The new entity, Commerz Globalpay GmbH, is expected to launch in the first half of 2024 and will provide a one-stop shop of omnichannel payments and software options for merchants.

Commerz Globalpay will offer Global Payments’ smartphone-based payment applications and card terminals for instore operations and online sales. Business customers wil also have access to a variety of value-added services, including cloud-based point-of-sale software, customer loyalty programmes and an analytics and customer engagement platform.

Based in Frankfurt, Global Payments will hold a 51 percent stake in the company and Commerzbank the remaining 49 percent.

Thomas Schaufler, Commerzbank MD in charge of small business customers, says: “With this joint venture with Global Payments, we are investing in modern forms of payments at the highest level. Through simple solutions, new products, and technologies, provided by Global Payments, we are creating an optimal experience for the Commerzbank customers. This makes the project an important part of our strategy update to create added value and excellence for our customers.”