The acquisition is expected to have been made in order to broaden smartphone payments positions.
Paymobile Inc., a mobile commerce company based in Toronto, Canada, and which also specializes in financial services technology, has just acquired Zoompass, to add to its broad range of virtual and open loop prepaid card programs.
Zoompass is a service that was first launched by EnStream in 2009.
It was designed as a smartphone and tablet based, payment service with stored value, and which also included links of companion contactless payment cards to matched accounts. In essence, it is a mobile commerce app that can be downloaded from Google Play, Apple iTunes, and the Blackberry app stores. It supports the transfer of funds from person to person as well as online transactions. The companion card that is issued with the service allows transactions to be completed and cash to be withdrawn from all participating retail locations.
The mobile commerce and payments service by Zoompass has established a solid reputation.
According to the Paymobile chief executive officer, Gino Porco, “Since its inception, Zoompass has proven itself a reliable and robust mobile-commerce platform.” The CEO also added that “As a leading payments program manager, Paymobile offers the tools to help Zoompass realize its full potential, and we are pleased to add it to the payment services we offer our customers. The scalability of Zoompass will allow us to expand our mobile wallet platform into numerous new countries.”
Mobilotto was another mobile commerce transaction and app development firm that was founded by Porco. That particular company was geared toward the creation of apps that were meant for the lottery and gaming industry.
Paymobile provides its clients with a range of different open loop card options over mobile commerce, which include incentive cards, gift cards, online virtual cards, check replacement cards and other similar forms of accounts. It uses advanced smartphone and tablet technology in order to help retailers and other businesses to allow their customers to take advantage of smartphone wallet solutions. It is in this area that Zoompass complements the existing services quite naturally, as it will provide customers the added chance to pay bills, manage account balances, and transfer funds.