Investors in Irish payments software specialist, Trintech, responded favourably to news yesterday of its new strategy for mobile commerce. In early morning trading, shares rose 10 per cent on the German Neuer Markt but fell away again towards the close.
With the deal, Trintech introduced its bid for a share of the potentially lucrative market to secure electronic payments over mobile communications networks. Through its PayWare mAccess product - a mobile version of its fixed line electronic payment product - Trintech will target mobile operators, telecommunications companies and financial institutions to adopt its secure mobile platform.
To achieve this goal and reach these markets, it has formed strategic relationships with long-term Trintech investor Visa International and US mobile operating software giant, Phone.com.
Phone.com - a $5 billion company whose operating system is used by mobile equipment vendors worldwide - has not yet incorporated Trintech's mobile payment product into its software. Mr Cyril McGuire, executive chairman of Trintech, said the arrangement would initially see a partnership approach between the two, culminating in an incorporated commercial application "shortly". The offering would allow customers conduct secure "one-click" purchasing through their mobile phones.
Visa endorsement of PayWare mAccess provides a market for Trintech to develop the product for hundreds of Visa member banks.
