First Data,the payment technology solution firm, based in Atlanta, recently merged with Gyft,a mobile gift card platform that enables users to buy, store or send gift cards through their phones. First Data officials cited the need to provide consumers with “spending flexibility” as part of its decision to buy Gyft. With this acquisition, First Data’s clients, including its more than 300 national retail prepaid clients, will have access to this growing distribution channel to adopt the next level of gifting, expand their gift-card footprint and programs and add choice for consumers.
- Virtual and mobile cards are gaining share rapidly in the nearly $100 billion U.S. gift card market. First Data’s own research shows that electronic gift-card sales grew 71% from 2012 to 2013.
- First Data will bring these new tools to small-business owners who have adopted its First Data “Clover Station Program,” which is a touchscreen point-of-sale (POS) solution.
- First Data has merged with two other companies within the last year: Clover and Perka.
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