Australia's Cuscal acquiring electronic payments processor Worldline New Zealand and reviving Paymark brand

Cuscal Ltd, an Australian payments and data services provider, has struck a deal to acquire acquire Worldline New Zealand, formerly known as Paymark, which was NZ's original EFTPOS provider in 1989.

The deal will see the Paymark brand revived.

Maxine Elliott, CEO New Zealand at Worldline, says the move represents a significant and positive step forward, bringing the NZ business "back to our roots and reconnects us with the Paymark brand as part of the Cuscal Group."

Once owned by ANZ, ASB, BNZ and Westpac, electronic payments processor Paymark was sold to French group Ingenico for $190 million in 2018. Ingenico was subsequently acquired by fellow French company Worldline in 2020. Its products include EFTPOS and Online EFTPOS.

Cuscal says it's paying A$27 million for Paymark. It says Paymark, largely operating independently under Worldline ownership, will upgrade its switch technology which is nearing the end of its lifecycle. This is expected to cost about A$21 million, be finished by 2030, and be fully funded by Paymark's own financial performance.

"Paymark is a core part of New Zealand’s payments infrastructure, processing more than 1.5 billion transactions each year and serving all major New Zealand banks, alongside a broad base of enterprise and merchant clients. It is a well‑established business with an experienced leadership team and a strong reputation in the New Zealand market," Cuscal says.

Cuscal says it has entered into an exclusive arrangement with Retail International Holding S.A.S. (Worldline) to acquire the NZ business. It expects to operate Paymark as a standalone business and keep key management "to continue delivering Paymark’s strategy and product roadmap."

"Because Worldline is a French company, the agreement is subject to a mandatory French regulatory consultation process customary for a transaction of this nature. Subject to the completion of that process, completion of the acquisition is expected to occur by the end of this financial year [June 30]," Cuscal says.

"The acquisition expands Cuscal’s market position in New Zealand, providing immediate national‑scale relevance in an on-strategy economy and supports Cuscal’s ability to serve clients operating across Australia and New Zealand."

Elliott says it's "business as usual" for customers and partners.

"We’re excited about what this next chapter holds and look forward to continuing to support your success as we move forward together," she says.