ICOA, a provider of wireless and wire broadband internet networks, has signed a letter of intent to acquire a majority interest in e-commerce payment processing company, Tango Software Corporation (view press release). Through the deal, ICOA will expand into the e-commerce payment space and provide its wi-fi and internet customers with e-commerce payment solutions on an international level.
As part the deal, Tango will develop its own ‘payment engine,’ or internet transaction payment processing software. The company is in the final stages of securing a long term contract with an overseas processor to design, build and support the initiative. In addition to management and funding support, ICOA will offer its authentication and authorisation platform to accelerate development. The company claims the engine will be unique as it will handle small, multiple currency micro-payments over the internet.