Category: Mobile Payments

This app has partnered with the State Bank of India in order to reach people without banking access in the country.

The Amdocs mobile wallet app has now entered into a partnership with the State Bank of India for the purpose of reaching the millions of people throughout the country who are unbanked, so that they can have access to digital banking capabilities.

The company has now officially announced its white label solution that targets the underbanked and unbanked populations.

Amdocs provides global customer experience solutions for the telecom industry. It announced that it will be bringing a mobile wallet to the unbanked and underbanked populations of the world. That said, it also made a second announcement, which was of a new partnership that it had opened up with Triotech, the State Bank of India, and Bharat Sanchar Nigram Ltd (the Indian telecom). It has offered its new solution with the intention to be able to reach about 75 million households within the country.

The mobile wallet gives users the ability to complete a range of different types of transaction.

Users of the app are able to take part in a broad spectrum of mobile payments and banking capabilities. This includes paying their bills, applying for a microloan, making payments in-store through their debit and credit cards, as well as with prepaid cards.

A significant move by Amdocs that made this new mobile payments and banking solution possible was its acquisition of Utiba, which took place earlier in 2014, and that had already launched its first m-commerce in 2004 in the Philippines.

It is pushing to take part of the massive potential presented by the tremendous unbanked population around the world which, according to the World Bank, is made up of 2.5 billion people. The Amdocs division president of emerging offerings, Patrick McGrory, explained that it is seeing a considerable opportunity to bring together the efforts of telecoms and banks in order to be able to serve that population, particularly as much of the unbanked population of the world also happens to be smartphone owners, making it a potentially perfect fit.

Mozido now holds majority stake in CorFire

Mozido, a mobile commerce firm that has been gaining more fame in recent months, has taken up a significant stake in CorFire, another mobile commerce firm that specializes in point-of-sale systems. The agreement between the two companies will change Mozido’s name to Mozido CorFire Inc. Financial details of the deal have not yet been released to the public, but some speculation suggests that Mozido has invested hundreds of millions of dollars into CorFire.

CorFire had been owned by SK C&C, which now has a minority stake in the mobile payments firm

CorFire had originally been wholly owned by SK C&C, the IT service division of SK Group. The company had existed as one of South Korea’s major investments in to the mobile technology space of the United States. SK C&C will continue to hold a minority stake in CorFire, though Mozido will hold a greater sway over the company’s operations and its potential future.

Mobile commerce continues to flourish in many prominent markets throughout the world

Mobile commerce has become quite popular throughout the world. Many consumers are using their smartphones and tablets to purchase products online, but there is still relatively little support for in-store mobile payments. As consumers become more mobile-centric, the demand for in-store payment systems that accept mobile transactions is growing rapidly. Companies like CorFire aim to accommodate this demand by providing retailers with the technology they need to engage mobile consumers. Mozido is well situated to assist in this endeavor.

Mozido helps retailers embrace the mobile space with its agnostic technology and services

One of Mozido’s major victories in the past is convincing traditional retailers to begin implementing mobile commerce services. The company has helped the retail industry become more mobile friendly, and it has managed to avoid some of the challenges associated with competition by being agnostic regarding payment platforms. Mozido supports mobile payments made from any platform, allowing its clients to embrace their favored payment method without having to worry about whether or not it is supported by the company’s technology.