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Euronet (NASDAQ:EEFT), a leading global financial technology solutions and payments provider, today announced the acquisition of Infinitium Holdings Pte. Ltd (Infinitium), a digital payments company and provider of risk management and payments authentication services based in Singapore. Infinitium's products will be integrated with Euronet's Ren payments platform to provide additional protection against consumer fraud and merchant chargebacks in online transactions.
Infinitium is a leader in providing risk management and payment authentication services such as 3D Secure (3DS), which helps address fraud in eCommerce or "card not present" (CNP) transactions. This authentication step adds an extra level of security, reducing the risk of unauthorized transactions and enhancing overall online payment security. The company also offers next-generation, omnichannel payment gateway services for merchants and acquirers, enabling them to operate their services efficiently across diverse channels. Its customers include large banks and merchants in Singapore, Malaysia, Indonesia, Hong Kong, Brunei, Cambodia, the Philippines and India.
Regulators in the European Union, India, Singapore and other countries have made 3DS mandatory to provide additional protection against consumer fraud and merchant chargebacks. Regions such as the United States and Latin America have not yet mandated 3DS, but the need to reduce CNP fraud is expected to grow as the global e-commerce market reaches an expected US$8.1T by 20261. In 2020, the value of global e-commerce losses to online payment fraud was $17.5B, which surged to an estimated $48B in 20232. The 3DS market is estimated to be US$1.2B and is forecasted to reach US$2.8B by 2030 – a compounded annualized growth of 13.3%3.
"Every stakeholder in the payments ecosystem has a strong incentive to adopt 3DS soon," said Kevin J. Caponecchi, Euronet Executive VP and CEO, epay, Software and EFT Asia Pacific Division. "With this acquisition, we have enhanced our Ren payments platform with industry-leading technology that provides modern, multi-channel transaction authentication across issuing and acquiring domains. With Infinitium's next-generation payment gateway, we have added significantly more addressable market opportunity with this valuable enhancement to the Ren platform."
"Infinitium has developed industry-leading fraud detection solutions for risk-based authentication of CNP transactions by leveraging modern technologies," said Himanshu Pujara, Senior Vice President and MD Asia Pacific and Ren Payments. "These solutions address CNP fraud while ensuring high success rates for merchants and issuers. Leading issuers in Southeast Asia use the Infinitium solution. This represents an opportunity for us to provide integrated payment offerings of Ren to these customers and other prospects in Asia and globally."
Infinitium possesses a highly diversified workforce of approximately 200 software developers and architects, plus a seasoned senior management team that will remain with Euronet following the successful completion of the acquisition.
"The Infinitium team is happy to find a new home in Euronet," said Ho Ching Wee, Founder and CEO of Infinitium. "This arrangement will yield numerous synergies leveraging our joint technologies for our customers, enabling us to provide enhanced capabilities. We aim to maximize our potential over the next few years by delivering stronger and superior offerings to our customers worldwide."
Posted In: EEFT
