October 19, 2010

Bling Signs Agreement with Fifth Third

Fifth Third Processing Solutions and Bling Nation announced this week they had signed an agreement in which Fifth Third will promote to its more than 3,000 bank clients Bling Nation’s mobile-payments service. Cell phone owners attach a BlingTag, which is a quarter-sized microchip, to the back of their cell phones.

Fifth Third could put the shine on Bling Nation's mobile payments | kioskmarketplace.com

Mobile payments company Bling Nation’s agreement with Fifth Third will spark Bling’s expansion beyond its current six-state area, says Wences Casares, founder and co-CEO of Bling Nation.

"This partnership will allow us to reach a large number of financial institutions and help us expand our service to more customers and merchants in more areas," Casares said. Bling Nation currently offers its service in California, Massachusetts, Colorado, Texas, New York and Tennessee. Fifth Third is the nation’s third-largest payments processor based on annual volume.

The BlingTag enables consumers to wave their phones at certain point-of-sale terminals to make a purchase. The mobile phone must have SMS-text messaging capabilities. Banks interested in the service sign a separate agreement with Bling Nation, which is based in Palo Alto, Calif. The financial institutions, however, must route their Bling Nation transactions over Fifth Third’s processing network, says Lynn M. Rhoads, senior vice president and communications director for Fifth Third.

Cincinnati-based Fifth Third signed with Bling Nation because Fifth Third clients were looking for new ways to grow their portfolios, Rhoads says.

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Posted by staff at October 19, 2010 08:26 AM