Click here to close now.




















Welcome!

News Feed Item

First Data Announces Agreement to Acquire Gyft, the Leading Digital Platform that Enables Consumers to Buy, Send, Manage and Redeem Gift Cards Using Mobile Devices

First Data, the global leader in payment technology and services solutions, has taken a key step to provide consumers with spending flexibility and help businesses grow through the acquisition of Gyft Inc., the Silicon Valley-based company that entered the $100 billion gift card market in 2012 and pioneered the concept of a mobile wallet for gift cards. Gyft is the leading digital platform that enables consumers to buy, send, manage and redeem gift cards using mobile devices. Financial terms of the deal were not disclosed. The transaction is expected to close next month pending Gyft shareholders approval.

The power of Gyft is in the mutual benefit it provides to both consumers and merchants. As more consumers upload gift cards into mobile wallets on smart phones to check balances or receive offers, and merchants seek new ways to nurture customer engagement, the gift card has been born again, digitally, through Gyft.

With more than 200 of the most recognized retailers on its digital gift card platform, Gyft is a mobile wallet accessible by website and as a free app on iPhone and Android devices. The company brings an active and loyal user base of demographic groups such as millennials, who increasingly expect a highly personalized customer experience. Now, First Data’s clients, including its more than 300 national retail prepaid clients, will have access to this new and growing distribution channel to adopt the next level of gifting, expand their gift card footprint and programs and add choice for consumers. In addition, to bring these new tools to small business owners who have adopted First Data’s Clover™ Station, an elegant touchscreen point-of-sale solution, Gyft for SMBs will be added to the Clover App Marketplace.

Virtual and mobile cards are gaining share rapidly in the near $100 billion U.S. gift card market. Retailers reported that, on average, loads onto digital cards tripled from 2012 to 2013, according to Mercator Advisory Group’s annual survey of retailers. First Data’s research shows that electronic gift card sales grew 71 percent from 2012 to 2013. “Retailers need to begin tapping into digital distribution channels to be responsive to early-adopter customers and stay competitive for the long term,” said Ben Jackson, Director of Mercator’s prepaid advisory service.

“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, 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,” said Vinny Lingham, co-founder and chief executive officer, Gyft. “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’s exceptional capabilities affirmed by the top 200 retailers in less than the last two years, combined with First Data’s long-standing leadership in prepaid solutions and unmatched position serving millions of merchants create a distinct combination in a rapidly growing market for virtual gift cards. Data analytics and management tools enable gift card merchants to send targeted, cost-effective, flexible campaigns directly to new demographic groups – opening new markets that were previously not easily accessible. Gyft’s social media platforms offer retailers meaningful customer interaction and real-time promotions that will drive revenue, encourage social sharing and build brand awareness. Additionally, Gyft operates as a comprehensive engine for bulk gift card sales that can be used for incentive marketing and promotions by employers and businesses.

The agreement announced today is the latest in a series of innovative solutions introduced by First Data over the last 12 months to help merchants and financial institutions grow.

About Gyft

Gyft was founded in January 2012, Gyft provides a gift card platform for consumers and retailers that lets customers upload, buy, send and redeem gift cards conveniently from their mobile devices. Gyft is seamlessly integrated with Facebook so users can send gift cards to their friends around special events. For more information, visit http://www.gyft.com.

About First Data

Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive client revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction. More information about the company is available on FirstData.com as well as on Twitter, LinkedIn, Facebook and YouTube.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Moving an existing on-premise infrastructure into the cloud can be a complex and daunting proposition. It is critical to understand the benefits as well as the challenges associated with either a full or hybrid approach. In his session at 17th Cloud Expo, Richard Weiss, Principal Consultant at Pythian, will present a roadmap that can be leveraged by any organization to plan, analyze, evaluate and execute on a cloud migration solution. He will review the five major cloud transformation phases a...
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device acce...
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for ‘normal’ companies without hyper-scale resources. In his session at 17th Cloud Expo, David Cauthron, founder and chief executive officer of Nimboxx, will discuss the evolution of virtualization (hardware, application, memory, storage) and how commodity / open source hyper converged infrastructure (HCI) so...
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing thes...
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on...
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...