Paysera acquires virtual POS creator and enters POS business
According to the agreement between the companies, Paysera has acquired all intellectual property rights for virtualikasa.lt from MB Brand Lions.
"Until now, our primary focus in the Baltic States has been on e-commerce payment processing. However, this transaction unlocks a new realm of opportunities for us in physical retail, including the HoReCa sector, various stores, and service points. In essence, it grants us access to any environment where cash registers are currently in demand or where the need will emerge in line with new regulations, as businesses fully transition to i.EKA type point-of-sale solutions" says Marijus Plančiūnas, the CEO of Paysera.
Mantas Chodosevičius, founder and co-founder of Brand Lions, emphasises that following the acquisition, his team will persist in advancing the smart cash register while benefiting from integration into Paysera's ecosystem and access to expanded resources.
"By leveraging Paysera's extensive resources in IT, artificial intelligence, and client support, we anticipate accelerated growth within this ecosystem compared to operating independently. Simultaneously, we retain strategic control and vision over this business area" – says M. Chodosevičius. "Our initial step is to introduce virtual POS to over 10,000 Lithuanian online stores that use Paysera services, some of which also have physical retail stores. In the upcoming two years, our plan is to expand the business internationally, beginning with countries where other Paysera group companies have established operations."
In addition to its virtual POS system, Paysera is expanding its services to include payment processing via card readers at physical store locations.
"Tax reporting and payment should be simple and convenient. After completing the process, taxpayers should be left with a pleasant feeling and the assurance that they have fulfilled their obligations correctly and completely. This very sentiment inspired us to create the virtual cash register. As this technology becomes more widely available, an increasing number of businesses will discover the benefits of streamlined sales and revenue accounting. Not only will this save them valuable time, but it will also enable the state to ensure greater transparency and more efficient tax collection" – sums up M. Chodosevičius.
In a strategic move to align with the state's initiative to digitise cash income accounting, Paysera has acquired the virtual cash register business. Starting from May 2025, all retailers will be required to provide fiscal receipt data to the STI i.EKA subsystem, marking the end of paper cash operation journals. This transition is happening gradually. The companies with the largest turnover will be the first to adopt smart cash registers, and from 1 May 2025, all merchants will be obligated to provide fiscal receipt data to i.EKA. According to the law, fiscal receipt data must be transmitted to the STI within 72 hours. However, the Paysera virtual POS offers a more efficient solution, enabling the transmission of data in real-time.