Menu
Big Four banks sell NZ's Eftpos system to France's Ingenico for $190M

Big Four banks sell NZ's Eftpos system to France's Ingenico for $190M

$190 million sale price to be split four ways between ASB, BNZ, Westpac and ANZ

Eftpos network operator Paymark has been sold for $190 million.

Eftpos network operator Paymark has been sold for $190 million.

The four bank shareholders of Eftpos provider Paymark have agreed to sell the company to France's Ingenico Group for $190 million.

ASB, ANZ, Westpac and BNZ will sell the Auckland-based electronic transaction processing company if the Commerce Commission and Overseas Investment Office approve.

Paymark, which has reportedly been for sale for a couple of years, processes a large proportion of debit and credit card transactions through its switching infrastructure connecting cards at merchant terminals with the bank or institution that issued the card.

Paymark is connected to over 80,000 merchants and processes more than a billion transactions a year.

Terminal maker Ingenico is listed on the Paris Stock Exchange and has operations in 170 countries.

Ingenico said that by combining its terminal assets with Paymark and those of another recent acquisition, Bambora, Ingenico will be well positioned to create value for New Zealand retailers and financial institutions. 

This willl create a "complete omnichannel offering" including point of sale and terminal management, in-store and online processing capabilities and value-added services such as analytics and loyalty.

Swedish payments group Bambora was acquired in July last year for €1.5 billion.

Earlier this month, Westpac became the latest of three banks to partner with Paymark to offer online Eftpos, which allows New Zealanders to purchase online directly from their bank account using their mobile phones.

Read more: CFOs hesitant to invest in cloud: strategist

Paymark said it continues to engage with other major banks to participate in offering the service.

Announcing the Westpac deal, Paymark touted its new Open Payments Platform as the "next-generation digital infrastructure connecting merchants, banks and consumers".

For the year to March 31 2017, Paymark posted an after tax profit of almost $21 million, up $1.5 million on 2016.

Its four bank owners said they believed Ingenico would be a good owner for Paymark as it is a specialist in the payments business internationally and will be able to bring a high degree of technical skill and innovation to what is becoming an increasingly complex and creative industry.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags WestpacCommonwealth Bank of AustraliaANZBNZPaymarkasbpayments systemterminalIngenico eftposBombora

Events

Featured

Slideshows

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners

This year’s Reseller News 30 Under 30 Tech Awards were held as an integral part of the first entirely virtual Emerging Leaders​ forum, an annual event dedicated to identifying, educating and showcasing the New Zealand technology market’s rising stars. The 30 Under 30 Tech Awards 2020 recognised the outstanding achievements and business excellence of 30 talented individuals​, across both young leaders and those just starting out. In this slideshow, Reseller News honours this year's winners and captures their thoughts about how their ideas of leadership have changed over time.​

Meet the Reseller News 30 Under 30 Tech Awards 2020 winners
Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security

This exclusive Reseller News Exchange event in Auckland explored the challenges facing the partner community on the cloud security frontier, as well as market trends, customer priorities and how the channel can capitalise on the opportunities available. In association with Arrow, Bitdefender, Exclusive Networks, Fortinet and Palo Alto Networks. Photos by Gino Demeer.

Reseller News Exchange Auckland: Beyond the myths — how partners can master cloud security
Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomes industry figures at 2020 Hall of Fame lunch

Reseller News welcomed 2019 inductees - Leanne Buer, Ross Jenkins and Terry Dunn - to the fourth running of the Reseller News Hall of Fame lunch, held at the French Cafe in Auckland. The inductees discussed the changing face of the IT channel ecosystem in New Zealand and what it means to be a Reseller News Hall of Fame inductee. Photos by Gino Demeer.

Reseller News welcomes industry figures at 2020 Hall of Fame lunch
Show Comments