Motorola Solutions and Motorola Mobility have sunk $24 million in funding into Santa Clara based mobile payment firm ViVOtech, along with Singapore’s EDBI, Citi Ventures, Nokia Growth Partners, Draper Fisher Jurveston and SingTel Innov8.
ViVOtech an NFC software and systems firm with 70% market share has stated it believes its products have the ability to change human behavior when it comes to shopping.
“NFC mCommerce connects the consumer, the store and the digital world through touch,” the firm’s president Mohammed Khan said in Singapore a couple of weeks back adding, “It will be a more interactive shopping experience.”
ViVOtech believes 20% of all points of sale will be NFC enabled by the end of 2015, with 1.5 billion phones sporting the technology by then too.
Motorola Mobility had previously invested in ViVOtech’s first round of funding, but it’s a first time investment for Motorola’s solution group, which is said to be interested in the firm based on the opportunity it presents to retailers in terms of communications kit and software for lucrative government and industrial clients.
Google is also working with ViVOtech for its Google Wallet program.