Global payment service provider Frist Data announced today it will acquire digital gift card platform Gyft.
Gyft entered the blistering $100 billion gift card market when it was formed in 2012 . Gyft’s platform has paved the way of how mobile and digital gift cards are used and managed. Offering gift cards for over 200 different brands and services makes Gyft a leader in the field.
Gyft has also set its sights on more futuristic solutions. The company offers the option of paying for gift cards in the cryptocurrency Bitcoin, basically offering a loophole for BTC based purchases from leading retailers and merchants.
“Gyft, with its mobile gifting platform, and First Data, with its global scale and distribution network, together will accelerate the growth of virtual prepaid with powerful new tools for merchants of all sizes to deepen their relationships with their customers. This means that the same robust toolset deployed by big box retailers will be coming soon to small- to mid-sized businesses, perfectly synched with our mission to offer innovative solutions to help our clients grow,” said Guy Chiarello, president, First Data.
The move is an interesting one from First Data’s end. It would seem the firm is looking to strengthen its offerings with more innovative services after recently receiving $3.5 billion in funding to help secure its financial future.
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“We are joining First Data to accelerate our growth and significantly improve the gift card experience for both customers and retailers. As a part of First Data’s suite of innovation-powered products, Gyft will be added to a portfolio of technology-driven gift solutions that link advanced consumer-engagement technology with point-of-sale business solutions,” said Vinny Lingham, co-founder and chief executive officer, Gyft.
The news comes roughly 4 months after both companies came to an agreement to offer Gyft’s gift card solutions to SMB merchants using First Data’s payment solutions.