Vantiv is an American rival company of the British payments processing company, WorldPay which is on the verge of getting taken over by any of the two giant companies. JP Morgan Chase and Vantiv have sent their quotations to WorldPay group for their takeover on Tuesday. Information and communication technology development has got the payment processing systems as one of the most important parts of the online business wherein the customer prefers to do online shopping through the usage of mobile phones or laptop. This has made it mandatory for many financial institutions to have a proper payment processing system to ease the payment process for the customers.
This has given birth to a new form of business in the financial technology and every bank is currently focused on developing their own payment processing system or enters into a takeover of the currently existing one so that they don’t miss the opportunity to get benefitted with the shift of customers traditional shopping habit to online purchasing. WorldPay is one of the biggest companies which provided payment processing services to their customers across more than 146 countries and is responsible for processing 42 percent of all the transactions happening across the Britain. WorldPay confirmed that they manage to perform more than 35.8 million transactions in a day which would include transactions performed at the various restaurant, hairdresser outlets, retail stores etc. According to the information provided by the company, they managed to perform more than 13.1 billion transactions across the year in 2015.
The takeover news managed to get positive results for the company in the share market when their share price increased by 30 percent in trading. Currently, the market capital size of this largest payment processing company in the Great Britain is considered to be $10.5 billion which is equivalent to 8 billion pounds. There are speculations that the deal might not materialize since the former companies are in the initial phase of talks related to the takeover procedure. One reason for the speculations and skeptical behavior of the traditional banks for such a big takeover of large entities is the 2008 recession. But the regulations related to such takeover have been minimized in the Trump rule and provide a proper environment for the companies in such scenario.
JP Morgan Chase is one of the biggest financial institutions in the US and is on the verge of forming their own payment processing business. They are very keen on building a proper financial infrastructure that would support the payment processing system for all their clients, customers, and other potential users.
Daniel is acting editor of Talk Herald with over two years of experience in the field of online news under his belt. Daniel has worked with multiple media houses and is currently leading a team of journalists, sub-editors, and writers through his entrepreneurial endeavors.
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