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sQuid and ACT partner to create Smart Transactions Group
24 May 2011

Those interested in contactless payment techniques may want to take note that two UK providers have joined forces.

Digital payments company sQuid and the transit and tourism firm Applied Card Technologies (ACT), have teamed up to under a new corporate umbrella, entitled Smart Transactions Group.

The partnership has been reported to have being agreed via an $87 million (£53.3 million) deal.

Commenting on the announcement, Peter Matthews, a spokesperson at Smart Transactions Group, said: "By bringing these two proven innovators together we have created a powerful new force in smart payments and ticketing."

Adam Smith, chief executive of sQuid, acknowledged the strength of Smart Transactions Group, noting that it already services around 3.5 million consumers daily across the UK.

sQuid has had plenty of success since its formation, with the electronic payments provider celebrating its one millionth transaction earlier this year.