TechDogs-"Global Payments And Commerzbank Partner Up To Enhance Digital Payment Experiences For Small Businesses"

Financial Technology

Global Payments And Commerzbank Partner Up To Enhance Digital Payment Experiences For Small Businesses

By TD NewsDesk

TD NewsDesk

Updated on Fri, Jan 12, 2024

Overall Rating
It’s a digital technology-driven world and businesses are looking to stay ahead of their competitors by offering more personalized experiences, leveraging innovative solutions and adopting comprehensive payment platforms.

Keeping to this thought, Global Payments Inc., a leading worldwide provider of payment technology and software solutions announced it is partnering up with Commerzbank, a major bank for small and medium-sized German enterprises, to enhance digital payment solutions in Germany.

What does this partnership comprise of and why is Global Payments foraying into European markets? Let’s explore!

What Does The Global Payments And Commerzbank Partnership Entail?

  • In announcements made by both companies, Global Payments Inc. and Commerzbank AG conveyed they would be partnering up to form a joint venture to offer digital payment solutions to small and medium-sized businesses across Germany. 
  • The new company will be called Commerz Globalpay GmbH, will be based in Frankfurt (officially called Frankfurt am Main) and is planned to launch in the first half of 2024.
  • The move aims to raise Germany’s non-cash payment percentage from 65% to the European average of 83%, which works well for the company, seeing how Germany is Europe’s second-largest market in consumer spending.
  • At present, the partnership and the completion of its transaction is yet subject to the approval of respective supervisory and antitrust authorities.
  • Overall, the joint venture will provide merchants with a one-stop-shop to run and grow their businesses more efficiently.

TechDogs-"An Image With Global Payments' Logo On A Building"  

What Do Both Companies Bring To The New Joint Venture?

  • Global Payments will hold a 51% stake in the company as opposed to Commerzbank holding 49%. 
  • Commerz Globalpay will provide seamless omnichannel experiences through a comprehensive suite of digital payment services and software solutions at scale.
  • This includes Global Payments’ smartphone-based payment apps that enable merchants to accept phone payments without a separate card reader, modern card terminals and e-commerce/mobile payment solutions.
  • Global Payments will provide commerce enablement solutions and distinctive payment offerings, while Commerzbank will bring knowledge and customer relationships expertise.

TechDogs-"An Image Of Commerzbank's Logo On A Building"  

What Did Stakeholders Say?

  • Cameron Bready, President and CEO of Global Payments, said, “Commerzbank is the ideal partner to expand our presence in Germany to deliver industry-leading services to merchants across the country.” 
  • [Contd.] “This joint venture significantly enhances distribution for our distinctive payment offerings and commerce enablement solutions in an attractive growth market where there are substantial opportunities to digitize the payment experience.”
  • Thomas Schaufler, Member of the Board of Managing Directors for Private and Small-Business Customers at Commerzbank, said, “With this joint venture with Global Payments, we are investing in modern forms of payments at the highest level.”
  • [Contd.] “Through simple solutions, new products, and technologies, provided by Global Payments, we are creating an optimal experience for the Commerzbank customers. This makes the project an important part of our strategy update to create added value and excellence for our customers.”

In addition to this partnership, Global Payments also has deals in place with CaixaBank (Spain) and Erste Group Bank (Austria), as it looks to establish a better connection with customers in Europe.

Do you think this will encourage other American fintech businesses to follow suit? Can personalization and regional adaptability help financial businesses increase their popularity in other markets?

Let us know in the comments below!

First published on Fri, Jan 12, 2024

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