West International is building on the strategic technical investment in the Payment Gateway, by creating a payment solution for online payments. As a result, West is able to deliver payment solutions to clients with needs for payments in e-commerce and mobile apps. This will strengthen the customer offerings on all markets, globally, and contribute to an increase in the company’s transaction-based revenues.
There is a sharp global increase in the demand for online payment solutions. The global value of card payments that are made online is estimated to grow by up to 15 % annually until 2021, which is more than twice as much as the total global payments market. At the end of this period, the number of card payments that are made online is estimated to amount to 18 %. Certain segments of the retail and mobile payments industry are expected to see a significantly higher growth rate and a larger market share for card payments that are made online.
By adding online payment solutions to the existing customer offerings within payment infrastructure for physical environments, West now creates a complete and unique payment solution. West will handle card payments in all channels. As a result, those clients with needs for payments in physical environments, e-commerce and mobile apps, can have the complete solution delivered from one single supplier. This enables e.g. restaurant- or store chains to identify their customers, regardless of whether these are shopping onsite or online, which is virtually impossible when you have payment systems from different suppliers.
”With the launch of online payments we are now taking an important step in the development of West. Thereby, we are strengthening our customer offerings and will now be one of the very few suppliers who are able to handle card payments in all channels”, says Sten Karlsson, CEO of West International AB.
The West card payment solution has already been certified according to the security standards of the trade association PCI, as well as by leading credit card brands such as e.g. MasterCard, Visa, American Express and Union Pay, along with national charge cards BankAxept in Norway and Dankort in Denmark. Offering online payment solutions is another part of West’s strategy to increase the portion of transaction-based revenues. The Payment Gateway will be able to handle online payments as of the second quarter of 2018.