Evertec buys Zunify payment network in Costa Rica
Under the agreement, Evertec assumes the client portfolio, financial permits and license to use Zunify’s technology in the country.
San Juan-based financial technology solutions company Evertec announced the successful completion of its acquisition of the Zunify payment network in Costa Rica.
This move not only “significantly enhances and expands” digital payments capabilities in one of Evertec’s priority markets but also paves the way for a more advanced and efficient digital payments landscape, the company stated.
“With Costa Rica being a key market for Evertec, this acquisition marks a pivotal moment … reinforcing the commitment to driving the future of digital payments in Central America,” it stated in a release.
For two decades, the ATH Network has been present in Costa Rica, and with the acquisition of the startup Zunify, it is bolstering its efforts to offer more efficient and advanced payment solutions in the country, it added.
Zunify was founded in 2001 and has been a significant player in the electronic payments ecosystem in Costa Rica.
With the proliferation of digital payments and the transition from traditional methods to digital solutions by Costa Ricans, Evertec saw an opportunity to join forces with Zunify and several issuers to drive further the adoption of digital payments in the Central American country.
“Our approach to promoting and commercializing these payment solutions will encompass person-to-business or merchant transactions, leveraging our vast global experience in payment network technology,” said Mike Vizcarrondo, chief product and innovation officer for Evertec.
“When it comes to integrating Zunify’s knowledge and talent into our structure, we will preserve the agility and innovation that characterizes them with a unit specialized exclusively in digital payments within Evertec,” he said. “This ensures that Zunify retains its capacity for innovation and responds nimbly to market demands.”
Under the agreement, Evertec assumes the client portfolio, financial permits and license to use Zunify’s technology in the country.
Currently, the application has more than 1,300 stores where users can carry out their transactions.
