According to the press release, Loomis Pay is a complete end-to-end payment platform for merchants and manages all types of payments, including cash, card, and other digital alternatives, both in store and online. Loomis Pay will initially be marketed to small and midsize merchants, leveraging Loomis existing market leading position and long-term relationships.
Moreover, Loomis has presently CIT and CMS service agreements with approximately 85,000 merchants in the Nordic markets alone. The solution will bring numerous benefits for Loomis's customers by reducing the number of required payment suppliers and improve simplicity. Additionally, the solution comes to help merchants that need to sign agreements with several suppliers to execute different types of payments, which Loomis Pay aims to solve with one contract for all payments.
Overall, the company intends to launch Loomis Pay to merchant customers in Denmark during the autumn of 2020. The service will be offered to customers in the Swedish market at the beginning of 2021 followed by launches in additional markets.
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