Verifone Enters Ukraine Market With PrivatBank Deal

Verifone, the payments and commerce solutions company, announced Tuesday (May 2 ) that it has been selected as the payment solution and service provider for PrivatBank, an acquirer in the Ukraine.

In a press release, Verifone said it inked a three-year service agreement, in which it will set up and manage PrivatBank merchants with point-of-sale (POS) solutions. Verifone said the deal gives PrivatBank the freedom to focus on their more than 120,000 merchant clients of all sizes and verticals with financial services.

“Our partnership with Verifone will play a major role in the journey toward broad adoption of cashless transactions in the region by significantly reducing the complexity we would face if we were to manage our merchant payment system offerings ourselves,” said Oleksandr Shlapak, CEO of PrivatBank in the press release. “Payment-as-a-service is an alternative business model that’s very attractive to many acquirers like us in Eastern Europe.”

Verifone said it will act as PrivatBank’s single source for all payment services, including software, warranty and logistics. This means merchants will be able to unpack their complete POS system, set up and begin accepting card payments within minutes. The agreement gives PrivatBank the flexibility to source comprehensive payment solutions through a monthly service model that eliminates a large initial investment, terminal management and depreciation commonly associated with payment system ownership and management, Verifone added.

“As Verifone’s first service-based agreement in Ukraine, we are proud to support the country’s biggest chain of branches that will enable merchants to offer consumers better, faster and more convenient ways to pay with debit and credit cards — and the newest contactless and ePayment options,” said Bulent Ozayaz, president, Verifone, EEMEA, Eastern Europe, Middle East, Africa, said in the same press release. “Designed to allow clients like PrivatBank to focus on their core business in financial services, Verifone will handle the full scope of payment solutions installment and ongoing service directly with their merchant clients.”