Under the terms of the deal, both parties are expected to roll out a joint mobile payment service that is set to be shown at the Mobile World Congress in Barcelona, Spain.
NewNet’s product portfolio includes several services, such as the Traxcom offering, which is set to provide users with mobile payments, e-banking and e-commerce capabilities. The Traxcom service uses the Derived Unique Key Payment Transaction (DUKPT) data encryption technology.
The Perceptive Development FlexTransact portfolio of mobile payment products and software services is available on several smartphone platforms, such as Google’s Android-powered devices and the Apple iPhone.
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