Tag: mobile payments technologies

Mobile payments firm raises $5.5 million in funding

| December 12, 2013

Firm raises funds to support global expansion

Citrus Payments, a payment technology firm based in India, has announced that it has raised $5.5 million in funding from its group of investors. The funding comes at an ideal time when mobile payments are becoming more popular among consumers throughout India. Smartphones and tablets are becoming more common among consumers and these devices are exposing many to the concept of mobile commerce. Consumers are showing strong interest in mobile commerce because of the convenience that it represents.

US and European markets prove attractive

Citrus Payments intends to use its new funding to further expand its presence around the world. The firm has produced some popular mobile payments services in the past that have been used by large companies in Asia and elsewhere. The firm expects to find significant success in markets beyond Asia as mobile commerce continues to grow in popularity around the world. Notably, demand for new payment technologies has been on the rise in Europe and the U.S., where mobile device ownership is quite high.

Competition is fierce in the mobile commerce field

Mobile Payments - CitrusMobile commerce is a competitive field, so Citrus Payments may have a lot of fighting to do before it can establish a strong foothold in new markets. Large companies, such as Square, Google, and PayPal, already boast of a dominating presence in popular markets. A multitude of startups are also vying for the attention of consumers around the world, making it difficult for any single company to stand out, regardless of how much backing it may have from investors.

Security may be a major challenge

Companies that aim to do well in mobile commerce have numerous challenges that they must overcome. Many consumers cite security as the main reason they are not interested in the concept of mobile payments. Addressing this specific issue has been quite problematic, given the nature of technology and security. Citrus Payments has shown that it can overcome some of the challenges it has experienced in the past, but new challenges are emerging at a rapid pace that may test the firm’s flexibility and ability to adapt.

Mobile payments firm raises $6 million in funding

| November 1, 2013

Mobile payments firm gains momentum through Series B funding

Mobile payments firm Flint has managed to fly below the radar through much of this year, but the company has begun attracting significant attention as it makes progress with its mobile commerce endeavors. The firm recently announced support for the Android platform in order to expand the reach of its mobile payments services. This week, Flint announced that it has raised more than $6 million in Series B funding, led by the Digicel Group and SVG Partners. Funding from the Digicel Group may provide some insight on the future of Flint.

Digicel leads Series B funding for Flint

The Digicel Group is not a well known name in the U.S., but is quite prominent in the Caribbean and the South Pacific. The organization operates within the mobile sector and has a strong interest in mobile payments and providing wireless services to consumers. The Digicel Group has, to some extent, become a popular alternative to more conventional telecommunications companies. Both Flint and Digicel share a lot in common, as both companies look to bring new life to the mobile space.

Mobile Payments fundingFlint aims to make mobile payments easier for merchants

Flint was launched in May of 2012 and aims to make it easier for new entrepreneurs to enter into the mobile space and embrace mobile payments. The firm offers services that allow businesses to process mobile payments in a convenient manner and without the need for a dedicated point-of-sale system. Using the Flint application, merchants can scan a consumer’s credit or debit card and process a payment quickly, using a fingerprint to authorize transactions. Flint also offers competitive rates when compared to services offered by similar companies.

Funds will help company expand

The funding that Flint has risen will help the company to improve its various mobile payments technologies. It will also help the company expand its team of developers, which is currently 16 people strong. Much of the company’s future plans are kept secretive, however, which may be a good thing considering the aggressive competition that is common in the mobile payments sector.