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Motorola makes strategic investment in ViVOtech
November 12, 2007
SCHAUMBURG, Ill. — Motorola Inc. has announced that it has made an equity investment in ViVOtech Inc., a leader in contactless and mobile phone payment technologies. Financial terms of the deal were not disclosed.
Unlike other contactless technology offerings available on the mobile application market today, ViVOtech's platform is designed for easy collaboration among issuers, mobile operators and technology providers to deliver the most intuitive and integrated consumer experience across a range of new customer services.
"Motorola continues to invest in new technologies that enable consumers to expand the value and functionality of the mobile phone," says Reese Schroeder, managing director, Motorola Ventures. "This investment reflects Motorola's commitment to building and participating in a world class mobile commerce ecosystem."
Today's consumers are looking for simplified and more secure ways to pay for goods and services. Near Field Communication (NFC) technology is broadening the usefulness of mobile devices through short-range wireless connectivity which enables the phone to interact with payment systems for a wide variety of transactions, including those at the point-of-sale, ATMs and kiosks. Additionally, this connectivity allows for location-based personalized loyalty, coupon and promotion programs, and user authentication for check-in at airline and hotel self-service stations. ViVOtech's NFC technology offerings enable these new mobile features to provide payment transactions at merchant locations all over the world.
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