Euronet Worldwide’s February 12, 2026 results update reported epay’s Revolut distribution reaching 20 countries in the final quarter of 2025. It places gift cards and prepaid content in the financial app, but supplies no partner-specific sales or redemption figures. [S01]
The expansion reflects a longer shift in the business. Euronet, co-founded in 1994 by chairman and CEO Michael J. Brown, acquired epay in 2003. The operation developed from mobile top-ups into a wider prepaid and branded-payments portfolio. [S04]
Reusing distribution infrastructure
The Revolut relationship was announced in May 2021 around an API connection for digital content. The earlier release’s planned geography should not be confused with the footprint reported in the 2026 results. Nor does the latest figure mean 20 countries were newly added during one quarter. [S02][S01]
The existing physical distribution estate offers a separate measure of epay’s scale: approximately 362,000 retailer locations at the end of 2024 and 363,000 at the end of 2025. These are locations for its mixed prepaid and electronic-content business, not Revolut app users or gift-card-only outlets. The small change in this estate does not measure the return from reusing its technology in an app. [S05]
epay’s physical retailer distribution estate
Approximate year-end locations across its mixed prepaid network.
retailer locations
Tap or hover for details. All values are also available in the data table.
Source
Approximate issuer counts, not gift-card-exclusive outlets, active customers or Revolut app markets. No integration efficiency, incremental sales or partner return is inferred.
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| Category | retailer locations |
|---|---|
| December 31, 2024 | 362,000 retailer locations |
| December 31, 2025 | 363,000 retailer locations |
For epay, the attraction is to distribute more brands through an established technical connection. A catalogue supplier can add destinations without constructing a separate consumer shopping brand in each one. For Revolut, gift and prepaid content can create additional reasons to return to the app beyond the original financial transaction.
That is a distribution mechanism, not a disclosed return on investment. Neither party reports how much activity was incremental, how commercial proceeds were shared or what it cost to maintain the integration. More countries extend the addressable opportunity; they do not establish how often customers use it.
Growth with a less comfortable quarter
epay annual reported revenue
2024 and 2025. [S01]
USD million
Tap or hover for details. All values are also available in the data table.
Source
Segment revenue, not gift-card face value.
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| Category | Revenue |
|---|---|
| 2024 | 1,150.5 USD million |
| 2025 | 1,187.6 USD million |
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| epay measure | 2024 | 2025 |
|---|---|---|
| Operating income, USD million | 129.9 | 136.2 |
| Adjusted EBITDA, USD million | 137.2 | 142.5 |
| Transactions, million | 4,374 | 4,579 |
Annual revenue rose 3% reported, or 1% at constant currency; operating income and transaction count rose 5%. Adjusted EBITDA is non-GAAP. A $4.5 million first-quarter operating-tax settlement affected profit measures. [S01]
Fourth-quarter revenue rose 3% reported but fell 2% at constant currency, against unusually strong prior-year promotional revenue. [S01]
These measures describe the whole epay segment. They are not the face value loaded onto gift cards, and they cannot isolate Revolut’s contribution. The difference between reported and constant-currency growth also matters: exchange-rate translation can improve a dollar comparison without indicating a stronger underlying selling environment.
More than a catalogue in an app
epay’s retail services include physical cards, digital codes, mobile top-ups, settlement and back-office support, as well as connections to existing apps and online shops. [S03] That infrastructure gives a partner a way to add prepaid content without contracting separately for every operational component.
Later annual-report detail helps define that breadth. Euronet’s FY2025 Form 10-K, filed on February 26 after the results announcement, says content other than prepaid mobile airtime represented about 73% of epay revenue, compared with about 68% in the FY2024 filing. This category includes digital media and other prepaid products bought for gifts or self-use; it is not a gift-card-only revenue share. [S06][S07]
Non-airtime electronic content in epay revenue
Later annual-report context for the mixed product portfolio.
% of epay revenue
Tap or hover for details. All values are also available in the data table.
Approximate revenue shares for all non-airtime electronic content, not gift-card-only sales or Revolut activity. FY2025 mix was disclosed February 26, after the original results announcement. No uptime, conversion or partner-margin result is measured.
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| Category | % of epay revenue |
|---|---|
| FY2024 | 68 % of epay revenue |
| FY2025 | 73 % of epay revenue |
The tradeoff is dependence on the intermediary’s availability, commercial terms and handling of failed transactions. A wider range of content has value only if customers can purchase and use it reliably. Merchant brands, meanwhile, need to know whether the financial-app channel reaches additional buyers or shifts purchases from another distributor.
The financial update demonstrates an expanded route to market alongside modest segment growth, not a causal link between the two. The next commercially meaningful evidence would be active buyers and repeat use within that route, together with contribution after delivery costs. Until those are disclosed, the strongest conclusion is that epay is extending where its existing supply relationships can be used.
In this article
Oliver Reed
Oliver Reed covers industry acquisitions, investment and market research for Gift Card News.