Belgium-based online payment processing services provider Ogone Payment Services is set to tap into the Indian e-commerce market by acquiring of EBS (E-Billing Solutions), the second largest online payment provider in India. Financial terms of the agreement were not disclosed.
EBS will continue to operate under its current management structure and market approach and will be responsible for running operations and the continued expansion of the company. EBS also retains its name and brand in the Indian market. The EBS board is supported by 3 members of the Ogone Payment Services Board.
According to Peter De Caluwe, CEO of Ogone Payment Services: “Only 8.4% of the Indian market is currently online but this translates to 100 million users which makes it the fourth largest online country in the world and this is set to grow rapidly with online travel accounting for 80% of the commerce in India. Acquiring a leading company such as EBS represents huge potential for us and our European merchants.”
The e-payment space in India has independent companies such as online payment gateway EBS, CC Avenue and BillDesk as well as private banks including HDFC, Citibank and ICICI.
Ogone Payment Services is connected to the banks by certified interfaces and hence is able to handle international methods of payment such as Visa, MasterCard, American Express, Diners Club and PayPal as well as local payment methods, including iDeal and Machtigingen in the Netherlands, Maestro UK in the United Kingdom, Bancontact/Mister Cash in Belgium, ELV and giropay in Germany, Carte Bleue in France, Dankort and eDankort in Denmark.