Worldline, a provider of payments and transactional services, has completed the acquisition of Indian payment service provider MRL Posnet for INR6.5bn (€84m).

The transaction forms part of the European payment services company’s strategy to strengthen its operations in India, as it will reinforce its existing business with a highly complementary asset.

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Chennai-based MRL Posnet was founded in 2008 and employs approximately 140 engineers in India.

The company currently processes payment transactions on behalf of 18 Indian banks through the management of 100,000 payment terminals.

The acquisition provides Worldline with a strong customer base of banks in southern India.

The combined service offerings, functionalities, reach and customer base are expected to allow Worldline to offer enhanced value propositions to existing and new clients.

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The company will integrate MRL PosNet in its Merchant Services Global Business Line.

At the time of signing the agreement, Worldline CEO Gilles Grapinet said: “With the acquisition of MRL PosNet, we are significantly reinforcing our presence in the Indian market and leveraging Worldline India already successful development.

“Through this acquisition, we will intend to better support Indian banks and merchants in the remarkable development of the country towards digital payments, by enlarging our customer base in Southern India, by a low cost payment terminal sourcing adapted to the local market needs and by an efficient terminal management solution.

“Together, we are in a unique position to offer our Indian customers enhanced value propositions and to deliver the next generation of payment services for the digital commerce era. I am also extremely happy to welcome within the Worldline Group the very skilled team of MRL PosNet.”