Customers can store their ID, payment, loyalty cards and more on their smartphone Lemon app, a digital wallet platform, has been acquired by identity theft protection service LifeLock for $42.6 million. LifeLock is also now launching a new application called “LifeLock Wallet,” which is based on Lemon Wallet Plus technology. According to the company, it saw an opportunity to combine an innovative mobile platform – a digital wallet – with access to leading identity theft protection features.

Payments Journal noted that when asked by consumers or businesses alike about what the top three requirements are for them to adapt to mobile financial services the first requirement is always security. As a result, this acquisition of Lemon by LifeLock makes perfect sense combining security with payment wallet. As consumers are more concerned about their card data this adds a factor of trust. LifeLock has built a good brand name as a security company and its reputation is solid in the industry which can be leveraged to expand to wallet & payments.

Bringing these two companies together will further strengthen LifeLock’s brand and provide new technology and solutions to their products and services.

For more: Click Here