Ecentric Payment Systems, a retail payment processor across South Africa has announced its acquisition of innovative technology payment solutions company Thumbzup.
This move benefits both companies’ customers and advances Ecentric’s goal of dominating omnichannel retail on a national scale.
Ecentric is renowned for its best-of-breed technology, primarily serving Tier One enterprise customers. It currently handles 20% of South Africa’s card transactions and acts as a trusted payment partner.
The acquisition of Thumbzup’s intellectual property (IP) represents a significant expansion into the broader retail sector, enabling Ecentric to reach more national retailers in the tier-two retail sector and serve as a trusted partner to service providers supporting small and medium-sized enterprises (SMEs).
Ecentric CEO Hassen Sheik highlights the strategic importance of this acquisition for their growth plans. He emphasizes the need for a physical in-store capability, enabling the integration of point-of-sale devices and technology, especially for national retailers. This move enhances Ecentric’s offerings, including devices, payment software, terminal management systems, and value-added services, allowing it to cater to a broader range of national retailers while reinforcing its omnichannel approach.
This acquisition also simplifies the payment process for new customers, providing a one-stop solution for both in-store and online payment requirements, backed by a streamlined reconciliation process. Additionally, it empowers Ecentric to enhance its current offerings to existing customers.
Ecentric is fully integrating Thumbzup’s IP, devices, and technology stack into its operations. The acquired team’s technical expertise reduces time-to-market for customer-centric solutions, especially in integrating point-of-sale software with payment devices.
Ecentric aims to utilize undisclosed Thumbzup team projects for multi-retailer point-of-sale integration in the future. This strategic move also positions Ecentric to actively engage in best-of-breed Android payment capabilities, expanding beyond traditional payment services.
This aligns with Ecentric’s strategy to become a leading retail service provider, supporting consumers’ payment needs in various settings. The integration of skills and IP from Thumbzup enhances Ecentric’s capabilities and strengthens its value proposition for customers.