Polish payment systems Dotpay and eCard join forces
Two Polish online payment systems, Dotpay and eCard, will join forces and expand in Central and Eastern Europe. The two companies are part of MCI.EuroVentures’ fund portfolio and are specialized in online electronic payments. The company established as a result of their integration wants to become the market leader in Poland.
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MCI Capital shared the news on its website, stating the new company wants to focus on further market consolidation and expansion in Central and Eastern Europe. Currently, eCard is the second biggest player in the market of ecommerce card transactions in Poland, while Dotpay is the country’s fastest growing settlement agent, which focuses on fast ecommerce transfers.
According to Przemysław Lech Figarski, vice-president of the companies’ management board, the integration is an answer to the challenges which the whole fintech sector has to face. “We are witnessing tremendous changes: in terms of how customers shop, what merchants sell and what services are offered by today’s financial institutions.”
New and existing payment services
Dotpay and eCard both offer services the other company also offers, so eventually the integration will result in a universal platform that offers a wide range of payment services for the ecommerce industry. Among those are card transactions, electronic transfers and mobile payments. When the new company is a fact, it will also offer new services, such as crediting purchases, Big Data tools and new payment and logistics solutions.
Legally speaking, it’s eCard that takes over Dotpay, but Cezary Smorszczewski, fund manager at MCI.EuroVentures, says the companies will be treated as equal partners during the integration process. This is scheduled to be completed in the first quarter of 2017. Both companies will remain separate legal entities.