SmartCard Marketing Systems will be looking to raise its profile in the FinTech and payment sectors after purchasing Chat Bot AI source code from an unnamed technology vendor. The company noted that the market for chat bot technology is expected to explode in the next few years, growing from $17.17 billion in 2020 to $102.29 billion by 2026.
SmartCard is hoping that it will be able to meet that demand once it integrates the chat bot source code into its portfolio. The chat bots will have applications in a number of different industries, including retail, finance, and transportation. In each case, the bots can be used alongside blockchain, biometrics, 5G and other technologies to provide end users with better security and a better customer experience.
According to the terms of the non-exclusive purchase agreement, the chat bot vendor will receive a 10 percent royalty on the fees collected during the first three years of sales of SmartCard’s new chat bot solution. SmartCard will also pay $25,000 in cash, and hand over 1.5 million shares of company stock valued at $0.033 apiece. The $25,000 will be paid in 12 installments of $2,000, while SmartCard will need to ensure that its solution is interoperable with the Axepay, Granularchain, Phaces.io, Profilr.social, and Articul8te applications.
“We are excited to acquire an existing portfolio of Chat Bot AI which streamlines and optimizes the client experience and offers a comprehensive features list to facilitate the digital journey,” said SmartCard CEO Massimo Barone. “Adding Chat Bot AI creates huge opportunities for us and we envision collaborating with our clients and partners to assist in managing client activations and executing transactions.”
SmartCard previously partnered with CardLogix to develop a biometric smart payment solution back in 2017. Chat bots have proven to be particularly popular in the financial industry, with several banks and credit unions deploying chat bot solutions for their customers in the past few years.