World's largest payment terminals supplier may leave Russia Company holds about 50% of Russian market

The French company Ingenico, which manufactures terminals for accepting bank cards, may withdraw from the Russian market in March 2023.

At the end of March Ingenico plans to stop supporting POS terminals in Russia, according to RBC sources.

According to experts, the company's share in the Russian terminal market is about 50 per cent. In early 2018, Ingenico reported on the production of 1.5 million devices in Russia. At the end of 2022, according to the Central Bank, there were about 4 million POS terminals in the country. Ingenico devices occupy the main share in the network of VTB, Sberbank and Promsvyazbank.

Contracts with Ingenico employees in Russia are valid until February 15. As RBC learned, two companies are mentioned in the Unified State Register of Legal Entities under the name of LLC Ingenico (the official name of the "daughter" of the French group in Russia). In the second, specialising in the wholesale trade of equipment, a liquidator has been appointed. Moreover, his surname and initials completely coincide with the name of the person who represented the interests of the first company (100 per cent owned by Ingenico) in court.

"The appointment of a liquidator is an external sign of the beginning of the process of business termination... The ultimate goal of the liquidator is to find and collect all the property of the liquidated person, fulfil the unfulfilled duties of a legal entity or complete them, preferably without disputes, to conduct property auctions if there are not enough funds," Oleg, a partner of the firm Rustam Kurmaev and Partners, explained to the publication Permyakov.

Market participants note that after Ingenico leaves, businesses and banks will have serious problems with their maintenance, and the devices will work "until the first breakdown". The company has been operating in Russia since 2007, now there is no mention of the Russian Federation on its website as the country in which Ingenico provides services.