Expand the scope of Planet Payment’s global technology solutions
Planet Payment, provider of international payment processing and multi-currency processing services, has acquired Branded Payment Solutions (BPS), a Dublin-based payments company, in a bid to expand the scope of Planet Payment’s global technology solutions (view press release). At present, Planet Payment interfaces to the merchant’s POS through its proprietary, currency-neutral, payment processing technology platform, but does not offer applications on the POS. By acquiring BPS, the company is looking to implement alternative solutions that can integrate with existing POS applications. As part of the deal, BPS’s CEO Rory Meehan has joined Planet Payment. As per the agreement, Planet Payment paid approximately USD4 million in cash and shares. BPS provides for the delivery of services and content (including bill-pay, mobile top-up, vouchers and support of open and closed loop card programmes) which can be distributed via POS devices, terminals, kiosks and mobile devices. BPS also offers a prepaid debit card programme in Europe for shopping malls and other private label initiatives and detains a patent pending for a mobile NFC payment solution.
“We are pleased to announce the acquisition of Branded Payments Solutions and the establishment of our development facility in Dublin,” says Philip Beck, Planet Payment’s Chairman and CEO. “We are excited by the opportunity that the acquired business, enabling technology and seasoned development team offers, to create new and innovative global solutions. Notable amongst these would be support for EMV ‘chip and pin’ technologies within an integrated point of sale, as well as support for the emerging mobile footprint.
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