US-based payments technology company InComm Payments has acquired Brazil’s closed-loop gift card processor Todo Cartoes.

Financial details of the transaction were not divulged.

In Brazil, Todo Cartoes provides retailers with a closed-loop digital and physical gift card processing platform.

It also facilitates bulk gift card purchases for businesses.

Todo Cartoes CEO Joao Espindola said: “We are very excited to join forces with InComm Payments to grow in this market, which is new and exciting to Brazilian consumers.

“We expect to create a one-stop-shop for retailers on all things gift card and incentives related.”

Through the latest business combination, InComm Payments will enable closed-loop gift cards processing and distribution.

As a result, the acquisition will boost its presence in the country.

InComm Payments partners with convenience, pharmacy, book and electronics store chains and has over 4,500 point-of-sale (POS) terminals in Brazil.

InComm Payments Brazil country manager Ricardo Olivieri said: “This acquisition positions us to process and distribute closed-loop gift cards for some of the greatest retailers in the country.

“The gift and prepaid cards market in Brazil has been growing at a double-digit rate annually, and we are now equipped to better serve it.”

Last week, InComm Payments joined forces with UK-based reward and recognition experts team Motivates.

Under this partnership, InComm Payments rolled out Motivates’ Lifestyle Ultimate multi-choice gift card through its UK retail network.

InComm Payments also launched a new payment solution to enable sports and entertainment venues to switch to cashless payments ecosystems.