ING sells part of Payvision, cutting links with Pornhub

[AMSTERDAM] ING Groep, the largest Dutch financial services company, said on Friday it had sold part of its Payvision payments business, including cutting ties with online pornography and gambling customers.

The sale, which took place in September, was earlier reported by Dutch daily Het Financieele Dagblad.

ING spokesperson Daan Wentholt said the section of Payvision's business was sold for one euro (S$1.59) to one of the payment company's founders, who left Payvision in April.

Mr Wentholt did not disclose the size of the business sold, but said it was the part that dealt with adult website Pornhub among other customers.

"Although there is no legal objection to the adult and gambling segments, ING applies its own policy," the bank said in a statement on its website.

Mr Wentholt said ING wrote off 188 million euros (S$299.9 million) in goodwill on Payvision in the second quarter of 2020, but added that was part of wider coronavirus impairment testing and not related to Payvision's performance.

"We see it as a valuable addition to our business," he said, while adding Payvision was currently not as profitable as it was in 2018, due largely to the loss of the high-margin customers.

ING bought Payvision for 360 million euros in March 2018 to compete with the likes of Adyen and the now-insolvent Wirecard of Germany.

REUTERS