First Data makes strategic investment in NFC outfit Vivotech
03 May 2007 | 7560 views | 0
First Data has led a series C funding round in US contactless payments outfit Vivotech.
The scale of the funding was undisclosed. First Data has also committed to use Vivotech's Near Field Communication (NFC) terminals, wallets and over-the-air provisioning for mobile commerce.
Barry McCarthy, president of product innovation at First Data Commercial Services, comments: "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."
Vivotech’s current investors - Alloy Ventures, Draper Fisher Jurvetson, and Nokia Growth Partners - also participated in the round. Vivotech was advised by San francisco-based FT Partners.
A recent report by ABI Research forecasts NFC chips to be embedded in 292 million handsets, or 20% of all phones worldwide, by 2012.
Currently, with more than 250,000 units in 22 countries, Vivotech's products are in use at cinemas, fast food restaurants (QSR), convenience stores, petrol stations and vending machines.