EEFT - Euronet Announces Acquisition of Infinitium a Leading Digital Payments Company in Southeast Asia | Benzinga
LEAWOOD, Kan., Feb. 13, 2024 (GLOBE NEWSWIRE) -- 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 ...