NZ payments processor acquired by Ingenico
(19 January 2017 – New Zealand) Ingenico Group, a payments service provider, has signed an agreement to acquire Paymark, a New Zealand payment network, for NZ$190 million (A$173 million).
Paymark has been one of the biggest payments processors in New Zealand, having connections with several banks and acquirers in the country. The company processes over 1 billion transactions annually and the Paymark network includes over 80,000 merchants.
By combining its historical terminals assets with Paymark and Bambo, the acquisition will allow Ingenico to expand in the Pacific region. The company aims to use this acquisition as a “spring-board” for the Pacific region.
“It is a strong springboard to deploy that strategy in the Pacific region,” said Patrice Le Marre, Banks & Acquirers Business Unit EVP of Ingenico Group.
“We will continue to invest in Paymark in order to keep providing the best payment solutions to serve our customers including ANZ, ASB, BNZ and Westpac, with whom we have built strong relationships in the region.”
Closing is expected to occur during the second quarter of 2018. The transaction is subject to relevant regulatory consents. Paymark will be integrated within the Banks & Acquirers business unit.
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