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21 Feb 2019 | 07:10

Mi-Pay agrees contract extension

Mi-Pay announced it agreed a contract extension with a long-term existing client for an incremental five-year period, effective from 1 January 2019.

This client represented approximately 12% of annual revenue in 2018 (approximately £0.4m), a growth of 33% over 2017. The contract extension is on broadly similar terms to the previous contract with the client.

The board of Mi-Pay expects to deliver continued growth within this client account as its customers naturally migrate to digital payment channels and as the client targets wider European growth.

The client is the first Mi-Pay customer to successfully adopt Apple Pay as an alternative payment method.

Mi-Pay will additionally deliver wider European alternative payment methods of Sofort, Giropay and iDeal to support the Clients' European growth aspirations. These payment solutions are expected to enhance Mi-Pay's appeal across the European market.

Mi-Pay chairman Michael Dickerson commented: "We are delighted to have secured the extended terms with our valued client and look forward to working with them to drive wider European growth.

"The additional ability to demonstrate alternative payments is increasingly important for our long term growth as we look to broaden our service offerings."

The company's full year results for the year ended 31 December 2018 will be announced on Wednesday 24 April 2019.

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