Security and ID solutions provider Oberthur Technologies has announced the completion of its acquisition of mobile payment company MoreMagic. Oberthur first made public its intention to purchase MoreMagic in February of this year.

Levallois, France-based Oberthur Technologies is best known for security products in items such as identification documents and  payment and electronic access cards. MoreMagic, based in Boston, has deployed mobile payments schemes in more than 30 countries worldwide.

Oberthur Technologies said that with its acquisition of MoreMagic, the two companies will create a comprehensive suite of mobile commerce and financial services solutions.

Products from the two companies will include a secured mobile wallet infrastructure and an NFC end-to-end offer for mobile operators, financial institutions and other non-telecom service providers. These will be offered to clients in the form of services such as P2P transfers, mobile banking, and proximity and remote payments.

"The acquisition of MoreMagic is fully in line with our growth strategy, notably in our solutions business and more specifically in the NFC eco-system," said Xavier Drilhon, CEO of Oberthur Technologies. "The complementarities between our respective technological bricks and Oberthur Technologies' TSM expertise will perfectly fit the needs of our clients, in both mature and developing countries."

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