Ingenico Group Acquires TechProcess

Ingenico Group Acquires TechProcess
31.01.2017 07:30 am

Ingenico Group Acquires TechProcess

Payments , M&A Deals

Created in 2000, TechProcess is a leading online and mobile payment services provider headquartered in Mumbai with approximately 600 employees across 40 locations in India. The company has developed best-in-class offerings in several markets where it built leading positions, especially in online payments gateway, NACH (National Automated Clearing House), bill payments, and mobile payments. These services rely on a strong network of connections with leading Indian banks for acquiring and net-banking integration.

While 90% of retail purchases are currently paid in cash in India, electronic payments are expected to increase significantly in the coming years, pushed by recent government initiatives (demonetization of certain bank notes, launch of the national BBPS interoperable bill payments ecosystem, etc.).

The acquisition of TechProcess will support the strategy of Ingenico Group in India, where it is the leader on the terminal market with c.50% market shares and a player in online payments through EBS, an Ingenico ePayments entity. As a result, Ingenico Group will further expand its footprint in the country, and, ultimately, offer cross-border capabilities. 

Closing is expected to take place in Q1 2017.

Philippe Lazare, the Chairman and Chief Executive Officer of Ingenico Group, commented: “Based on its already leading position in terminal market, Ingenico Group is making, with the acquisition of TechProcess, a major step in India, the fastest growing country in Asia. The combination of our assets places us in a unique position to benefit from India’s shift towards electronic payment transactions and to strengthen our leadership in Indian instore and online payment acceptance.”

We are very excited and looking forward to being part of Ingenico Group. Their leading position in payment industry will help us accelerate our development and allow us to lead the offline-online convergence in India.” said Kumar Karpe, CEO of TechProcess

Related News

Global Processing Services teams up with sync. ahead of latter’s European launch

Global Processing Services (GPS) has today announced that it has partnered with London-... Read more »

Banking Circle adds same day local payouts in Polish Zloty to its payout capabilities

Banking Circle, the ground-breaking financial infrastructure provider, has added Polish Zloty (PLN) to its local currency payout capabilities.... Read more »

Barclaycard partners with FreedomPay to enhance customer offer

Barclaycard, a leading global payment business, is partnering with FreedomPay in the UK and Europe – a leader in commerce solutions. The collaboration will... Read more »

EPA launches Project Recovery to keep FinTech on the world stage

The Emerging Payments Association (EPA), which celebrates collaboration and innovation across the emerging payments industry, has today launched Project... Read more »

PayPoint Survey: 1 in 4 renters are behind in payments

As the UK eases out of lockdown and approaches the end of the furlough scheme, a survey of social and private renters* by the payment provider, PayPoint, has... Read more »

Onyx CenterSource announces global partnership with WEX to expand digitized payments options

Onyx CenterSource, a leading global provider of B2B payments and business... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel