Digital payments major Visa has acquired Germany-based payment gateway software provider Payworks for an undisclosed sum.
Based in Munich, Payworks is a provider of next-generation payment gateway software for the point of sale (POS).
The acquisition will allow Visa to offer Payworks’ cloud-based solution for in-store payment processing along with its Cyber Source digital payment management platform for the creation of a fully integrated payment acceptance solution for merchants and acquirers.
Visa said that the acquisition is based on its strategic partnership and investment made in the German firm in February 2018.
Visa digital merchant products global head and SVP Carleigh Jaques said: “For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide.
“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 said that the joint product will help provide a modern and fully white-labelled omni channel payment management platform to the acquirers and payment service providers.
The combined capability will allow Visa’s clients to provide a unified payment service irrespective of customers paying in-store, in-app or online.
Visa’s merchant and acquirer clients can support face-to-face transactions across a variety of POS terminal types through a single integration, by combining the Cyber Source eCommerce and mobile payment capabilities with the German firm’s cloud-based architecture.
Working with major global payment providers, Payworks’ technology and services currently allow omnichannel commerce services experiences in a variety of settings such as restaurants, retail, and transport.
Visa’s merchant and acquirer clients can access Payworks’ automated solutions to run and manage their point-of-sale offerings and terminals, helping merchants to set-up and start accepting any form of electronic payment.
Payworks CEO and co-founder Christian Deger said: “By combining our POS technology with Cyber Source’s digital commerce capabilities, we can bring our joint solution to merchants and acquirers across the globe at an accelerated pace.”