Just a day removed from announcing its partnership with Microsoft to offer cloud-based mobile payment solutions to merchants, Vantiv (NYSE: VNTV) will also partner with AT&T (NYSE: T) to provide business owners with mobile payment solutions, AT&T said today in a press release.
In an effort to make gains in the fast-growing mobile payment market -- an industry some believe will grow to $90 billion in the U.S. by 2017 -- AT&T and Vantiv will offer merchants two mobile solutions, according to the companies. The first, Vantiv Mobile Accept by AT&T, is a downloadable app compatible with iOS and Android devices that will use a card reader, in conjunction with a smartphone or other mobile device, to accept credit and debit card payments.
The second solution the new partners introduced today is the Vantiv Mobile Checkout by AT&T. This product utilizes a cloud-based tablet to process merchant payments. The mobile checkout alternative also offers a receipt printer, tablet stand, and a cash drawer as user options.
Commenting on the decision to partner with AT&T, Elizabeth Rector, Vantiv's senior vice president and general manager for ecommerce and mobile, said, "AT&T's sales force and its retail locations create a powerful new distribution channel for Vantiv's mobile products to reach the millions of businesses who need this important functionality."
The partnership with Vantiv expands on AT&T's existing mobile payment solutions, which include AprivaPay and VeriFone GlobalBay.