Once the transaction is complete, Cuscal plans to merge the two organisations into one joint entity, targeting the mobile market, among others.
Cuscal is developing its redi2PAY application for Googles Android operating system, which in version KitKat 4.4 gained support for host-based card emulation (HCE). HCE emulates smart cards for wireless near field communication (NFC) tap-and-go payments.
Redi2PAY can either be client-branded or used via an application programming interface (API). Existing users include Credit Union Australia.
The management team of SPS is set to join Cuscal. The deal, which is subject to shareholder approval, is expected to be complete by the end of 2014.
In recent news, Cuscal and Australia-based customer-owned financial institution CUA have rolled out a mobile payments application using host card emulation (HCE) to turn an NFC-enabled smartphone running the latest Android operating system (KitKat 4.4 or later), into a tap and pay payments device.
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