Ingenico acquires smartphone payment acceptance fintech Phos
French paytech Ingenico has acquired smartphone payment acceptance fintech Phos for an undisclosed sum.
Ingenico acquires Phos
Ingenico says the deal complements its “device agnostic” Payments Platform-as-a-Service (PPaaS) strategy and will enable merchant clients to accept payments directly from NFC-enabled Android devices.
Phos’ services include acquirer integration, certification, app-to-app and web-to-app API-based integrations, and a software development kit (SDK) for embedded payment acceptance.
Once set up, smartphones and tablets can accept any contactless form of card payment as well as digital wallets such as Apple Pay and Google Pay and QR code-based payments.
Brad Hyett, CEO of Phos, says: “We see strong customer demand and significant double-digit growth in the SoftPoS addressable market worldwide and are convinced that Ingenico will help us capture more of that market and explore new use cases with clients globally.”
SoftPoS, or Soft Point-of-Sale, refers to the ability of small merchants and entrepreneurs to accept digital payments as well as utilise tablets in sales situations.
Giulio Montemagno, general manager of PPaaS at Ingenico, says the paytech’s clients and partners see SoftPoS as a “big opportunity” and a way to engage with new customers and develop new use cases.
Ingenico recently got a new owner, Apollo Private Equity Funds, and a new CEO.
