Trintech, the secure payment software specialist, has reported a 47 per cent increase in first quarter revenues to $8.8 million, and a significant partnership deal with Baltimore Technologies.

The two will now jointly research, develop and market advanced electronic payment products with special emphasis on security for mobile commerce.

"In the way an existing credit card has a signature panel on the back, our virtual credit card has space allocated for a digital signature, and Baltimore will now provide that extra layer of authentication," said Mr Cyril McGuire, joint chief executive officer of Trintech.

Consumers will be able to conduct secure "one touch" transactions over mobile phones using Baltimore's Telepathy technology incorporated into Trintech's PayWare e-Issuer virtual credit card. The combination will guarantee proof of users' identities when they shop on the Internet using mobile phones.

According to Mr Paul Phelan, technology analyst with Davy Stockbrokers, the tie-in with Baltimore also provides Trintech with a good platform to enter the explosive Japanese mobile commerce market. Baltimore already has a strong foothold there through its Baltimore Japan and CyberTrust Japan presence.

Trintech's first quarter results show strong growth in software licence revenues. They accounted for $4.1 million or 36 per cent of first quarter revenues. This represents an increase of 177 per cent over the same quarter last year.

ABN Amro technology analyst Ms Gemma Houlihan said the results indicated Trintech is less dependent on a few large hardware customers than it had been. "It has also fixed its stock compensation charge - which normally fluctuates with the share price - over the next five quarters, leading to more certainty in the figures," Ms Houlihan said.

Mr McGuire said the combined 5per cent equity stake in the company from Visa, Master Card and American Express has done a lot to endorse Trintech globally.