OTTO and Concardis of Nets Group expand collaboration for payments
By Joy Dumasia
Concardis has delivered innovative and reliable payment services to Otto Group for more than 16 years. The expanded partnership will see the company manage to acquire benefits for OTTO Market, founded in autumn 2020, and all payment activities will be bundled in the future.
The OTTO sole proprietorship has its place of business in Hamburg and employs around 4,900 staff throughout Germany. Sales turnover in the 2019/20 financial year was Euro 3.5 billion. OTTO is part of the internationally trading Otto Group. With an assortment of more than 3 million articles and more than 6.800 brands, the company is the largest German online shop.
Concardis is a provider of digital payment solutions with more than 111,000 customers in Germany, Austria and Switzerland. As part of the Nets Group, a European payment service provider is working on the future of payments, enabling merchants, service providers and financial institutions to benefit from the digitalisation of payment and business processes.
Robert Hoffmann, CEO of Concardis and Nets Merchant Services, said: “Together with OTTO, we have not only experienced the transformation of the classic mail-order business to the pan-European e-commerce business, but we continue to grow as international leaders in online commerce, ensuring OTTO is ready for new challenges and equipped to capture opportunities for dynamic growth throughout Europe.”
Recently, IBS Intelligence reported that Poland-based payment institution Igoria Trade S.A. had chosen payment services provider Nets Group to deliver its risk management solution, enhancing security for business and individual cardholders. The partnership further expands Nets’ growing presence in Poland, following the Group’s acquisition of local payment services provider Polskie ePłatności (PeP) in 2020.
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