Electronic commerce and payments company First Data Corporation and PrivaSys, a provider of patented software and card technology, have agreed to enter into a long-term licensing agreement, whereby First Data will gain rights to PrivaSys’ portfolio of patents.
The alliance will enable First Data to expand and develop its contactless product range and migrate quickly to other emerging payment offerings, such as mobile payments for debit, credit and stored value accounts.
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 its commercial services business unit. This agreement furthers First Data’s leadership in delivering secure contactless point-of-sale, mobile payment solutions, card and account personalization services and transaction processing services for our clients.
We are pleased to begin a long-term relationship with First Data. First Data serves both the merchant side and the issuer side of the electronic payments market, which gives us far greater reach and enables our technologies to become more prevalent in the payments marketplace, added Joan Ziegler, CEO of PrivaSys.
Specific terms of the agreement remain undisclosed.