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2016-05-10

Seamless Distribution AB: Seamless granted authorization to issue electronic money in Europe

Nasdaq Stockholm-listed Seamless (OMX: SEAM) has been granted
authorization by Sweden's financial supervisory authority,
Finansinspektionen, to issue electronic money. This means that SEQR
users can send and receive money, worldwide, in real time. Under the
terms of the authorization, SEQR can also be used by minors. Money
received can be accessed instantly to make payments anywhere in the
world where NFC (contactless) payments are accepted. This service
will be available to all SEQR users after the launch.

Usage of this type of account - known as prepaid account - is
extremely widespread internationally and growing.

"Authorization to issue electronic money is strategically important
since it further broadens SEQR's sphere of application and user
audiences. This authorization allows SEQR users to send each other
money in real time, independent of banks and regardless of where they
are in the world. One example of how it can be used is that parents
can transfer funds to their children's phones, money that can then be
used to make instant purchases in stores all over the world," says
Peter Fredell, CEO of Seamless. He continues,

"The option of depositing money into a SEQR account in real time
coupled with the rapid, global expansion of NFC technology means that
SEQR will become an alternative means of payment wherever the user
is."

In practice, the authorization means that an account is linked to
every SEQR user that can be used immediately when the service is
launched.

Seamless will be able to offer electronic money-related services
within the entire EU/EEA region under the terms of the authorization.
The company has notified Finansinspektionen that operations involving
the transfer of e-money will begin in all twelve European countries
where the company currently offers its payment solutions.

For more information, please contact:
Peter Fredell, CEO Seamless, mail: peter.fredell@seamless.se, tel. +46
8 564 878 00

Annika Blomé, COO Seamless, mail: Annika.blome@seamless.se tel. +46 8
564 878 00

About Seamless
Seamless is one of the world's largest suppliers of payment systems
for mobile phones. Founded in 2001 and active in 35 countries,
Seamless handles more than 3,7 billion transactions annually through
575 000 active sales outlets. Seamless has three main business areas
including the transaction switch, the technology provider for the
distribution of e-products and the mobile payment platform SEQR.
www.seamless.se

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http://news.cision.com/seamless-distribution-ab/r/seamless-granted-autho...
http://mb.cision.com/Main/4815/2005521/513271.pdf

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