Global Payments
Encyclopedia
- For global health care payments, see discussion of accountable care organizations in Health care reform debate in the United StatesHealth care reform debate in the United StatesThe health care reform debate in the United States has been a political issue for many years, focusing upon increasing coverage, decreasing the cost and social burden of healthcare, insurance reform, and the philosophy of its provision, funding, and government involvement...
.
Global Payments Inc. is a payment processing
Payment card industry
The payment card industry denotes the debit, credit, prepaid, e-purse, ATM, and POS cards and associated businesses.The term is sometimes more specifically used to refer to the Payment Card Industry Security Standards Council, a council originally formed by American Express, Discover Financial...
company based in Atlanta, Georgia
Atlanta, Georgia
Atlanta is the capital and most populous city in the U.S. state of Georgia. According to the 2010 census, Atlanta's population is 420,003. Atlanta is the cultural and economic center of the Atlanta metropolitan area, which is home to 5,268,860 people and is the ninth largest metropolitan area in...
. Global Payments functions as an electronic payment processor
Payment processor
A payment processor is a company appointed by a merchant to handle credit card transactions for merchant banks. They are usually broken down into two types: front-end and back-end....
to merchants, independent sales organizations, financial institutions, government agencies and multinational corporations in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Latin America
Latin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
, the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
and Asia-Pacific
Asia-Pacific
Asia-Pacific or Asia Pacific is the part of the world in or near the Western Pacific Ocean...
.
History
Global Payments has more than four decades of industry experience in electronic payment processing. Global Payments acquired DolEx in 2003 and set up a high profile joint venture with HSBC in Asia covering ten markets. The present-day CEO of Global Payments is Paul R. Garcia.Global Payments also announced a USD 439 Million Joint Venture with HSBC Bank Plc in the UK. This transaction is expected to be completed by October 2008. The new company is going to be called HSBC Merchant Services.
With this acquisition, Global Payments has now become one of the world's truly global payment processors with its merchant services offering across North America, Western & Eastern Europe and Asia.
On April, 2009, the Company acquired third biggest Russian processing company UCS (more than 90 banks in processing).
On June 12, 2009, the Company acquired the remaining 49% interest in HSBC Merchant Services LLP, from HSBC Bank plc.