VeriFone, the world's largest electronic payment provider, announced today it had acquired privately held Global Bay Mobile Technologies, which makes apps that help mobile devices conduct financial transactions.
South Plainfield, N. J.-based Global Bay's infrastructure and software support are expected to strengthen VeriFone as it competes for a piece of the emerging mobile payments market.
By storing credit card and bank account information, cell phones equipped with the necessary near field communication technology can exchange information with other equipped phones as well NFC-based registers and terminals as a way of paying for goods and services wirelessly.
This is VeriFone's latest foray in the market. Google reportedly paid Verifone for the installation of thousands of NFC short-range, wireless point-of-sale systems at stores in New York and San Francisco. Earlier this year, VeriFone and software developer Micros Systemsto let customers pay for dinner bills through a digital wallet stored on their mobile devices.
"Global Bay's mobile retail applications complement our vision to deliver rich commerce solutions that open up new opportunities for merchants to engage their customers in deeper, more meaningful ways that will generate increased profitability and shopper loyalty," VeriFone Executive Vice President Jennifer Miles said in a statement.
Terms of the acquisition, which closed today, were not released. Global Bay CEO and co-founder Sandeep Bhanote will stay on as general manager of VeriFone's mobile retail systems business.