Visa makes another payments play
Visa has bought the point of sale business Payworks as it continues to expand its payments abilities across the globe.
It follows a recent cross-border payment announcement by the global business.
Visa also has plans to offer a buy-now-pay later product.
The deal with Payworks will allow Visa’s clients a combined payment experience whether their customers are paying in-store, in-app or online.
According to recent research by Visa, 94 per cent of retailers note that an omnichannel fulfillment strategy is one of their company’s top priorities.
The research also revealed 58 per cent of shoppers say they have ordered online and picked up in store, and 37 per cent of shoppers make additional in-store purchases at pick up time.
Payworks will bring their cloud-based solution for in-store payment processing together with its CyberSource digital payment management platform to create an integrated payment acceptance solution for retailers.
SVP, global head of digital merchant products of Visa, Carleigh Jaques said Visa has been working with Payworks over the past two years.
“We have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide.”
“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.”
Visa is turning to technology more frequently as the company expands its business across various global enterprises.
Visa launched a cross-border payments initiative to over 30 global trade corridors using blockchain technology.
Visa B2B Connect has been piloted by a number of banks and aims to expand to as many as 90 markets by the end of 2019.
“Having participated in the pilot program, we are excited to see how this innovative solution will change the way cross-border payments are made, while increasing the speed and transparency for businesses around the world,” Commerce Bank senior vice president Brian Gordon said.
Visa already introduced a real time payments solution in the hopes of providing gig economy workers the ability to be paid “within minutes” of completing a job as the industry rises.
Research conducted in partnership with Visa, found potential transactions could reach up to 3.1 billion transactions.
Gig economy jobs have risen in recent years with the report finding 45 per cent of Australians stating they would consider doing gig economy work to supplement their salary over the next 12 months according to the