Press release
ATLANTA and RIVERWOODS, Ill. - August 11, 2010 - Leading mobile commerce solutions provider Firethorn Holdings, LLC, a wholly owned subsidiary of Qualcomm Incorporated (NASDAQ: QCOM), and Discover Financial Services (NYSE: DFS) today announced their collaboration on Firethorn's soon to be released SWAGGSM mobile gift card application. Under their exclusive agreement, Discover Network will provide core processing services for payment transactions when the SWAGG service is utilized at a growing list of leading national retail merchants across the United States.
SWAGG is Firethorn's direct-to-consumer mobile commerce offering with "smart" technology that allows consumers to purchase, personalize and exchange gift cards directly from their mobile device. SWAGG will also provide consumers mobile access to account information and targeted offers. SWAGG 's technology will change the way consumers transact with their favorite brands by enabling smart, efficient and rewarding transactions on the go.
"Our collaboration with Discover secures the backbone of our upcoming launch of
SWAGG," said Rocco Fabiano, president, Firethorn Holdings. "SWAGG will simplify how consumers transact and the Discover Network will seamlessly manage the payment system within their expansive network of merchants."
"SWAGG is developing innovative functionality in the area of mobile commerce today," said Farhan Ahmad, general manager of prepaid and emerging payments, Discover. "This, coupled with Discover Network's flexibility and innovative loyalty and usage programs, provides merchants with the opportunity to promote their brands to millions of consumers like never before, straight from the convenience of a mobile device."
Firethorn is actively working with merchants toward launching SWAGG in time for the 2010 holiday shopping season.
About Firethorn Holdings, LLC
Firethorn Holdings, LLC is a crucial link in the mobile commerce ecosystem. With its mobile domain expertise, Firethorn is creating a fresh and exciting mobile revenue channel that will bridge relationships among consumers, retailers, wireless carriers and financial institutions. Firethorn's innovative technology creates easily accessible, branded and personalized mobile commerce channels that give consumers access to their accounts, offers and transactions while on the go. For more information about Firethorn, visit www.firethorn.com.
SWAGG enables smart, efficient and rewarding transactions on the go. SWAGG allows users to purchase, share and exchange gift cards, receive and redeem offers, view loyalty card points or balances, share content and more - straight from the convenience of a mobile device. SWAGG will be available in time for the 2010 holiday season. For more information on SWAGG, visit www.swagg.com
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. For more information, visit www.discoverfinancial.com.
