UK FinTech Trust Payments Acquires WonderLane

U.K. FinTech Trust Payments has acquired retail technology firm WonderLane, the company announced in  a news release Monday (Jan. 31).

“The move enables Trust Payments to provide innovative retail operations technology solutions to any shop with its electronic point of sale (ePOS) offering, enabling truly omnichannel commerce and payments solutions — all of which supports the growing trend for self-checkouts and wireless contact payments on-the-move,” Trust said.

WonderLane, also based in the U.K., works with retailers to deliver systems designed to speed up the checkout process, engage customers and provide a single view of inventory, products and customers.

Read more: Why Retail’s Consumer Experience is a Two-Way Street

Martin Hartley, director at WonderLane, praised Trust’s “exceptional retail knowledge, commitment to excellence and a long-term drive to innovate,” saying it will help WonderLane’s retailers meet the continuing need for digitization.

“It is a natural extension for Trust Payments to acquire WonderLane and combine their retail operations technology expertise with our vision for payments across Converged Commerce,” said Trust Payments CEO Daniel Holden.

He said the company “will accelerate our expansion and retail expertise to support self-checkout kiosks, mobile based click & collect services or smaller Android-based mobile payment units for smaller enterprises looking to offer contactless payments.”

Based in London, Trust employs 400 people in 10 locations, supporting business sectors that range from retail, travel and hospitality to crypto, gaming and financial services, as well an acquiring network of more than 50 global banks and hundreds of alternative payment methods.

The company says its acquisition of WonderLane comes at a time when consumers want their retail transactions to be as convenient and seamless as possible.

As PYMNTS noted late last year, our research has found that nearly 1 in 4 consumers say they’ve chosen to abandon purchases when they felt a transaction took too long.