TransCard CEO Craig Fuller tells Paybefore. HQ offers “a completely turnkey solution, including sales training, market support, logistics and administration” backing an array of open-loop gift and prepaid cards designed for malls and casinos to sell to consumers, he says.
A key advantage in the acquisition is the broad range of retail categories HQ’s products encompass, Fuller says. “We think the distribution HQ brings is very interesting from a consumer standpoint, because of the kind of retail traffic you see in malls and casinos,” Fuller says. The acquisition is “the latest in a series of new product, marketing, channel and technology innovations” TransCard plans to continue this year, he adds.
