PayPoint, the main operator of cash payments and electronic top-up through retail points in Romania, announces the acquisition of the 24pay application, the digital payment solution for public transport with the largest expansion nationwide, owned by PTP Online. Thus, PayPoint completes its portfolio of services available to consumers and diversifies the range of digital solutions, actions that are part of the company’s local transformation strategy.
Together, the two companies have plans to develop the modern phone payments sector. 24pay users will soon have access to full payment services at a click away.
“We are constantly concerned with identifying and meeting the needs of our customers, in order to provide them with safe and accessible services. We know that time is a priority for most consumers, and phone payments offer comfort and security. That’s why we’re thrilled to be able to offer fast payment services for public transportation along with 24pay, which will maintain the quality and security standards that PayPoint customers have enjoyed for over 14 years.” says Utku Ogrendil, CEO of PayPoint Services Romania.
Launched in 2018, the 24pay application has steadily expanded its user base, and currently has over 730,000 downloads in app stores. The application is already functional for payment in public transport in 13 important cities in the country: Bucharest, Iasi, Cluj-Napoca, Timisoara, Brasov, Arad, Ramnicu Valcea, Sibiu, Targu Jiu, Piatra Neamt, Sacele, Resita and Ploiesti.
Users of the 24pay application will soon benefit from new added services, such as the payment of bills and parking, but also of the extension from public transport to railway.
“The association between the two brands, PayPoint and 24pay, came naturally. Our values and our common goal of providing secure and complete payment services to our customers have contributed to the decision of having this new partnership, which we hope will help us achieve our goals more quickly and easily.” says Dan Cernea, CEO of PTP Online.
The entire acquisition process was coordinated by Kogaion Investments’ M&A team, through Adinel Tudor. PayPoint received legal assistance from Cristina Man, Stratulat-Albulescu partner, financial due diligence and tax assistance from TS Partners: Daniela Buhus and Valentina Radu, while the sellers were assisted by the Mic team, Ilie și Asociații: Stelian Mic and Angela Cristea.