Visa will create a fully white-labelled omnichannel payment management platform for merchants and acquirers after acquiring Payworks.
The news follows a 2018 strategic partnership and investment Visa made in Payworks, a Munich-based provider of next-generation payment gateway software for point of sale (POS).
Visa will integrate its CyberSource digital payment management platform with Payworks’ cloud-based software for in-store payment processing, allowing merchants and acquirers to accept face-to-face transactions across multiple POS terminal types.
The platform will provide a unified payment experience for in-store, in-app and online purchases.
“For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide,” says Carleigh Jaques, SVP, global head of digital merchant products at Visa. “As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship.”
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Christian Deger, CEO and co-founder of Payworks, adds: “Integrated commerce is an accelerating opportunity for Payworks and its clients. 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.”
Research has shown that creating an omnichannel fulfilment strategy is among the top priorities for 94% of retailers.