European online payment provider Ogone Payment Services has acquired E-Billing Solutions (EBS), India’s second largest online payment provider, for an undisclosed sum. This is Ogone’s first acquisition and its first move outside the European market. EBS retains its name and brand in the Indian market and will continue to operate under its current management structure and market approach.
Peter De Caluwe, CEO of Ogone Payment Services, said: “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.”