Canadian small value payments firm Dexit is looking to move into the US market after inking a partnership deal with Smart System Technologies (SST), a New York-based provider of hosted contactless payment, loyalty and marketing systems.
Under the deal, Dexit's contactless payment product will be combined with SST's loyalty application for merchants, PowerPay. The combined system will be distributed by each company to customers in their respective markets.
Michael Richardson, president and COO, SST, says: "In addition to offering the convenience of prepaid payment services, merchants will now have the ability to reward their customers and deliver incentives based on their purchase intent or loyalty at the point of sale."
Toronto-based Dexit posted a fourfold increase in first half losses in August last year in its first public filing since completing a C$22.69 million IPO. At the time the firm said it was seeking domestic and international opportunities for its contactless system, which enables consumers to make small value payments by tapping an electronic tag on a merchant eftpos terminal.
Commenting on the deal with SST, Renah Persofsky, president and CEO, Dexit, says: "Given SST's position in the United States, we view this arrangement as a critical next step to entering that market."