Paris-based Ingenico Group SA will acquire 100% of India-based TechProcess Payment Services Ltd., an online payment service provider.

The deal is expected to be closed by the end of the first quarter.

The acquisition is part of Ingenico Group's strategy to expand in India, where it has a 50% market share of the payment terminal market and owns EBS, an e-payment facility. TechProcess — which has 600 employees in 40 locations — has operations in the online payments gateway, National Automated Clearing House, bill and mobile payments categories in India.

India has taken steps to encourage the use of electronic payments, particularly after its central bank demonetized 500- and 1,000-rupee bank notes. Ingenico noted that 90% of retail transactions in India are paid in cash, but that the volume of electronic payments is set to rise sharply in coming years.