Ingenico to Expand into Central and Eastern Europe

Tuesday 29 March 2005 10:47 CET | News

Ingenico is strengthening its position in Central and Eastern Europe, by opening subsidiaries in Poland and Hungary with an office in Serbia.

The group of countries forming this block represents a huge market of more than 400 million inhabitants. The number of payment terminals, relatively modest, is estimated at 400,000 units. Despite some disparities, economic growth is constant, in particular with respect to the eight new countries which joined the European Union last May and which represent 20 % of the population and nearly 70 % of the total number of terminals set up in this zone. The economic development of these countries provides a promising outlook for the worldwide leader in secure payment and transaction systems. The growing use of bank cards and acceptance of the EMV standard will accelerate the deployment of terminals, estimated to be one million units by 2010. Currently, Ingenico estimates that its market share in this region exceeds 25%, and its goal is to control at least 50% of new terminal shipments by the end of the decade. The Polish subsidiary, known as Ingenico Polska Ltd, was officially incorporated on March 18, 2005, with 80% owned by Ingenico and the remaining 20% by local management. Ingenico intends to take a significant share of the current addressable market of 110,000 terminals while taking advantage of the countries significant development potential which should result a doubling of volume by the end of the decade. In Hungary, the opening of the Ingenico subsidiary will provide local distribution of the Group’s product, and position the Ingenico for a significant share of the market. As of today, the installed base of terminals is estimated to be 40,000 units, which should double by the end of the decade. In December 2004, Ingenico opened a representative office in Serbia, the goal of which is Ingenico’s commercial development in this country, as well as in Bulgaria, Bosnia and Macedonia. Ingenico intends to quickly become the leader in this geographical area, with the potential estimated at more than 40,000 units by 2008.

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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce