CINCINNATI – Vantiv, which provides processing services for more than 800 credit unions, said this week it is teaming with Paydiant, a provider of a cloud-based mobile payment and offer redemption platforms to introduce a contactless mobile wallet and payment platform that will enable merchants and financial institutions to quickly deploy mobile payment and ad/offer campaigns for their customers.
With Vantiv Mobile Wallet, credit unions and banks and retail merchants have access to mobile payment capabilities to leverage this growing trend and improve payment efficiencies and the transaction experience for their consumers.
Unlike other mobile wallet offerings, Vantiv Mobile Wallet works with existing smartphones, including iPhone and Android devices, and does not require expensive hardware upgrades to existing point-of-sale systems and payment terminals.
The Vantiv Mobile Wallet has two key components. The first is a software-only acceptance interface that can be quickly deployed on any POS or payment terminal across a broad range of consumer to merchant touch points - including large multi-lane retailers, small single lane merchants, pay at the table restaurants, e-commerce marketplaces, drive-through quick service restaurants and fuel dispensers - all without deploying new, expensive hardware terminals.
The second is a software only mobile wallet that enables users to make payments using a variety of different mobile payment methods at checkout, allowing financial institutions and retailers to issue their own branded mobile wallet or integrate mobile wallet functionality into their existing mobile banking or commerce applications. With PCI Level 1 certification and a cloud-based credentialing system that does not store any sensitive information on the mobile device, the Vantiv Mobile Wallet solution offers one of the most secure ways of payment.