Pay By Touch, a US-based provider of biometric payment solutions, has completed the acquisition of CardSystems Solutions for $47 million in stock and cash.
CardSystems is an end-to-end payment processing provider with approximately 120,000 merchants (to which Pay By Touch will have immediate access) and a annual transaction turnover of $18 billion.
According to Pay By Touch, the new combination of its service with that of CardSystems will create one of the few true end-to-end payment processors in the global payments industry.
To complement the acquisition, Pay By Touch has created a new operating division called Pay By Touch Payment Solutions. The newly named business unit will run the company’s payment-processing unit (formerly known as iPAY) and the new CardSystems assets.
CardSystems’ assets complement Pay By Touch’s existing payment-related products and services and provide a ready-made path to reaching more merchants and banks to further realize our vision to change the way the world pays, said John Rogers, chairman and CEO of Pay By Touch. To that end, the acquisition allows us to provide a richer and more comprehensive suite of end-to-end payment processing solutions.