ING dropping porn, gambling customers after Payvision acquisition

After taking over payment processor Payvision, ING immediately started dropping customers that do not fit with the bank's risk profile, a spokesperson for the bank confirmed to ANP after reports in Financieele Dagblad. This includes customers in the porn and gambling industry.

ING acquired a 75 percent stake in Payvision in 2018 and took the remaining shares last year and this year.

According to FD, the bank lost almost 200 million euros in the acquisition. Payvision served dubious customers in the porn and gambling industries for years, the newspaper wrote. ING was so upset with this that it quietly transferred the fintec subsidiary's most profitable portfolio - that of porn customers - to the former owner of Payvision for 1 euro, according to FD.

ING told ANP that during the acquisition, agreements were already made to gradually reduce the number of customers in certain segments, especially in adult entertainment and gambling. It would not comment on the figures involved.

The bank said that it has no legal objection to the porn and gambling industry, but ING's own policy excludes customers in adult entertainment. It does not exclude gambling customers outright, but will only allow customers if the majority of their income does not come from gambling.