Pay By Touch, which enables shoppers to pay for purchases or cash checks using a finger scan linked to their personal identification information and financial accounts, has purchased a payment processing provider giving the California company instant access to some 120,000 merchants.
Pay By Touch Payment Processing Products to Become More Robust
San Francisco, Calif.– Pay By Touch, the leading provider of biometric authentication, loyalty, membership, and payment solutions, announced it has completed the acquisition of substantially all the assets of CardSystems Solutions, Inc., a leading end-to-end payment processing provider with approximately 120,000 merchants to which Pay By Touch will have immediate access.
To complement the acquisition, Pay By Touch also announced that several industry-leading executives from CardSystems have been appointed to lead Pay By Touch Payment Solutions, a newly named business unit with responsibility for the Pay By Touch payment-processing unit (formerly known as iPAY) and the new CardSystems assets.
“CardSystems’ assets complement Pay By Touch’s existing payment-related products and services and provide a ready-made path to reaching more merchants and banks to further realize our vision to change the way the world pays,” said John Rogers, founder, chairman and CEO of Pay By Touch. “To that end, the acquisition allows us to provide a richer and more comprehensive suite of end-to-end payment processing solutions.”
Under the terms of the deal, Pay By Touch will assume responsibility for all CardSystems Solutions, Inc. assets and for payment relationships with 120,000 small and medium-sized merchants. The deal was completed primarily for stock and some cash. CardSystems provides integrated payment solutions to associations, financial institutions and independent sales organizations (ISOs), and retail merchants. Through these payment solutions, CardSystems processes more than $18 billion in Visa, Mastercard, American Express, Discover, online debit, and EBT transactions annually.
About Pay By Touch
Pay By Touch’s patented biometric payment products are free to consumers and enable shoppers to quickly and securely pay for purchases or cash checks using a finger scan linked to their personal identification information, financial accounts, and loyalty programs. Shoppers register once, and then can securely pay with a finger scan anywhere Pay By Touch is installed. The privately-held company offers retailers a complete payment solution, from front-end biometric authentication, age verification, and check cashing to payment processing for ACH (electronic check) and debit and credit card transactions. Pay By Touch’s biometric payment products enjoy the unique protection of more than two-dozen U.S.-issued patents. For additional information, visit www.paybytouch.com.