Unzer, a financial technology company based in Germany, specialises in tailored payment processing solutions, such as mobile payments, electronic payment processing, point of sale systems and risk management tools. Robert Bueninck, the chief executive officer of Unzer, told Delano about the company’s expansion into the Luxembourg market.
Kangkan Halder: Could you introduce us to Unzer and its role in the digital payment landscape?
Robert Bueninck: We are a one-stop-shop for our merchants, ensuring holistic coverage of the payment transaction industry, from online and in-person payments to advanced collection services and integrated commerce software.
We believe that customers want to enjoy a seamless experience no matter where they shop. And we believe that merchants are busy delighting their customers. They don’t want to think about how they can connect their online and offline stores in one backend. That’s why we deliver the software and hardware that ensure that all retail systems can talk to each other in real-time. Unique to Unzer is our unified commerce offering which is characterised by its combination of value-adding software services and holistic payment solutions, tailored specifically for selected verticals.
We are based in Luxembourg, but we lacked a local offering, and we are fixing that now.
Beyond Germany, where Unzer has established a strong presence, which other markets are you targeting, especially considering your base in Grevenmacher?
Currently, our strategic emphasis is on reinforcing our established presence in Germany, Denmark and Austria. We are based in Luxembourg, but we lacked a local offering, and we are fixing that now. As for further expansion plans: We are currently focused on these core markets, but we might look at other European markets in the mid- to long-term.
How many employees work at Unzer’s Grevenmacher office, and what are their main roles?
Our Grevenmacher office is very important and we are growing it. At the moment, it employs approximately 30 individuals, representing all important functions within the organisation. Naturally, because Unzer Luxembourg SA is regulated by [Luxembourg’s financial authority] the Commission de Surveillance du Secteur Financier, the office includes compliance and governance departments. Additionally, it houses risk and finance teams, merchant services which handle onboarding, billing and support, among other crucial functions that support the company’s operations.
Could you tell us more about Unzer’s mobile point-of-sale (POS) solutions, and their main advantages, particularly the POS Go cash register?
Unzer’s POS Go is an all-in-one solution that merges a POS system, payment terminal, receipt printer and scanner, enhanced with cloud-based software for operational agility. It’s created for businesses that wish to digitise their processes and cater to the growing preference for contactless payments. One of the key benefits of POS Go is its ability to accept a variety of payment methods, including the increasingly popular ‘buy now, pay later’ options, directly at the point of sale.
The Luxembourgish market is a much further in the journey of digitilisation than Germany and Austria.
The POS Go system transcends the basic functionalities of a mobile cash register by providing tools for customer engagement and insights into real-time sales data, thus streamlining everyday business operations. Its software supports digital receipt storage, tax-compliant printing and the integration of discount and loyalty programmes. With its android app, merchants have access to sales figures on-the-go and can prepare financial statements in Datev format for ease of annual financial reconciliations. Additionally, the POS Go dashboards offer comprehensive views of inventory, orders and customer payment trends, facilitating more effective goods and staff management.
In what aspects do you find the Luxembourg market to be distinct from the markets in Germany and Austria?
The Luxembourgish market is a much further in the journey of digitilisation than Germany and Austria. That’s why it’s a great fit for our state-of-the-art product suite. It has a dynamic and burgeoning startup ecosystem, as well as a robust digital landscape, offering opportunities for growth. Practical considerations also play a role; we have an established team on the ground in Luxembourg and possess the necessary licensing, which logically positions us to extend our product offerings to the Luxembourgish market.
Unzer holds a Luxembourg payment license that covers the entire European Union. In general, we are authorised to serve customers based in any EU country.
Considering that many Luxembourg employers offer meal vouchers to their staff, how do Unzer’s digital solutions cater to this specific need?
Unzer’s POS solutions are well-suited to cater to the specific need of Luxembourg employers offering meal vouchers to their staff, as they are designed to accept ‘voucher’ as a payment method. Moreover, Unzer’s system is also equipped to handle benefits cards from companies such as Edenred that employers give to their staff. This flexibility in accepting different types of payment methods, including meal vouchers and employee benefit cards, makes Unzer’s POS solutions highly adaptable and convenient for both employers providing these benefits and the establishments accepting them.
Are there any regulatory approvals required for Unzer to expand into new markets, and if so, could you provide some details about these?
Unzer holds a Luxembourg payment license that covers the entire European Union. In general, we are authorised to serve customers based in any EU country. When it comes to our POS solutions, the requirements vary based on the local laws regarding fiscalisation in the target market. So we need to ensure that our products align with the specific fiscal and tax regulations of each new market. Of course, we do that for our Luxembourgish offering, too.
Our long-term strategy is to facilitate the transition from traditional retail to completely unified commerce.
What are Unzer’s immediate and long-term objectives in terms of market share and growth in Austria and Luxembourg?
Unzer is strategically targeting the small and medium-sized business sector with the intention of capturing market share from established competitors. We anticipate a gradual growth curve rather than immediate exponential expansion, but we are very confident with our offering. Our acquisitions in the past have been pivotal in creating a comprehensive and diverse product portfolio, positioning us as a one-stop solution for merchants’ payment needs. Our long-term strategy is to facilitate the transition from traditional retail to completely unified commerce.
Unzer is open to considering the incorporation of cryptocurrency transactions, provided that they fall within the necessary regulatory framework.
Is Unzer planning to incorporate cryptocurrency transactions? If yes, could you provide more details on this development?
It is our job to provide payment methods that consumers want to use. So far, cryptocurrency has predominantly been utilised as a method of trade, rather than for regular transactions. As of now, everyday transactions do not commonly involve cryptocurrency. However, should there be a noticeable shift in consumer behaviour towards using cryptocurrency for daily transactions, Unzer is open to considering the incorporation of cryptocurrency transactions, provided that they fall within the necessary regulatory framework.
With the European Central Bank anticipating a digital euro within the next three to four years, how do you foresee the evolution of the European digital payment sector in the near future?
It’s a great initiative and we are happy to assist in its implementation. With the introduction of a digital euro, it is expected that retailers may be required to accept it as a form of payment. Of course, we will support our merchants and help them with integrating the digital euro into their existing payment systems. However, the success of this initiative will largely depend on consumer adoption rates. While the infrastructure and merchant acceptance are crucial, the true test will be how quickly and widely consumers adapt to using the digital euro for their transactions.