Lo-Q plc, the AIM listed provider of virtual queuing systems for theme parks, water parks and major attractions, has confirmed that it has signed a global Memorandum of Understanding (“MoU”) with MasterCard International Incorporated (“MasterCard”): a leader in the global payments industry.
Under the terms of the MoU, Lo-Q and MasterCard will work together to develop a new contactless payment solution that combines MasterCard’s Tap & Go™ PayPass™ payments technology with Lo-Q’s innovative queuing software and systems. Once developed, Lo-Q and MasterCard will work closely together to market and promote this combined solution to the operators of theme parks, water parks and other entertainment attractions which normally require consumers to queue before use.
MasterCard operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. As such the MoU, which will run for a period of three years, has the potential to significantly enhance Lo-Q’s addressable market over the long-term and strengthen the Company’s already compelling product set and go-to-market credentials.
Announcing the MoU Lo-Q plc Chief Executive Officer, Tom Burnet, said: “This really is an exciting partnership for all concerned. Lo-Q’s queuing solutions are highly sophisticated and routinely trusted by some of the world’s largest, most demanding attractions operators. Visitors like our products and they get much more from their days out by leaving the queues behind and focusing solely on having fun. By combining these qualities with the world-class payment technologies and reach offered by MasterCard means that we can now work together to create new and exciting growth opportunities for both our firms.”
Also welcoming the announcement, Richard Burdett of MasterCard Worldwide said, “MasterCard is committed to new product innovations that provide real benefits and new opportunities to our customers and cardholders. Working with Lo-Q we all saw the synergies in our respective products and great opportunities to provide cardholders and the Leisure and Entertainment industry combined contactless payment and virtual queue technologies in one product.”