The Paypers, a leading independent source of news and analysis for professionals in the global payment and ecommerce community, has today reported on the partnership between DalPay’s parent company, Snorrason Holdings ehf, and CashU, the leading online payment gateway for the Middle East and North Africa (MENA) region. Read the full article below:
Snorrason Holdings, CashU partner for online cash payments
Wednesday 17 December 2014 | 01:18 PM CET
Snorrason Holdings, a provider of international payment processing services, has entered an agreement with CashU, an online payment gateway for the Middle East and North Africa region.
Under the terms of the deal, Snorrason Holdings will be offering a cash payment method at the beginning of 2015 via its payment brand DalPay.
Cash remains the most popular payment method in the MENA region, where only 18% of adults have a bank account and only 2% have a credit card, according to the World Bank’s 2011 Global Financial Inclusion (Global Findex) Database. Without a cash payment method, consumers and merchants in the region are excluded from participating in the global ecommerce marketplace traditionally powered by online credit card payments.
CashU is a payment method designed for and customised to serve and support online shoppers in all Arabic speaking and surrounding countries with payment solutions, giving everyone the possibility to buy online without discriminating on income, nationality or banking credentials. CashU users can fund their accounts with cash at participating CashU vendors, which they can then use to purchase from an online CashU merchant.
As regional internet usage has been growing at about 40% per year, ecommerce spending for MENA is estimated to hit USD 12 billion in 2014 and USD 15 billion in 2015, according to a November 2014 press release from CashU’s parent company Souq.com.
Parent Company, Snorrason Holdings, Acquires Handpoint’s Icelandic Merchant Portfolio as Part of Agreement
DALVIK, ICELAND, October 14, 2014 — Snorrason Holdings ehf, a leading provider of international payment processing services, announced today that it has signed an agreement with Handpoint, a leading mPOS (mobile point-of-sale) platform provider, to acquire Handpoint’s Icelandic merchant portfolio. Subsequently, Snorrason Holdings will in the future offer mPOS solutions through its existing payment brands such as DalPay, to merchants wanting to add in-person card payments as a complement to their online payment methods.
Founded in 1999, Handpoint has pioneered major innovations in the mobile payments market, including developing an mPOS (mobile point-of-sale) terminal for the airline industry in 2003 and the world’s first CHIP and PIN mPOS solution for a handheld device at Manchester United FC’s stadium in 2007. The company’s most recent solution became the world’s first mPOS application to be PCI P2PE certified.
“We have not just acquired the payment processing operations for Handpoint’s Icelandic customers (which is a great acquisition in itself); we have also added the capability to offer our customers the industry’s most innovative and trusted mPOS solutions,” explains Snorrason Holdings CEO Bjorn Snorrason. “This deal is a win-win situation for everyone involved: DalPay will welcome some of Iceland’s largest companies to its customer base; and DalPay clients will be able to accept in-person credit and debit card or mobile app payments while continuing to accept online payments from their customers worldwide as they do today.”
Mobile payments has become today’s driver of not just e-commerce but also of the omni-channel merchant. Many retailers, from large corporations to local brick-and-mortars, are struggling to balance the costs of different payment options based on the needs of their customers. With the company’s latest strategic acquisition, Snorrason Holdings is committed to making the world of payments more manageable and cost-effective. Both its global and local merchants will be provided with a single payment platform that is accessible across all channels – in store and online, locally and globally, be it via a physical card processed on a secure mobile device, or through a card-not-present e-commerce transaction.
“We are no longer simply an online payment processor. DalPay is now positioned to become the premier omni-payments solution for international businesses currently underserved by other providers,” concludes Snorrason.
Snorrason Holdings anticipates that mPOS terminals will be made available to all qualifying DalPay merchants by the end of 2014.