Oberthur Technologies (OT) announced on Tuesday the completion of its acquisition of NagraID Security, the developer of patented display card technology.
“The acquisition of NagraID Security is an important step for OT in its plan to maintain leadership on its markets,” Didier Lamouche, the president and CEO of OT, said. “We are confident that the cutting edge technologies developed by this company, combined with OT’s capabilities and portfolio of blue-chip clients, will contribute to establish display cards as a real game-changer in the payment market. The move we have made today is about enabling next generation smartcard deployment and is a unique response to card non-present transaction security.”
Founded in 2008, NagraID Security created the display card—payment cards that integrate a miniature screen, battery and keyboard. The technology is used by some of the largest banks in the world.
With the acquisition, NagraID will fall under OT’s payment business arm but will continue to support its current distribution network.
OT said its sales coverage and connections will allow it to rapidly deploy the technology to promote it as a global standard for secure payments aimed at reducing fraud and improving user trust.
As part of its efforts to promote the technology, OT said it also plans to sell components of the solution or license the solution to payments market participants.