First Data to Expand Mobile Bandwidth via Gyft Buy (July 30, 2014)
First Data has announced it will acquire digital gift card provider Gyft Inc. Expected to close next month, pending shareholder approval, the transaction brings Gyft’s mobile wallet-based gift card platform under the First Data umbrella, giving First Data’s retailer clients access to a new mobile distribution channel. Launched in September 2012, San Francisco-based Gyft has grown its platform to include more than 200 national retailers.
Digital gift cards are gaining share in the nearly $100 billion U.S. gift card market, with e-card sales growing 71 percent between 2012 and 2013, according to Mercator Advisory Group. Average loads on digital cards nearly tripled over the same period.
See related stories:
