Vivotech Inc., a maker of in-store payment systems, is planning an initial public offering for as early as 2012, according to its chief executive, Mick Mullagh.
The company is capitalizing on demand for payment systems that rely on mobile phones, rather than cash or physical credit cards. As Internet companies, wireless carriers, banks and retailers embrace the technology, Vivotech expects to become profitable in mid-2012, Mullagh said in an interview.
Vivotech's reader devices rely on near-field communications, which can let smartphone owners pay for goods and redeem coupons at checkout. Vivotech has already installed more than 800,000 NFC systems worldwide. It has 80% of the U.S. market for NFC readers, which are sometimes offered under other companies' brands, Mullagh said.
