Two UK firms involved in contactless ticketing and payments have joined forces to launch NFC and mobile phone-based solutions.
Transit specialist Applied Card Technologies (ACT) and digital payments company sQuid have merged under a new corporate umbrella, Smart Transactions Group, in a deal valued at £53.3m (US$87m).
ACT has so far specialised in visitor destination management systems, retail reward programmes and ITSO-compliant ticketing systems for trains, trams and buses, while sQuid has focused on its prepaid eMoney platform for the education and retail sectors. sQuid payment cards have an average transaction value of £2 and clocked up a more than half a million transactions in the month of March alone.
As Smart Transactions Group the pair aim to top £9.5m (US$15m) revenue in the first year, and handle more than 500,000 payments and 50 million transit transactions every month.
ACT CEO Gary Watts said: “We have been at the forefront of smart ticketing systems and services for nearly a decade. By delivering the majority of back office transit platforms in the UK, we have built a strong technology and financial base to deliver our growth plans.
“The formation of Smart Transactions Group allows us to accelerate our plans to deliver ‘pay as you go’ travel solutions across next generation technology and media.”
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