First Data, a global leader in payment technologies and services has agreed to purchase electronic gift card retailer Gyft, a start-up which has risen to fame in the bitcoin community for allowing consumers to purchase store gift cards using digital currency.
Financial terms of the deal have not been disclosed, though First Data has an immense amount of experience in the payments processing sector, and the partnership could very well mean great things for both companies.
“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 of 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.”
“We are joining First Data to accelerate our growth and significantly improve the gift card experience for both customers and retailers,” Gyft CEO Vinny Lingham added. “As a part of First Data’s suite of innovation-powered products, Gyft will be added to a portfolio of technology-driven gift solutions that link advanced consumer-engagement technology with point-of-sale business solutions.”
Gyft currently supports about 200 retailers, of which include Best Buy and Target, and even allows for the purchase of American Airlines gift cards.
The company was founded in January of 2012.