The acquisition enhances Visa integrated commerce payment management capabilities worldwide
Visa announced it has acquired Payworks, a Munich-based provider of next-generation payment gateway software for the Point of Sale (POS). Visa will 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. The joint offering will provide acquirers and payment service providers with a 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.
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.
Working with some of the largest payment providers in the world, Payworks’ technology and services currently enable 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.