Vantiv Inc. announced the launch of the Vantiv Mobile Wallet, which uses technology from Paydiant.
The Vantiv Mobile Wallet is a contactless payment system that allows merchants and financial institutions to push advertisements and promotional offers to the consumers that use it.
Vantiv’s system does not use near-field communication technology for contactless payments. Instead, it uses software that Vantiv says can be deployed on any point of sale or payment terminal. The consumer wallet is also software-based, making it possible to integrate with mobile banking and e-commerce apps.
The system runs on the Paydiant mobile payment and offer redemtion platform.
"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,” said Dean Seifert, senior vice president of product strategy at Vantiv, in a press release Oct. 22.
“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," Seifert said.