First Data has made a strategic investment in contactless payments software firm ViVOtech and unveiled plans to use the company’s collection of emerging technologies, including near field communication terminals and mobile commerce technology.
Near field communication (NFC) is a new short-range wireless connectivity technology that can simplify the way consumers make payments. NFC technologies will allow consumers to take advantage of new mobile services such as cell phone promotions and loyalty programs, over the air provisioning of credit, debit, and stored value cards, and contactless redemptions of coupons and offers at the point of purchase.
First Data’s investment, which highlights its commitment to the NFC/mobile payments industry, will come in the form of the company participating as lead investor in ViVOtech’s series C round of financing.
We’re excited about the opportunities in near field communication and the role it will play as we continue to expand our offerings in this arena and maximize choice and convenience for consumers at the point of sale, said Barry McCarthy, president of product innovation at First Data Commercial Services. As one of the many technologies First Data will be supporting, our recent investment in ViVOtech furthers our objective of bringing a new generation of terminals and mobile phone-enabled payment services to our financial institution and merchant clients.