The acquisition of PagoVision is expected to solidify the company’s services and solutions.
Mozido LLC has announced that it has just made the acquisition of a check cashing and transaction services company called PagoVision, which specializes in its offerings for unbanked customers, which will allow the company to expand its mobile payments services.
This will also allow Mozido to strengthen its own links to the unbanked marketplace.
Mozido was not new to the industry, as it had already been offering a cloud based mobile payments platform in addition to a smartphone wallet. However, until this most recent acquisition, its products have focused primarily on serving wireless carriers, financial institutions, and merchants. It can now concentrate more heartily on providing those clients with the capabilities for providing access to financial service to unbanked customers.
The new acquisition will considerably increase the mobile payments network available to Mozido.
The purchase is now providing Mozido with the merchant network that PagoVision had maintained, which includes 1,500 independent retailers. For those retailers, the closure of this new deal will mean that they will be able to broaden the customer service offerings in order to include both international and domestic remittances, as well as topping up mobile accounts, as well as the capture of remote deposits.
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According to the co-founder of PagoVision, Mitch Dillard, “Our focus has always been on developing mutually beneficial and trusted relationships with our merchant partners.” He went on to explain that “As we join forces with Mozido, PagoVision will enable our merchants to increase store traffic, acquire new customers, and increase same-store sales, by selling Mozido’s innovative mobile payments and marketing solutions.”
On Mozido’s side, taking on PagoVision is considered to be the first of several important steps to be able to offer a wider number of mobile payments and financial services to its partners. The CEO and President of Mozido, Greg Corona, made a news announcement in which he stated that this strategic acquisition is being considered the very beginning of the implementation of the smartphone commerce and financial services, as well as its targeted marketing platform in the United States.