French security and identity vendor Morpho acquired AirTag, a mobile payments firm, for an undisclosed fee.

Nine year old AirTag, which is also French, enables secure transactions via smartphone and counts a few big names among its customers including MasterCard, ING, BNP Paribas and KFC.

The firm’s AirPass product is a virtual bank card based on Host Card Emulation (HCE) technology and it also offers a tokenisation platform and a mobile wallet called AirShop. Its target market is banks, credit card firms and retailers.

“The complementary capabilities of our two companies in this strategic sector will enable us to offer more security and convenience to our bank and retail clients, from customer acquisition to mobile payment,” said Anne Bouverot, CEO of Morpho. Bouverot was formerly director general of the GSMA.

Morpho, whose background is in biometrics, specialises in identity and security solutions.