Cuscal to acquire SPS

Tuesday 14 October 2014 09:05 CET | News

Payments network Cuscal has unveiled plans to acquire Strategic Payments Services (SPS) from Bendigo and Adelaide Bank and MasterCard in an all-scrip USD 37.4 million deal.

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.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Cuscal, Strategic Payments Services, SPS, Bendigo, Adelaide Bank, MasterCard, Mobile Market, redi2PAY, HCE, Near Field Communication, NFC, tap-and-go, payments
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce