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First Data, PrivaSys sign licensing deal
March 21, 2007
DENVER - First Data Corp. and PrivaSys Inc., provider of software and card technology, have entered a long-term licensing agreement that allows First Data to process contactless and other emerging payment transactions for its financial institution and merchant clients throughout the world. The PrivaSys solution is available in various form factors, including conventional plastic cards, mobile phones, PDAs and electronic key fobs.
According to a news release, through the PrivaSys' portfolio of patents, First Data expects to expand and develop its contactless-product offerings and migrate to other offerings such as mobile payments for debit, credit and stored-value accounts.
Boston-based consultancy Celent LLC estimates global mobile commerce revenue will more than double by 2008, hitting $54.6 billion in 2008. Contactless mobile commerce is estimated to account for $6 billion of that revenue by 2008.
"First Data is committed to helping our partners and clients quickly and easily adopt important emerging payment technologies," said Barry McCarthy, First Data's president of product innovation for commercial services. "This agreement enhances First Data's ability to leverage our global payment infrastructure to support contactless, mobile and other emerging payment forms."
Banking Executive SummaryTransaction ProcessingOutsourcingEFT NetworksPrepaid / Stored Value / Gift CardDebit / CreditOtherNorth AmericaPublic CompaniesBank / Credit Union
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