Apollo Global Management is nearing a deal to acquire the point-of-sale terminal business of European payments company Worldline SA for close to $2.3bn, according to people familiar with the matter.

The proposed deal is the latest bet on the continued growth of digital payments. The New York-based buyout giant would acquire hardware that allows consumers to use their mobile phones and payment cards to make purchases. The pandemic has accelerated the adoption of digital payments over cash among both consumers and businesses.