ZooZ receives more funding to support mobile payments push
ZooZ, a startup focused on mobile payments, has secured more than $2 million in its Series A funding, which closed this week. The funding is considered a major success for ZooZ, which aims to make mobile payments easier to use for consumers as well as more secure. The money garnered through Series A funding is expected to help ZooZ better establish itself in the competitive mobile commerce market. ZooZ will have to provide a significantly valued service in order to beat out the crowds of other startups that are emerging in the mobile commerce field.
More consumers becoming interested in mobile commerce
Mobile payments are becoming more popular as more consumers begin to rely heavily on their mobile devices. Smartphones and tablets are making it easier for consumers to shop online no matter where they are in the world. As mobile payments become more common, consumers are beginning to demand more comprehensive services that allow them to participate in mobile commerce. Security is also a major issue with consumers, many of whom are concerned for the safety of their financial information while making mobile payments.
Funding to help ZooZ establish more momentum
ZooZ will use the funding it has acquired to add new product functionality to its mobile payments platform. The goal is to increase its appeal to retailers and find new partnerships where the platform can be put to use. ZooZ has ambitions to become the most widely used mobile payments platforms among consumers and merchants. If the startup can develop an easy-to-use and secure system, this may well become a reality.
As ZooZ grows, it may become a competitor with other mobile commerce platforms
ZooZ currently covers much of Europe and Asia and is gaining some momentum in the U.S. The startup is currently competing with a multitude of other mobile commerce startups that are seeking to find success in their own markets. As ZooZ becomes more popular, it will begin to butt heads with larger companies, like Google, that are investing heavily in the mobile payments field.
Middle East becoming more interested in mobile payments
Demands for mobile payments are rising in the Middle East. The Middle East is emerging as one of the most favorable markets for mobile commerce, especially when it comes to the United Arab Emirates and the affluent population of Dubai. Smartphones and tablets are becoming more common throughout the Middle East, exposing consumers to new ways to engage in the world around them. Mobile payments have begun establishing a strong foothold among a new generation of consumers with access to mobile devices.
Universal commerce may be coming in the future
First Data, a leading payment processing company, has coined the term “universal commerce.” This suggests that everyone will be able to participate in a new era of commerce through a singular platform that will be recognized by all retailers and businesses around the world. Such a platform does not have to come from a single company and does not have to be associated with one particular application. Instead, this platform is meant to provide a framework wherein consumers interested in mobile payments can use their smartphones and tablets to purchase products, or use more traditional forms of currency.
First Data finds that Middle East is enthusiastic about mobile payments
According to First Data, consumers in the Middle East are eager for a new way to participate in commerce and that the mobile space may offer the best solution. Research from a study conducted in 2011 by First Data shows that consumers throughout the Middle East are enthusiastic when it comes to online retail, showing strong signs of their support of mobile commerce. The research found that Middle Eastern consumers have a higher chance of participating in mobile payments than any other group in the world.
Mobile commerce finds strong support in Dubai
Mobile commerce has been growing in the Middle East, backed strongly by companies and organizations based in Dubai. The city boasts of one of the most financially active populations in the world, which has given many consumers in Dubai opportunity to engage in mobile commerce before the rest of the region. Those that have participated in the several mobile payments projects that have taken root in the city have praised the convenience and simplicity of mobile commerce.
