EML Payments (ASX:EML) share price still 27% below pre-COVID high

It has been a disappointing 12 months for shareholders of ASX payments solutions provider EML Payments Ltd (ASX: EML). Despite the EML share price climbing almost 250% off its March 2020 52-week low of $1.20 to $4.17 as at the time of writing, it is still well short of its pre-coronavirus record high of $5.70 recorded last February.

So what’s going on?

What does EML do?

Broadly speaking, EML offers three key payments services to its clients: general-purpose reloadable cards, branded gift cards, and virtual account numbers.

General-purpose reloadable cards are the sorts of cards used by online bookmakers like Ladbrokes or Sportsbet to distribute winnings to their clients. The cards allow their customers to make instant withdrawals…