EML Payments (ASX:EML)
has collaborated with Spain’s national post office Correos to load around 500,000 prepaid cards worth $603 (€400) each.
The buy now, pay later company said that the prepaid cards will be issued to eligible 18 year old's, under a new Spanish Government economic stimulus to support the cultural sector, which was impacted during Covid.
Funds are set to be spent on various cultural products and activities, including the performing arts, live music, films, libraries, museums, festivals, sheet music, records, books, audiobooks and magazines.
The total value of card loads sits at a currency-adjusted $320 million.
According to EML, the program will contribute to revenues and EBITDA in the 2023 financial year and will form part of the FY23 guidance range once released to market.
''Our business relationship with Correos goes back a long way, and we've achieved many milestones together,” said Emilio Gutierrez, Head of Spain at EML.
“We're delighted to continue to build on this partnership with such a significant and important initiative in helping support the arts sector across Spain.''
Shares are trading 10.7 per cent higher at $1.42.