Trintech Group PLC (Nasdaq:TTPA; Neuer Markt:TTP), a leading provider of secure electronic payment infrastructure solutions and Planet Payment, a leading provider of global multi-currency Internet payment solutions, announced today an agreement to develop and deploy a secure mobile commerce payment solution to banks, eMerchants and technology companies worldwide.
The integration of Trintech's PayWare eIssuer(TM) and mAccess(TM) server technology is the second phase in an ongoing strategic alliance agreement between the two companies that enables Planet Payment to substantially expand its service offerings into mobile commerce with a complete payment infrastructure solution for eMerchants, financial institutions, telecommunication companies and technology companies, including ASPs, CSPs and wireless application service providers. Planet Payment enables its partners to offer their customers secure shopping online using their mobile phones while allowing its merchants to accept credit card payments in almost any currency. Planet Payment intends to fully integrate mAccess and eIssuer with its own multi-currency payment services to facilitate global mCommerce among host providers, consumers, merchants and other Planet Payment third parties.
Merrill Lynch, in a recent report, estimates that there were 472 million wireless subscribers worldwide at the end of 1999 and expects this total to grow to 1.5 billion users by 2003. With the addition of this mobile commerce functionality, Planet Payment further strengthens its position in the industry as a leading provider of multi-currency payment solutions for global e-commerce, whether the transaction happens online through a personal computer, mobile telephony or other wireless Internet access devices.
Consumers wishing to shop online using their mobile phones or other handheld devices through Planet Payment first set up a virtual payment profile through their Internet portal, local access provider or financial services institution, which securely stores the information so it can be quickly accessed for a wireless e-commerce transaction. The Trintech products facilitating the transaction will be located in Planet Payment's facility. Planet Payment aims to expand upon its role as a trusted service provider by offering mobile commerce services to any and all interested parties.
"With this venture we will enable mobile phone users anywhere who wish to shop online using the convenience of their wireless devices to do so - securely, confidently and with the payment vehicle of their choice. This relationship with Trintech continues our stated strategy to become the global leader in providing multi-currency Internet payment solutions to merchants, technology companies and financial institutions," says Philip Beck, CEO of Planet Payment. "We believe that Trintech has clearly demonstrated its leadership position in eCommerce and now mCommerce with its eIssuer and mAccess products. We plan to combine our multi-currency Internet skills with the unrivalled ePayment domain expertise of Trintech to provide our customers with a powerful mCommerce product suite."
"We are absolutely committed to providing ePayment solutions that facilitate the rising tide of mCommerce," says John McGuire, CEO of Trintech. "By partnering with a market leader like Planet Payment, we can further reach wireless financial services. This allows banks to enjoy the substantial synergies that accrue from the combination of our joint range of wireless products."
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