Australia-based EML Payments is a prepaid card account processor, program manager, and issuer for over 1,500 programs in 24 countries. Last month, publicly traded EML purchased Ireland-based Prepaid Financial Services (PFS) for $291 million. The transaction, which is expected to close in the first half of 2020, added 50% to EML’s market capitalization on the Australian Securities Exchange. EML started in 2011 as a third-party processor supporting single-use promotional and rewards cards. It soon added prepaid cards for companies in payday lending and online gaming industries. Those client...