Competition grows as mobile payment acquisitions continue
With mobile payment capabilities expected to become mainstream in 2015, competition is growing in the space with Worldpay, a global provider of payments technology and services, and its recent announcement to acquire SecureNet Payment Systems.
While bigger players, such as Apple Pay, are expected to dominate this space, it is best that other players leverage their best attributes to stay in the game. To stay relevant in the mobile payments space in 2015, it was likely necessary for SecureNet and WorldPay to combine forces.
“Simplify and streamline the payments experience will remain our commitment as we become part of Worldpay,” said Brent Warrington, CEO of SecureNet Payment Systems. “Today’s global consumers are savvy and demand an ever evolving retail experience.
Doubling the power
SecureNet claims that it pioneered the payment industry’s only cloud-based solution to seamlessly integrate point-of-sale, mobile and ecommerce payments processing, inventory management and data analytics for merchants.
Worldpay believes the acquisition will dramatically accelerate its strategic shift from a more traditional processor to a multichannel payments integrator that enables businesses to accept payments no matter how customers wish to pay.
According to Worldpay U.S. president and CEO Tony Catalfano, the move away from traditional transaction processing to enabling consumer-driven purchasing experiences across channels is the future of commerce.
Also with the acquisition, Worldpay gains SecureNet’s network of more than 100 referral and integrated partners and relationships with more than 17,000 merchants. SecureNet claims that it has several patents pending for its technology and a strong track record of rapid innovation delivery.
SecureNet comes from private equity firm Sterling Partners and is based in Austin, Texas.
Also this month, Worldpay announced it will relocate its U.S. headquarters and 671 Atlanta-based employees to Atlanta’s Atlantic Station office park and add 600 jobs over the next four years to keep pace with its rapid expansion. Atlantic Station is a busy area with many shops and outdoor attractions, lending a possibly profitable opportunity for Worldpay.
In 2014, the business expects to process a total of nearly 10 billion transactions with a value of nearly half a trillion dollars.
Worldpay is owned by private equity firms Advent International and Bain Capital alongside management and employees.
“As Worldpay, we can deliver more value to more customers through more distribution channels that can fuel future growth and continued innovation for merchants, partners and developers,” he said.
Caitlyn Bohannon is an editorial assistant on Mobile Commerce Daily, New York