Motorola, Inc. and its Motorola Ventures strategic venture capital arm, have made an
equity investment in ViVOtech Inc., a leader in contactless and mobile phone payment technologies. Financial terms of the deal were not disclosed.
Unlike other contactless technology offerings available on the mobile application market, ViVOtech’s platform is designed for easy collaboration among issuers, mobile operators and technology providers to deliver the most intuitive and integrated consumer experience across a range of new customer services.
“ViVOtech creates more value for financial institutions and retailers by enabling the electronic payment transaction process,” said Michael Mullagh, ViVOtech’s chief executive officer. “Our platform is transforming the way consumers spend money, make payments and purchases — making it so simple that any mobile phone user can securely and easily buy items with a simple wave of the mobile device at one of our NFC-powered contactless readers.”
Today’s on-the-go consumers are looking for simplified and more secure ways to pay for goods and services. Near Field Communication (NFC) technology is broadening the usefulness of mobile devices through short-range wireless connectivity which enables the phone to interact with payment systems for a wide variety of transactions, including those at the point-of-sale, ATMs and kiosks.
Additionally, this connectivity allows for location-based personalized loyalty, coupon and promotion programs, and user authentication for check-in at airline and hotel self-service stations. ViVOtech’s comprehensive NFC technology offerings enable these new mobile features to provide best-in-class payment transactions at merchant locations all over the world.
ViVOtech solutions allow millions of consumers to make Contactless payments with radio frequency-enabled credit/debit cards, fobs, and NFC mobile phones. With more than 330,000 units deployed in 27 countries, ViVOtech products are used at movie theaters, fast food restaurants (QSR), casual dining establishments, convenience stores, gas stations, drug stores, grocery stores, buses, taxicabs, kiosks and vending
machines.
In addition to Motorola, ViVOtech’s investors include First Data Corporation, NCR, Nokia, Alloy Ventures, Draper Fisher Jurvetson, DFJ Gotham Ventures, Miven Venture Partners, and an undisclosed Fortune 500 company.
