Global financial giant Visa has announced the purchase of Munich-based POS terminal payment gateway provider Payworks.
Through the acquisition, Visa will now combine its CyberSource digital payment management platform with Payworks’ in-store payment processing cloud-based solution.
The two entities first began collaborating in February 2018 following the inception of a strategic partnership plus investment from Visa.
“For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide,” explained 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 a state-of-the art software technology and an impressive client base. We are thrilled to welcome the strong and talented team to our family.”
Visa expect adding the solution will only further modernise its CyberSource platform and create a fully integrated, white-labeled omnichannel payment acceptance solution for both merchants and acquirers.
The company’s overall goal is to create a completely “unified payment experience” no matter where the transaction takes place – in-store, in-app or online.
“Integrated commerce is an accelerating opportunity for Payworks and its clients,” said Christian Deger, CEO and co-founder, 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.”
