Digital payments giant Visa (NYSE: V) acquired Payworks, a Munich, Germany-based provider of payment gateway software for the Point of Sale (POS).
The amount of the deal was not disclosed.
Led by Christian Deger, Chief Executive Officer and Co-Founder, Payworks is a payment gateway software provider, streamlining face to face payment connectivity. Working with some of the largest payment providers in the world, the company’s technology and services currently enables omnichannel commerce experiences in a variety of settings, such as restaurants, retail and transport.
Visa will bring Payworks’ cloud-based solution for in-store payment processing together with its CyberSource digital payment management platform to create an integrated a white-labeled omnichannel payment acceptance solution for merchants and acquirers.
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. Clients will be able to use Payworks’ automated solutions to run and configure their point-of-sale offerings and terminals, and to set-up and start accepting any form of electronic payment, both face-to-face and online, through a single integration to CyberSource.
The acquisition builds on a strategic partnership and investment Visa made in the company in February 2018.