Vantiv, Inc. (VNTV), a leading provider of payment processing services and related technology solutions for merchants and financial institutions of all sizes, and Paydiant, a provider of a cloud-based mobile payment and offer redemption platforms, today announced the availability of Vantiv Mobile Wallet, a contactless mobile wallet and payment platform that will enable merchants and financial institutions to quickly deploy mobile payment and ad/offer campaigns for their customers.
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.
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. Unlike other mobile wallet offerings, Vantiv Mobile Wallet works with existing smartphones, including iPhone and Androiddevices, and does not require expensive hardware upgrades to existing point-of-sale systems and payment terminals.
When combined with the Vantiv single, integrated processing platform and the company's operational expertise and extensive experience in enabling payment endpoints, this platform enables the deployment of mobile payment capabilities into a merchant or financial institution's customer base quickly and easily.
The Vantiv Mobile Wallet has two key components. The first is a software-only acceptance interface that can be quickly deployed on any POS or payment terminal across a broad range of consumer to merchant touch points - including large multi-lane retailers, small single lane merchants, pay at the table restaurants, ecommerce marketplaces, drive-through quick service restaurants and fuel dispensers - all without deploying new, expensive hardware terminals. The second is a software only mobile wallet that enables users to make payments using a variety of different mobile payment methods at checkout, allowing financial institutions and retailers to issue their own branded mobile wallet or integrate mobile wallet functionality into their existing mobile banking or commerce applications. Witaations. With PCI Level 1 certification and a cloud-based credentialing system that does not store any sensitive information on the mobile device, the Vantiv Mobile Wallet solution offers one of the most secure ways of payment.
"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 Vice President, Product Strategy at Vantiv. "The Paydiant platform is a unique solution that combines an open wallet with integrated offers and discounts that can be deployed at any merchant, in any type of business and is available today. There is no waiting for new phones and no new hardware upgrade required at the point-of-sale. In addition, the software-based approach affords Vantiv the ability to quickly deploy mobile payment capabilities to our existing financial institution clients and merchant processing partners without the expense and complexity of an NFC-based investment."
While third-party intermediary wallet providers try to insert themselves in between the consumer, their bank and the retailer in order to mine the rich consumer transaction data, Vantiv Mobile Wallet enables financial institutions to issue their own branded mobile wallet or integrate the mobile wallet functionality into their existing mobile platforms. This allows them to stay closer to their customers, retain this trusted customer touch point and gain new revenues from targeted mobile ads and offers. Vantiv Mobile Wallet also makes it safer and more convenient for consumers to use bank-issued payment instruments from within their mobile banking app.
For merchants, Vantiv Mobile Wallet provides new channels for integrated loyalty and rewards, and access to personalized offers and incentives delivered directly to their customers' mobile wallets, creating new opportunities for merchants to attract new customers, drive repeat business, increase additional spend, and to create deeper customer loyalty.
"Vantiv is uniquely positioned to connect all the key constituents in mobile payments," said Chris Gardner, Co-Founder of Paydiant. "With Vantiv's broad national reach in banking and retail, Vantiv Mobile Wallet provides the infrastructure needed to make mobile payments work today and quickly establish mobile payments as a standard across multiple geographies and market segments."