Seamless acquires MeaWallet also looks to launch NFC contactless payments

seamlessSeamless Distribution AB has acquired the Norwegian technology company MeaWallet AS. The purchase price amounts to approximately SEK 42,8 million and payment is made through an issue in kind of 4,574,328 new shares in Seamless.

Through the acquisition Seamless controls important technology in the rapidly growing field of contactless payments. At the same time the company has carried out a direct issue of new shares in a private placement of approximately SEK 50 million to private and institutional investors.

“Our mobile solution SEQR already uses MeaWallet´s technology to facilitate contactless payments so we are well acquainted with the company. Their solutions, including Host Card Emulation (HCE), are technologically leading and it is a strategically crucial technology for mobile payments that we now control”, said Peter Fredell, CEO of Seamless.  “The acquisition also enables us to open a new business area where we will sell MeaWallet´s technology to institutions who want to establish themselves in the mobile payments market. Here we expect to see rapid expansion as the solutions provided by MeaWallet are crucial for mobile payments”.

Seamless Distribution mobile payment solution SEQR is also launching contactless payments in Sweden using NFC technology (Near Field Communication). Contactless makes it possible to pay with SEQR at point of sale (POS) terminals that support NFC which is featured on almost all modern terminals, Consequently it is now possible to pay with SEQR in any store that supports the functionality in Sweden or abroad,  even if a retailer has no private agreement with SEQR.

SEQR’s contactless solution is now live, with the functionality being available first in Sweden. The roll out is on an invitational basis where the most frequent users of SEQR will get the technology first. “Now SEQR customers will be able to pay using SEQR in any store which has NFC payment terminals. This offers our customers the chance to use SEQR in many, many more places and countries than today. Naturally this will drive a significant increase in use of SEQR from our existing customers, but we also anticipate large demand for SEQR from new customers eager to benefit from this new technology” commented Fredell.

Later in the Autumn Seamless’s SEQR contactless payment functionality is going to be released to users globally, on devices running the Android operating system.

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Categories: Mobile Payments

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