UK-based and global payments player, Worldpay, is expanding its relationship with major e-reading company, Rakuten Kobo, headquartered in Toronto. Worldpay has an existing relationship with Rakuten Kobo and provides payments services to them in the US, Europe, and Japan.
Toronto-based Rakuten Kobo Inc., one of the world’s most innovative eReading companies, has selected Worldpay, a leader in global payments, to manage its online payment processing and acquiring in Canada. Rakuten Kobo had been working with Worldpay in the US, Europe and Japan, and will now benefit from the eCommerce provider’s broad range of payment solutions and global expertise in its home country.
Worldpay’s network accepts payments from countries covering over 99% of the global GDP. The extension of Worldpay’s relationship with Rakuten Kobo brings its extensive payments portfolio – including acquiring, gateway, alternative payment methods, fraud and risk management services – to one of Canada’s most innovative businesses.
The partnership is supported by Peoples Trust Company, Worldpay’s Canadian banking partner. Peoples Trust specializes in providing quality and innovative payment products and services to companies operating in Canada by partnering with accomplished payment solutions companies like Worldpay. By working with Peoples Trust to process payments domestically in Canada, Worldpay will help its clients remain fully compliant with regional regulations and Canadian credit and debit card codes.
Rakuten Kobo’s partnership with Worldpay means it will be able to enhance its eCommerce offering in their home market, by accepting local payments in Canadian dollars, alongside the other payment currencies they offer their customers – and deal with a single payments provider across the markets they operate in.
Large merchant acquirers such as Worldpay leverage their extensive portfolio of payments services with customers in need of integrated support in cross-border transactions. This is increasingly important in the rapidly expanding e-commerce market where added value services are required for fast, secure, and repetitive customer engagements. All the global merchant acquirers have bulked up in recent years by buying many small and mid-size tech firms focusing on specific vertical markets and process applications. Expect M&A activity to continue as scale and growth by acquisition are on the critical path to competitive advantage and sustainable profitability.
Overview by Raymond Pucci, Associate Director, Research Service at Mercator Advisory Group
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