American mobile payment platform CITCON is acquiring Toronto-based payment company OPAY for an undisclosed sum.
The acquisition is part of CITCON’s efforts to expand and strengthen its payment services and support for merchants and their customers inNorth America.
OPAY provides mobile payment services, as well as an in-store and online payment gateway to help Canadian merchants serve Asian consumers.
Super-store groups, luxury auto dealerships, and premier retail merchants are among the list of clients that OPAY serves in Canada.
As part of the terms of the acquisition, OPAY chairman Benjamin Liang will lead CITCON Business Development in Canada.
CITCON founder and CEO Chuck Huang said: “By adding the capabilities of OPAY and its founder, our new team will build on several key functions, including sales, customer service, finance and compliance.
“Shelter-in-place, health concerns and social distancing during the pandemic are accelerating the already rapid adoption of mobile devices and digital payments throughout the world, online as well as in-store.
“We are slated to capitalise on this trend, expanding in many other countries and increasing investment in Products and Technologies.”
According to Benjamin Liang, the traditional card-based digital payment market is worth $25tn. This market is being transformed by ‘fast-growing mobile wallet consumers’.
Founded in 2015, CITCON offers payment solutions that allow merchants to accept alternative payment methods (APMs) from mobile wallet consumers across online, mobile app, and in-stores.
The company’s scalable and open system allows merchants to use a single API suite and an integrated processing and fund settlement platform to accept payments around the world.