Global Payments and Commerzbank Form Strategic Joint Venture in Germany

21 Sep, 2024

Global Payments and Commerzbank Form Strategic Joint Venture in Germany

Global Payments Inc., a leader in payment technology, and Commerzbank, the leading bank for small and medium-sized German enterprises, have announced a joint venture to offer advanced digital payment solutions for small and medium-sized businesses across Germany. This collaboration, Commerz Globalpay GmbH, is expected to launch in the first half of 2024 and will provide merchants with innovative omnichannel payment and software solutions, offering a comprehensive one-stop shop to efficiently manage and grow their businesses.

Global Payments will hold a 51% stake, while Commerzbank will own 49%, with the new entity based in Frankfurt am Main, Germany. The venture combines Global Payments’ expertise in commerce enablement solutions with Commerzbank's deep knowledge and relationships in the German SME market. The company will offer smartphone-based payment applications, modern card terminals, and e-commerce/mobile payment solutions.

Merchants will also have access to cloud-based point-of-sale software, customer loyalty programs, analytics, and customer engagement platforms. The joint venture aims to enhance the digital payment experience for German merchants, providing seamless omnichannel solutions. The transaction's completion is subject to regulatory and antitrust approvals, marking a significant step forward in digitizing payment experiences in Germany.