Wirecard AG and Verifone (NYSE: PAY) have entered into a strategic alliance to rapidly expand the point-of-sale market in Asia Pacific beginning with Indonesia.
As the world’s fourth most populous country, Indonesia is considered one of the largest and fastest growing markets for payment solutions according to analysts.
The five-year strategic alliance brings together the technology portfolio and geographic strengths of both companies through in-country companies like Wirecard’s PT Prima Vista Solusi and locally established Verifone teams, to enable financial institutions, retailers and various industry verticals to benefit from best-of-breed payment solutions.
“Working as a strategic development partner to Verifone, Wirecard will provide software platforms for payment acceptance and processing that run on Verifone terminals, as well as in-depth market expertise, said Rudy Khowara, Managing Director Global Point-Of-Sales at Wirecard. “Furthermore, unique segment-specific features will be created through collaboration with our extended ecosystem of clients and partners.”
Though Indonesia is largely a cash-dominated society, the payment cards market is developing significantly with payments card transaction volume increasing by about 124 percent in 2015 as compared to 2010 according Lafferty Group.
“We are delighted to partner with Wirecard to spur the growth of new payment solutions and electronic commerce in Indonesia, where we are establishing a local team and permanent presence,” said Steve Aliferis, president of Verifone Asia Pacific. “With Wirecard as our preferred partner, we are working to offer banks and merchants access to the best technology solutions available and drive payment acceptance of all forms across diverse environments.”
Through their respective subsidiaries in Asia, PT Prima Vista Solusi and VeriFone Systems International, the two companies will collaborate to deliver a complete suite of payment commerce services, including the best-in-class terminal range while planning to introduce the next generation Verifone Engage family of products and the newly unveiled, integrated POS solution, Verifone Carbon. Wirecard will provide software platforms for payment acceptance and processing as well as in-depth market expertise.