Vantiv Mobile Wallet for Contactless Payments

RMN Digital | October 22, 2012 | Americas, Consumer, Corporate, Finance, Mobiles, Regions | No Comments

As the market is getting flooded with mobile payment solutions, here comes a new one.

Vantiv, Inc. (NYSE: VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions, and Paydiant, a provider of a cloud-based mobile payment and offer redemption platforms, today announced the availability of Vantiv Mobile Wallet.

It’s a contactless mobile wallet and payment platform that will enable merchants and financial institutions to deploy mobile payment and ad/offer campaigns for their customers.

Earlier, Sybase 365, a subsidiary of Sybase, Inc., which is a provider of mobile messaging and mobile commerce services, announced a global, strategic partnership with Telefonica Digital to provide mobile wallet services. (Read: Mobile Financial Services with Sybase Mobile Wallet)

Global payments and technology company MasterCard (NYSE:MA) has announced PayPass Wallet Services, a new global offering for banks, merchants and partners.

It will make it faster and easier for their customers to make purchases in stores or online by allowing them to securely pay with a simple click of the mouse, touch of the tablet screen or tap of the smartphone. (Read: MasterCard Offers Digital PayPass Wallet Services)

[ Also Read: LG Optimus Elite Comes with NFC and Google Wallet ]

Among other companies, Turkcell, a leading communications and technology company in Turkey has developed a mobile wallet solution, Turkcell Wallet, which offers a single commerce and payment platform. (Read: Turkcell Launches Mobile Wallet Solution in Turkey)

With Vantiv Mobile Wallet, financial institutions and retail merchants have access to mobile payment capabilities to leverage this growing trend and improve payment efficiencies and the transaction experience for their consumers.

This latest product introduction further expands offerings by Vantiv in the evolving mobile payment space and helps to increase adoption by both consumers and retailers, says the company.

[ Also Read: New Payment-as-a-Service Platform for Businesses ]

Using the Paydiant mobile payment and offer redemption platform, the Vantiv Mobile Wallet solution overcomes the existing NFC infrastructure-related hurdles to mobile payment adoption faced by financial institutions and merchants.

Vantiv Mobile Wallet works with existing smartphones, including iPhone and Android devices, and does not require expensive hardware upgrades to existing point-of-sale systems and payment terminals, according to the company.

[ Also Read: It’s Not Only about Money, Honey ]

“Mobile payments hold great promise for our financial institution and retailer partners to increase electronic payment adoption, drive greater consumer affinity and deliver a seamless retail experience,” said Dean Seifert, senior VP, Product Strategy at Vantiv.

The company says that the Vantiv Mobile Wallet will be discussed by Vantiv executives at the 2012 Money2020 Conference, October 22 – 24 in Las Vegas, Nevada, and it will be on display and available for demonstration during the Expo.