More NewsVeriFone Buys South Korean Payment Systems Firm

VeriFone Buys South Korean Payment Systems Firm

VeriFone Holdings has acquired the assets of Orange Logic, a South Korean payment systems provider.

With the acquisition, VeriFone gains the people and infrastructure to introduce its electronic payment product line into Korea, and an existing domestic product line and customer base. Although South Korea is second only to the US market with more than 2.5 million deployed electronic payment systems, only 10%-15% of those meet government security requirements for compliance with the international EMV standard.

VeriFone chief executive officer (CEO) Douglas Bergeron said: “We see great potential in the growing South Korean market and are optimistic about the high growth potential for the transition to mandated EMV solutions. In addition to generating immediate revenue from Orange Logic’s certified and customised products, VeriFone is acquiring a strong foundation of development, operations, service, and sales resources on which to expand our global product line into this large market.”

Orange Logic will operate as VeriFone Korea and will continue to manufacture the existing Orange Logic product family.

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

2m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

3m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

3m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

3m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

4m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

4m Mateo Graziosi