Visa Acquires Payworks
July 17, 2019
Read time: 7 min
SAN FRANCISCO & MUNICH--(BUSINESS WIRE)-- Visa (NYSE: V) today 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 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 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.”
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.1In addition, 58% of shoppers say they have ordered online and picked up in store2, and 37% of shoppers make additional in-store purchases at pick up time3.
“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.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.
This release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “will,” “is expected,” and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the benefits to Visa arising from the completion of the transaction.
By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-looking statements due to a variety of factors, including the risk that the transaction may not be consummated; the closing conditions relating to the transaction; and various other factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2018, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, and our other filings with the U.S. Securities and Exchange Commission.
You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future developments or otherwise.
1Put Fulfillment At The Heart Of The Customer Experience, IBM, Jan 2019
2Omnichannel Report, Internet Retailer, 2019
3“The Rise of the Click & Collect Superconsumer,” OrderDynamics, July 2018
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Will Stickney 415-805-4892 Press@visa.com