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October 23, 2019

PaaS firm Ginger expands into the US

By Patrick Brusnahan

PaaS (Payments as a Service) firm Ginger has decided to enter into the US market.

It plans to announce new partnerships by the end of 2019 and roll out localised payment features in early 2020.

Furthermore, the Ginger team has several prospecting trips to New York planned and the intention is to open a local hub in 2020. This will better serve North American clients.

On the move into the US, CEO Roderick de Koning, said: “Thanks to the overall growth in e-commerce initiatives like Apple Pay, and the success of fintech heroes like Adyen and Stripe, banks are rethinking their payments strategy. Payments, after a long time, have become sexy again. Banks are turning to Ginger because our PaaS model offers a novel way to gain cutting-edge payments capabilities without the upfront capital investment of developing everything in house. And we do it fast! Not to mention that with us, you forego ongoing maintenance and update costs.”

Ginger

Founded in 2014, Ginger is based in Amsterdam. It provides banks and other financial institutions with a white-label PSP platform that enables them to offer omnichannel payment solutions.

The Amsterdam team has doubled in size in 2019 and the firms expects the same in 2020.

Currently, the PaaS company works with institutions such as ING, Mastercard, Kabbage, Airmiles, and Payconiq.

Expansion plans

Ginger is not the only firm that announced expansion plans in October 2019.

PatPat, an e-commerce platform specialising in children’s wear, has turned to Adyen to power payments in the US and Europe as it embarks on a global expansion drive.

The e-commerce platform utilises Adyen’s RevenueProtect solution that is said to have lifted its overall payment authorisation rates to 90%, thereby boosting customer loyalty.

PatPat also uses Adyen’s 3D Secure 2.0 solution to address security concerns.

In addition, PayPal secured a license to provide digital payment services in China, after obtaining Beijing’s approval for its acquisition of a majority stake in a Chinese payments company.

The People’s Bank of China approved PayPal Information Technologies’s purchase of a 70% equity stake in Guofubao Information Technology Co. (GoPay), a holder of a payment business license in China.

Subject to customary closing conditions, the transaction is expected to close in the fourth quarter of 2019.

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