NYSE-listed digital payments leader, Visa has announced that it has acquired Payworks, a Munich-based provider of next-generation payment gateway software for the Point of Sale (POS).
Visa intends to bring Payworks’ cloud-based solution for in-store payment processing together with its CyberSource digital payment management platform to create a fully integrated payment acceptance solution for merchants and acquirers.
It is believed that the joint offering will provide acquirers and payment service providers with a modern, fully white-labeled omnichannel payment management platform.
The combined capability will enable Visa’s clients to offer a unified payment experience whether their customers are paying in-store, in-app or online. The acquisition builds on a strategic partnership and investment Visa made in Payworks in February 2018.
“For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide,” said Carleigh Jaques, SVP, global head of digital merchant products, Visa. “As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship. Payworks has built state-of-the-art software technology and an impressive client base. We are thrilled to welcome the strong and talented team to our family.”
Payworks is a payment gateway software provider, streamlining face to face payment connectivity. By combining the CyberSource best-in-class eCommerce and mobile payment capabilities with Payworks’ cloud-based architecture, Visa’s merchant and acquirer clients will be able to support face-to-face transactions across a variety of POS terminal types, including digital experiences, through a single integration.
According to recent research, 94% of retailers note that an omnichannel fulfillment strategy is one of their company’s top priorities. In addition, 58% of shoppers say they have ordered online and picked up in-store, and 37% of shoppers make additional in-store purchases at pick up time.
“Integrated commerce is an accelerating opportunity for Payworks and its clients,” said Christian Deger, Chief Executive Officer and Co-Founder at Payworks. “By combining our POS technology with CyberSource’s digital commerce capabilities, we can bring our joint solution to merchants and acquirers across the globe at an accelerated pace. We are excited about joining the Visa family and integrating our capabilities to deliver innovative, differentiated integrated-commerce solutions.”
Working with some of the largest payment providers in the world, Payworks’ technology and services currently enables omnichannel commerce experiences in a variety of settings, such as restaurants, retail and transport.
Visa’s merchant and acquirer clients will be able to use Payworks’ automated solutions to run and configure their point-of-sale offerings and terminals, making it easy for merchants to set-up and start accepting any form of electronic payment, both face-to-face and online, through a single integration to CyberSource.