Research Center
Cyprus Economy

CYPRUS: BS PayOne to revive competition in cards market

02 August, 2017

Frankfurt-based BS PayOne, one of Europe’s leading providers of payment technologies, is entering the local card payments and clearance market, competing head-on with banks-owned JCC Payment Systems.


 
JCC had become a monopoly after it successfully prevented FBME Card Services to deploy in the market, having gradually built up a respectable market share.
However, when parent FBME bank’s license was suspended by the Central Bank of Cyprus, the cards division was also suspended in July 2014, thus allowing JCC to roam the market freely for the past three years.
Now, this has come to an end after the introduction of BS PayOne, that, in close cooperation with its local partner DCC, will provide “innovative and comprehensive payment solutions to merchants across Cyprus. The market entry offers customers a real alternative to the existing landscape,“ it said in an announcement.
The BS PayOne services include card acceptance, terminals, payment in own currency, tax free shopping options, contactless payment for debit and credit cards, and electronic payment.
The company is a wholly-owned subsidiary of the German Savings Banks Finance Group. This backing secures a maximum level of security you can expect from a business partner.
In Cyprus, BS PayOne is supported by Data Communication Company (DCC), is one of the leading vendors of Point-of-Sale (POS) technology and hardware. It also provides professional services to shops and merchants.
“Being a touristic and business epicenter in the Mediterranean, it is a very interesting market with a huge transaction volume and fantastic growth opportunities for both the local merchants and us”, said Niklaus Santschi, Chief Executive Officer at BS PayOne.