VivoTech Brings Life to Near Field Communications for Mobile Payments
By Azam on March 29, 2011
Vivotech is the leader in NFC mobile payments systems and is behind the technology most of dominant players are using to deliver to ease and convenience of mobile payment systems
ViVOtech’s reader devices rely on a technology called Near Field Comminications, which lets smartphone users pay for goods and redeem coupons at checkout. ViVOtech, which provides software and hardware, has already installed more than 800,000 NFC systems worldwide. The company has 80 percent of the U.S. market for NFC readers, which are sometimes offered under other companies’ brands, CEO Mick Mullagh said.
“Mobile commerce will be bigger and grow faster than e- commerce did,” he said. “This market will be absolutely huge.”
The company’s sales are in “double-digit millions,” Mullagh said. Its customers include McDonalds, Home Depot Inc., Dairy Queen Stores Inc. and Rite Aid Corp.
Mobile Payments
Google recently announced its activity in mobile payments using vivotech technology to deliver mobile payments on its platform with partners. Google’s backing may help speed adoption of NFC technology. The number of in-store NFC readers worldwide has reached about 5 million, and that number should double in the next three years, consulting firm ABI Research estimates.
The number of phones with built-in NFC chips also is climbing. Thirty-five million will be shipped this year, and that number will double next year, ABI estimates.
ViVOtech has already conducted more than 30 market trials around the world, Mullagh said. It ran a test with Sprint and First Data in San Francisco in 2008, and with AT&T Inc. in Atlanta in 2005.
Many of its investors also are strategic partners. NCR resells ViVOtech’s gear, and it expects to collaborate with the startup on future hardware and software products, said Richard Bravman, chief marketing officer at NCR. ViVOtech is working with NCR to outfit ATMs in China with NFC technology, Mullagh said. In addition to handling payments, ViVOtech’s software lets merchants and banks send ads to mobile phones, and to redeem coupons and loyalty points at the cash register.
“It’s the software dimension that ViVOtech has that we think represents the key opportunity,” Bravman said. “ They are well set up to be very successful.”
“ViVoTech has been at the forefront of in-store mCommerce since its inception,” said Mohammad Khan, president and founder of ViVOtech “Our patented third generation NFC Software Suite provides all of the essential software and systems required to forever transform how consumers shop and pay for goods and services, receive and take advantage of special offers and advertising, and use their mobile phones in totally new ways that make their lives easier.”
Tags : DFJ, Google, Mick Mullagh, mobile payments, Mohammed Khan, NCR, Near Field, NFC, VivoTech