Mozido, a cloud-based mobile payments provider in the US, has invested in SimplyTapp, a provider of host card emulation (HCE) solutions for cloud-based mobile payments.
The investment will provide Mozido access to SimplyTapp’s HCE technology platform enabling could-based credentials management capabilities to secure NFC-based mobile payments.
Go deeper with GlobalData
As part of the deal, Mozido will use SimplyTapp’s open card issuance platform to enable merchants to support NFC for more efficient and secure transactions within the merchants’ branded mobile application environment.
The investment follows Mozido’s acquisition of CorFire, a provider in trusted service management (TSM) services and tokenization.
Additionally, Mozido will also provide a plug and play capability to banks and other clients by combining Mozido’s payment platform with SimplyTapp’s HCE technology and CorFire’s NFC payments.
The new capability will allow consumers with NFC mobile phones to pay at any NFC-enabled merchant.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe deal also aims to strengthen Mozido’s platform and allows its customers to use mobile payments within their consumer’s mobile experience, including stored-value, private-label and network branded cards with a single tap at existing NFC payment terminals.
Mozido president Mike Love said: "Our investment in the company allows SimplyTapp to continue to grow and provide leadership in the transition to cloud-based credential management, which will help our customers around the world take advantage of the advancement in mobile payments and commerce."
SimplyTapp co-founder and CEO Doug Yeager said: "By partnering and combining our solution with those of Mozido and CorFire, merchants as well as banks can truly benefit from a platform that allows them to innovate and enhance their customer experience."
