PayU Buys Payment Technology Firm Wibmo for $70 Million

Online payment company PayU, a subsidiary of Naspers (NPNJn.J), has lined up another Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term. This time, the firm has an agreement to acquire Bengaluru and Cupertino-based Wibmo, which specializes in processing online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, in a bid to support its expansion in high-growth markets.

PayU’s statement disclosed the size of the acquisition at $70 million and said it brings its total investments and acquisitions in financial technology to more than $500 million since 2016. Netherlands-headquartered PayU revealed earlier that it plans to invest more than $1 billion to get inroads into the massive Indian market.

Following completion of the deal, Wibmo will continue to operate as a separate brand wholly owned by Naspers, a global internet and entertainment group which is listed on both the Johannesburg and London Stock Exchanges.

PayU currently operates in nearly 20 markets where it allows users to make a payment online on a computer, tablet, mobile device, e-wallet and offline, providing over 250 payment methods.

The acquisition completes PayU’s entire suite

In turn, Wibmo offers multiple payment services and processes all forms of digital payments from cards to mobile-based transactions. The company also provides technology solutions that include a 3D secure process of digital payments to authenticate digital merchant transactions. Wibmo, formerly known as Enstage, is certified by Mastercard, Visa, RuPay and was backed by early-stage venture fund Accel Partners.

This new acquisition will complete the entire suite of payments offerings for PayU and adds value to its existing business of providing payment acceptance solutions for online merchants.

Last summer, PayU acquired Israeli payment technology provider Zooz to create a payments infrastructure whose features will include fraud management and smart routing.