NCR Acquires JetPay as Online-Offline Convergence Continues
October 25, 2018
NCR, a company that helped define the retail point of sale, this week acquired payment processor Jet Pay for $184 million. The company, which began its life in the nineteenth century as National Cash Register, finds itself under increasing pressure from online upstarts like Stripe, Square and PayPal that are moving into physical stores.
NCR said it plans to integrate JetPay’s cloud-based platform into its own POS terminals and to increase recurring revenue growth. JetPay serves nearly 11,000 customers, many of whom operate in e-commerce and recurring payments.
“NCR’s acquisition of JetPay reflects an important trend in consolidation in the payments ecosystem. This acquisition allows NCR to couple stickier, feature-rich POS and payment acceptance applications with payment processing,” said Rivka Gewirtz Little, research director, for Worldwide Payment Strategies at IDC in a joint statement.
The companies expect the deal to close before the end of this year.
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