American Express will sell its prepaid-card technology to payments solution provider InComm Holdings, the company said Thursday.
Terms of the deal, which is expected to close in the Q1’18, were not disclosed.
According to the announcement, InComm will also become the exclusive distributor of American Express’s prepaid reloadable and gift card products in the U.S. It will also be the exclusive program manager and processor. American Express will remain the issuer.
Included in the transaction were AmEx’s prepaid products such as its U.S. gift cards, B2B rewards and incentives, tax disbursements and general purpose reloadable (GPR) cards.
Read more at AmericanExpress.com and Bloomberg.