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Global Payments, Commerzbank form digital payment JV
© Reuters.
ATLANTA & FRANKFURT AM MAIN, Germany – Global Payments Inc. (NYSE: NYSE:) and Commerzbank (ETR:) (FRA: CBK) announced a joint venture aimed at providing digital payment solutions to small and medium-sized businesses in Germany. The new entity, named Commerz Globalpay GmbH, is slated to begin operations in the first half of 2024.
The partnership merges Global Payments’ expertise in payment technology with Commerzbank’s strong ties to German businesses. Global Payments will own a 51 percent majority stake in the venture, while Commerzbank will hold the remaining 49 percent. The joint venture will be headquartered in Frankfurt am Main, Germany.
Commerz Globalpay GmbH will deliver a range of digital payment capabilities, including smartphone-based applications for mobile payments, modern card terminals, and integrated e-commerce/mobile payment solutions aimed at creating seamless omnichannel experiences. Additionally, customers will benefit from value-added services such as cloud-based point-of-sale software, loyalty programs, and analytics and customer engagement platforms.
The completion of this transaction is contingent upon regulatory approvals from supervisory and antitrust authorities.
This news is based on a press release statement from Global Payments Inc. and Commerzbank.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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