First Data to acquire digital payment pioneer Gyft

Atlanta -- First Data has taken a key step toward expanding its payment services by acquiring Gyft Inc., the Silicon Valley-based company that entered the $100 billion gift card market in 2012 and pioneered the concept of a mobile wallet for gift cards.

Gyft enables consumers to buy, send, manage and redeem gift cards using mobile devices. With more than 200 retailers on its digital gift card platform, Gyft is a mobile wallet accessible by website and as a free app on iPhone and Android devices. With the acquisition, First Data will expand its gift card footprint and programs and add choice for consumers.

“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,” said Guy Chiarello, president, First Data. “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.”

Financial terms of the deal were not disclosed.

Recommended stories

Login or Register to post a comment.