ING is to shut down Payvision, the controversial international card acquirer and payments platform that the Dutch bank acquired in 2018 for €360 million.
Last year ING sold half of Payvision’s operations for a nominal 1 euro – the part of the business that included payments processing for gambling and pornography customers including PornHub – leaving it with less profitable online payment processing activities.
In a statement, the Dutch lender says: “After a thorough evaluation of all options in the context of the rapidly evolving and increasingly competitive and capital intensive e-commerce merchant market, ING has concluded that it is not feasible to achieve its ambitions with Payvision. The aim is to complete the phase-out process by the second quarter of 2022.”
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