Bluefin acquires TECS to meet global demand for secure omnichannel payments
Bluefin acquires TECS Payment Systems, a global provider of omnichannel payment solutions to acquirers, payment service providers and POS system providers.
Consumer demand for omnichannel payment options has grown at an astounding rate. According to Insider Intelligence, e-commerce sales are expected to reach $6.169 trillion in 2023, up from $3.351 trillion in 2019, while mobile payments are projected to grow from $1.97 trillion in 2021 to $11.83 trillion in 2028, reports Fortune Business Insights. Merchants require payment acceptance and processing technologies—whether in-person contactless, digital wallet, mobile or online—that ensure data privacy and security.
Together, Bluefin and TECS will serve 34,000 connected merchants and nearly 300 global partners in 55 countries. The strategic combination expands the global footprint of both organizations. Bluefin and its customers gain omnichannel payments and smartPOS capabilities that will integrate with the company’s existing payments and data security suite. TECS and its customers will benefit from the addition of data security solutions that address growing needs of larger organizations, as well as additional resource investment in the innovative TECS product and solution suite.
“We are delighted to welcome TECS’ employees, customers and partners to Bluefin,” said John M. Perry, CEO, Bluefin. “This combination brings together two companies that focus relentlessly on meeting merchant needs for next-generation payment processing and management as well as the secure exchange of PHI and PII data with PCI-validated encryption and tokenization.”
The TECS platform supports international card payments, fleet cards, account-based payments and digital wallets processed through in-person, mobile, unattended and e-commerce channels. SmartPOS devices are offered from Sunmi and Newland through the company’s own AppStore and Terminal Management Systems (TMS). Gateway features include multi-currency processing, a robust fraud system, a gift card/loyalty program and a proprietary 3D Secure (3DS) solution integrated with the card brands.
Bluefin specializes in encrypted and tokenized integrated payments through their PCI-validated point-to-point encryption (P2PE) solutions for point-of-sale (POS) transactions and ShieldConex data security platform for the tokenization of payments, Personally Identifiable Information (PII) and Protected Health Information (PHI) entered online.
“There were natural synergies between the TECS and Bluefin solutions and teams,” said Fazlollah Rostamian, Founder & CEO, TECS. “We are excited about what the strength of our combined resources will mean for our customers, and the many ways we can help businesses provide the payment experience that their customers demand.”
TECS will be integrated into the Bluefin team and continue its Austria-based operations, managed locally by TECS CEO and founder Fazlollah Rostamian.