The largest supplier of terminals to receive bank cards will leave Russia

Ingenico, which supplies POS terminals for the largest Russian banks and serves 50% of devices in Russia, may leave the Russian market on March 1. After that, technical support for POS-terminals will be carried out until the end of March.

The company has not officially announced its plans, and all negotiations with banks are informal, writes RBC, citing three sources in the payments market. According to a source in the financial market, the possibility of leaving is still being discussed.

One of the sources said that the company has been trying for several months to find a way to leave Russia that would cause the least damage to the payments market. He added that information about the company’s departure first appeared on the market in the spring of 2022, when most Western companies were reducing business in the country because of Russia’s war against Ukraine.

Ingenico Device Sources familiar with the timing of the company’s departure say that Sberbank, VTB and Promsvyazbank have the main share in the network of POS-terminals. Sberbank and VTB did not comment on the situation, and Nikita Khomutov, vice president and director of acquisitions of Promsvyazbank, said that the PSB is gradually replacing terminal equipment.

Total for Ingenico POS-Terminals CEO of payment solutions supplier INPAS says it has almost 50% market share in Russia Ilya Korobov. If the company leaves, there will be problems with terminal maintenance and software support, experts warn.

In turn, it is unprofitable for banks to replace the entire fleet of Ingenico POS terminals Immediately, says Korobov, because it is expensive – one terminal costs an average of about 150-160 dollars. Therefore, credit organizations will replace them as soon as they wear out. “The need to replace already installed terminals will arise only in the event of their failure,” Khomutov confirmed.

Replace Egenico Terminals In Russia, you can use American Verifone, which may also rule out Russian or Asian vendors, Korobov believes. Also, the Central Bank can scale up the Fast Payment system, which allows you to make payments using a QR code without a terminal to receive a card, says the director of the practice providing consulting services to companies in the financial sector. Huh. Olga Blednova.

According to the Central Bank, about 4 million POS terminals were installed in Russia by the end of the third quarter of 2022. Ingenico in 2018 reported that it produced 1.5 million of its own terminals in Russia, but already in 2019, production was transferred to Vietnam.

Ingenico has been operating in Russia since 2007. At the same time, now on the official website of the company Russia is not in the list of countries where its offices operate. Ingenico, based in France Transferred 100% of Inzheniko LLC shares in June 2022 and no longer comments on information about the Russian business. The details of the deal have also not been disclosed.

Two Inzheniko LLCs are registered in the Unified State Register of Legal Entities – both are owned by foreign legal entities. One of them is engaged in the development of computer software and is 100% owned by Ingenico, and the other company specializes in the wholesale trade of equipment. A liquidator has now been appointed for the second LLC.

“The appointment of a liquidator is an external sign of the start of the business liquidation process,” says Oleg Permyakov, partner at Rustam Kurmaev & Partners. According to them, the liquidator’s ultimate goal is to find and collect all the assets of the liquidated person, satisfy all outstanding liabilities, and auction the assets.

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