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On Friday, US online payment processor Bolt Financial Inc said it had canceled its $1.5 billion deal to acquire Wyre Payments Inc.
Bolt said he would continue his partnership with Wire and focus on his core competencies if he remained independent.
It raised $11 billion in an investment round in January for San Francisco-based Bolt. It provides a checkout service for customers and online merchants to make payments.
The acquisition is expected to be completed by the end of 2022, according to Business Bolt. Clients include clothing retailer Forever 21, Juicy Couture and Lucky Brands.
In the year Wire was founded in 2013 as an enabler of cryptographic payment infrastructure.
The companies combine their technologies to decentralize and advance commerce and facilitate online shopping. The low barrier to entry made possible by Wyre’s APIs reduces the challenges faced by partners and developers. Before the end of the year, Bolt and Wire intend to complete the transaction and fully merge. Once completed, the acquisition will give the cryptocurrency ecosystem access to the power of BoltCheckoutOS, which includes one-click authentication, verification, payments and fraud protection. Wyre’s innovative crypto infrastructure and Bolt’s secure crypto to fiat exchange work together to enable businesses to accept the same convenience and security as payment options as regular cash.
Primarily Bolt is a SaaS inspection solution. Rather than being a price entry and/or price processor, it takes over the overall needs of the inspection. That includes integration with the top premium portals in addition to a sophisticated fraud prevention solution. It also includes consideration of delivery integrations such as promotional codes, gift cards and loyalty points/loyalty programs.
All of this is wrapped up into a perfectly optimized checkout interface that is super fast and green for shoppers.
At this point, Bolt buyers can store their credentials with Bolt, similar to offerings like PayPal and Amazon Pay. Bolt integrated internet site.
It can take a lot of time for a service provider to get anywhere near the same level of optimization that Bolt provides, and coding – top vendors aren’t really a priority. It’s a big part of what makes the Bolt so attractive.
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