The transaction is expected to close in late 2012, pending regulatory approvals and customary closing conditions. Upon closing, ProPay will become a wholly owned subsidiary of TSYS.
Founded in 1997, ProPay was founded in 1997 and it currently processes for approximately 250,000 small merchants enabling them to accept payments while on the go. ProPay provides a mobile payment acceptance dongle dubbed ProPay JAKTM that attaches to smart phones and tablets to process payments and encrypt data.
TSYS provides merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip and healthcare. Truaxis’ services platform allows credit unions to provide personalized rewards and discounts, funded by retailers, direct to their customers within the online or mobile banking environment.
In recent news, TSYS has extended its agreement with BB&T Financial, FSB, a subsidiary of US financial services provider BB&T Corporation to be the latter’s payment services provider.
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