Worldline completes a strategic partnership with Eurobank, fostering its footprint in Greece
By Joy Dumasia
Worldline, a global leader in payment services, announces the completion of its acquisition of Eurobank’s Merchant Acquiring business in Greece. Effective as of 30 June, Worldline has formed a joint venture with the bank in which it will hold 80% stake of the new company in Greece. Following its recent acquisition of Cardlink in Greece, this partnership marks a new significant step in Worldline’s strategy for positioning as the partner of choice for merchants in tech-driven markets like Greece.
Eurobank is amongst the top prominent banks of Greece and one of the country’s largest acquirers, with more than 200 million transactions processed per year, representing a payment volume of c. € 7 billion from a c.190,000 POS network. In partnership with Eurobank, Worldline now serves a diversified and high-quality portfolio of 123,000 merchants, of which more than 50% are small and medium businesses.
In a region that is very much driven by the shift from cash to card, significant electronic payments adoption rate and online and e-commerce development, this acquisition is another opportunity for Worldline to expand its services for merchants in Southern Europe, a dynamic market that is particularly fuelled by tourism and therefore offering exciting growth opportunities.
Worldline will offer a strong value proposition to Eurobank’s merchant portfolio, covering the needs of small and medium businesses and large retailers. The partnership will rely on Eurobank’s large merchants’ base in Greece, strong branch network, card and non-card technology stack, and large scale and leading expertise in merchant acquiring services. Through this combination, Worldline is ideally positioned to unlock the full potential of the Greek market, and Eurobank Merchant Acquiring is the ideal cornerstone to deploy further Worldline payment offerings and value-added services capabilities in Greece.
The leading position of the combined entity, including Cardlink and Eurobank, coupled with Worldline’s best-in-class technology and payment expertise, will provide merchants with a one-stop-shop offering, whilst customers will benefit from a premium and innovative customer experience.
Gilles Grapinet, CEO of Worldline, said: “I am very pleased that we can today officially launch our joint-company with such a leading banking partner as Eurobank, in Greece, that is a very strategic country for us. With Eurobank, we ambition to offer to all Greek merchants our best-in-class payment solutions, products and expertise that will make their business grow even further, and we are proud to bring our contribution to the ambitious plans of the country and its government to accelerate digitization of its economy. For Worldline, this second major investment in the Greek market after our recent acquisition of Cardlink in 2021 is a testimony of our trust and commitment to Greece, its economy and its dynamic retail environment and a perfect example of the execution of our pan-European consolidation strategy.”
IBS Intelligence recently reported that Worldline India, a global leader in payment services, has partnered with Bajaj Finance Limited (BFL), the lending arm of Bajaj Finserv Limited and India’s largest and highly diversified NBFC company, to develop point-of-sales (POS) payments acquiring solutions for its merchant network.
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