Looks as if Big Red is going to dive into the mobile payment solution that are taking the world by storm. Vantiv, a provider of mobile payment options, just announced on Friday that they will be hitting up a partnership with Verizon Wireless. Their new product is going to include tailor-made Android applications for taking point-of-sale payments. The new feature will be available in Verizon’s Private Application Store for Business and is currently still in field testing.

“Merchants and consumers are seeking greater mobility, control and timely access to data,” said Bill Weingart, Chief Product Officer of Vantiv. “We’ve teamed with Verizon to combine our payment and security expertise with Verizon’s ability to tailor development of mobile technologies to address those needs.”

Full press release from Vantiv after the jump.

Vantiv Introduces Next Generation Mobile Payment Solution

Teams with Verizon to Develop and Deliver More Flexibility and Opportunity for Merchants to Grow Their Businesses

CINCINNATI, Jan. 31, 2012  — Vantiv, LLC (formerly Fifth Third Processing Solutions, LLC), a leading integrated payment processor, today announced that its customers will be the first to use an innovative point-of-sale device and system that will help merchants more effectively conduct business.

Vantiv is conducting a field trial of a new mobile payment solution developed in collaboration with Verizon. The new solution is architected on the Android operating system and features end-to-end, secure point-of-sale payment capabilities and business applications using Verizon’s Private Application Store for Business. As a result, Vantiv customers can tailor point-of-sale applications to meet their needs while taking advantage of remote device management.

Whether service professionals are meeting with customers at home or sales associates are interacting with visitors at a retail location, the new Vantiv solution is part of Vantiv’s overall strategy to address customers’ growing mobile payment needs.

“Merchants and consumers are seeking greater mobility, control and timely access to data,” said Bill Weingart, Chief Product Officer, Vantiv. “We’ve teamed with Verizon to combine our payment and security expertise with Verizon’s ability to tailor development of mobile technologies to address those needs.”

The Vantiv mobile payment solution serves merchants who require mobility, convenience and security and addresses many business needs through a value-added suite of applications including accounting, payroll, workforce management, loyalty, inventory and customer relationship management (CRM). Having complete business control in a packaged, intuitive and flexible platform is a significant differentiator in the realm of tablets, and allows merchants to conduct data enriched customer interactions and transactions, anytime and anywhere.

JKrete Supply in Mason, Ohio is among the first Vantiv customers to participate in the field trial.

“This technology gives me more flexibility and makes it easier to serve my customers,” said Jay Rhoden, Owner, JKrete Supply. “Having the option of being mobile takes my business to a whole different level. I have everything I need at my fingertips. I can sell my products anywhere I go at any time. Vantiv tailored this product to meet my needs; it is clear they listened to customer demand.”

“Verizon, through our Private Application Store for Business, is leading the charge to work with innovative companies to develop industry-specific mobile solutions,” said Chandan Sharma, Vice President and Global Managing Director of Verizon’s financial services practice. “The ability to customize enterprise tablets and applications has been characterized as a potential ‘game changer,’ and we look forward to working with Vantiv and its customers to advance the playing field for mobile commerce.”

The capabilities were featured in a Tab Times article “The 10 most important tablet trends, products, and stories at CES 2012.”

For more information on Vantiv and to view more information on the Vantiv mobile payment solution visit us at www.vantiv.com.

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• Verizon begins testing new mobile payment solution (bgr.com)