Groupon (GRPN) May Have Some Serious Power Behind Mobile Payments Effort
Tweet
Share
E-mail
Get Alerts GRPN Hot Sheet
Up)Join SI Premium – FREE
It's no secret that Groupon (Nasdaq: GRPN) is aiming to move into the mobile payments realm, having launched Groupon Payments a short while ago. What's lesser known is how much fortitude is behind the effort.
According to TheNextWeb, Groupon Payments is being run, in part, by Paris, France-based Ingenico. Ingenico is aiding Groupon by supplying the mobile phone dongle and credit card encryption software for iOS. The deal is said to be commission-based, with no time line mentioned.
Aside from boasting a name that would make the Hyundai marketing department drool, Ingenico is a rather robust operation: about 3,600 employees, revs of €1 billion in FY11, deals with the likes of Apple (Nasdaq: AAPL), Google (Nasdaq: GOOG), and 17 million payment terminals deployed in about 125 countries.
Ingenico is also working on near-field communication and magnetic strip card support with its NFC Swipe device, which is listed under Ingenico's subsidiary, ROAM Data.
So, whether this means that Groupon is now less likely than ever to fail in the mobile payments segment, instead becoming a more formidable competitor to Square, Verifone (Nasdaq: PAY), and eBay's (Nasdaq: EBAY) PayPal is still up in the air. One thing is for sure, it's making some solid moves to get there.
Shares of Groupon are down 1.7 percent Tuesday.
According to TheNextWeb, Groupon Payments is being run, in part, by Paris, France-based Ingenico. Ingenico is aiding Groupon by supplying the mobile phone dongle and credit card encryption software for iOS. The deal is said to be commission-based, with no time line mentioned.
Aside from boasting a name that would make the Hyundai marketing department drool, Ingenico is a rather robust operation: about 3,600 employees, revs of €1 billion in FY11, deals with the likes of Apple (Nasdaq: AAPL), Google (Nasdaq: GOOG), and 17 million payment terminals deployed in about 125 countries.
Ingenico is also working on near-field communication and magnetic strip card support with its NFC Swipe device, which is listed under Ingenico's subsidiary, ROAM Data.
So, whether this means that Groupon is now less likely than ever to fail in the mobile payments segment, instead becoming a more formidable competitor to Square, Verifone (Nasdaq: PAY), and eBay's (Nasdaq: EBAY) PayPal is still up in the air. One thing is for sure, it's making some solid moves to get there.
Shares of Groupon are down 1.7 percent Tuesday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Google lays off more employees and moves some roles to other countries - Bloomberg
- Stocks have priced in much of the 2024 optimism - Wells Fargo
- Wolfe shares latest views on payments and IT services stocks ahead of Q1 reports
Create E-mail Alert Related Categories
Insiders' BlogSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
