ING said on Monday it has agreed to buy a majority stake in payment group Payvision as the Dutch lender looks to boost its foothold in the payment processing market.

The lender’s business clients will be able to accept payments through “any channel” including online stores and through retail terminals by using the Payvision platform. Payvision, founded in 2002, allows payments through 150 currencies, 80 payment methods and has offices in the US, Europe and Asia.

“Payvision’s founding team has developed a great business with a proven technology in an area where ING wants to grow,” said Ralph Hamers, ING chief executive.

The group said it will buy three-quarters of Payvision. Payvision as a whole is valued at €360m.

The global payments market is rapidly growing as an increasing number of consumers shift from cash to credit cards and other payment methods. Non-cash transaction volumes globally are expected to reach 726bn per year by 2020 from 433bn in 2015, according to research by Capgemini and BNP Paribas.

Payvision’s founding management team will hold a 25 per cent stake after the conclusion of the deal and will continue to lead the company. The tie-up is not expected to have a material impact on ING’s common equity tier one ratio.

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