Pay By Touch to Acquire BioPay

Pay By Touch™, the leading provider of biometric authentication, loyalty, membership and payment solutions, today announced a definitive agreement to acquire BioPay LLC for $82 million in stock and cash. BioPay is a biometric services provider with two million enrolled consumers, 1,600 retail implementations, and more than $7 billion in transactions processed.

The merger will combine each company’s unique strengths and market positions to bring new capabilities and solutions to retailers and consumers. Pay By Touch has established a strong position with tier 1/tier 2 retailers, signing agreements with two of the top five U.S. grocers and having 55 of the top 100 retailers as customers, with 7,000 retail stores under contract for biometric payments. In addition, Pay By Touch has powerful loyalty/rewards solutions to bring true one-to-one marketing to retailers. BioPay is the industry leader in biometrically authenticated check cashing, with more than two million consumers in retailers across 42 states. BioPay has biometric payment solutions established in many small-to-mid-sized retailers. Each company’s clients and consumers will soon have access to the combined solutions of both.

“Pay By Touch and BioPay complement each other because we have been successful in different areas of the marketplace,” said John Rogers, founder, chairman, and CEO of Pay By Touch. “BioPay has perfected an excellent check cashing solution, and Pay By Touch is making incredible inroads in in-lane payments. We are hand in glove, and together we can provide solutions for retailers and consumers alike.”

Under the terms of the agreement, Pay By Touch expects to acquire all assets of BioPay, including its patent portfolio, and assume responsibility for its retail customers and enrolled members.

“Our customers and members will be able to leverage more products and services for a well-rounded biometric payment solution that improves customer service, efficiency and sales,” said Tim Robinson, president of BioPay.

Pay By Touch expects to complete the acquisition within the next few weeks, subject to normal contractual closing conditions and regulatory approvals.