Paysafe Group has announced plans to acquire Merchants’ Choice Payment Solutions (MCPS), a US-based payment processor.
MCPS is a data-focused full service payment processor for merchants and high-volume Independent Sales Organisations (“ISOs”) in North America. The company provides payments services to approximately 60,000 merchants in 50 states and processes over USD 14 billion in sales volume annually.
This acquisition will help Paysafe to get a foothold in North America. The company will add MCPS’s point-of-sale (POS) infrastructure to its Paysafe Processing division increasing its ability to process POS, online and order ahead payments.
MCPS reported revenue of $446 million and earnings before tax of USD 18.4 million in the year ended 31 December 2016. At that date, MCPS had gross assets with a value of USD 90.4 million.
Paysafe is a global provider of payment solutions. Merchants can, through their websites, use their services and gateway platforms, and innovative prepaid products and solutions, to simplify how they accept credit and debit card, direct-from-bank, and alternative and local payments.
Source: The Paypers
Vodafone Albania is reportedly in the throes of closing down its M-Pesa mobile money service – a move which could affect as many as 250,000 customers in the country.
A notice sent by the operator to its M-Pesa users revealed the service will cease operations on 14 July. Customers will have until 29 July to withdraw any funds lodged with the service from any Vodafone Albania retail store, with the operator waiving transaction charges, RTK Livereported.
While the news service noted Vodafone Albania is yet to offer an official statement regarding the move, it said the information provided to M-Pesa users in the country cited an internal decision for the shutdown.
Such a move is not without precedent. In May 2016 Vodafone’s South African unit Vodacom announced it was discontinuing M-Pesa after a review concluded it was unlikely to achieve a critical mass of users in the country. It was reported at the time the operator had signed up 76,000 users.
The same rationale may apply to Vodafone Albania. The reported number of M-Pesa users in the country represent a fraction of the 2.3 million subscribers GSMA Intelligence reports the operator had at end-Q1 2017.
Vodafone launched M-Pesa in Albania in 2015 as part of a broader strategy to expand availability of the service in Central and Eastern Europe.
Tencent has partnered with Wirecard, a Germany-based payments service provider, to launch its WeChat Pay payments service in Europe.
European retailers will be able to accept payments made via WeChat Pay, a social media application that incorporates P2P and mobile payments. The new payments method will be implemented by Wirecard.
The launch of the payments service in Europe is aimed at Chinese tourists, who prefer to make mobile payments when shopping overseas. They have also been the largest spending group of tourists in Europe, spending more than USD 261 billion abroad.
The launch of WeChat Pay in Europe will put Tencent in direct competition with Alipay, which has been present on the continent since 2015. Both Chinese payments services have been made available via Wirecard, which acts as an acquirer, centralizing and processing all the transactions for a retailer.
Chinese tourists can open their WeChat wallet feature, show the barcode on their smartphone to the retailer, and the shop assistant will scan the code to activate the payment process. The solution will be ready to go live in November 2017.