First Data Announces Strategic Investment in ViVOtech
First Data Corp. has announced a strategic investment in ViVOtech and that it plans to use ViVOtech's collection of emerging technologies that include Near Field Communication (NFC) terminals and mobile commerce enablement. According to First Data, its investment will come in the form of acting as the 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.""First Data's decision to take the lead in our Series C funding round and support our collection of technologies that include terminals, wallets and OTA provisioning is a strong validation of our business, technology direction and our services," said Michael Mullagh, chief executive officer, ViVOtech. "Given First Data's vast global footprint, this relationship will help accelerate the availability of these new services and the associated transformation of mobile phones into portable payment devices."
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