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Paymobile Acquires EnStream's Zoompass Solution
[October 16, 2012]

Paymobile Acquires EnStream's Zoompass Solution

TMCnet Contributor
EnStream, the mobile-commerce joint venture created by Bell, Rogers and TELUS (News - Alert), recently announced that Paymobile Inc., a financial services technology company, has acquired its Zoompass mobile wallet solution. The details of the transaction were not disclosed.

The Zoompass Wallet is an innovative mobile commerce solution, offering a unique way for Canadian mobile phone subscribers to make purchases, as well as send, receive and request money, quickly and securely. The Zoompass application includes an international and domestic money transfer and payment service linked to a stored value account that can be accessed via mobile phone and via the Internet.
'Since its inception, Zoompass has proven itself a reliable and robust mobile-commerce platform,' said Gino Porco, chief executive officer of Paymobile, in a statement.  '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.'

Zoompass can be downloaded onto any Android, Blackberry and iPhone (News - Alert) device allowing users to access Zoompass anytime, anywhere, while on the go. Linked to the Zoompass Wallet is the Zoompass Prepaid Visa card. This contactless card allows users to make in-store purchases quickly and conveniently through Tap & Go functionality.
'As the mobile commerce ecosystem has evolved, EnStream''s focus has shifted to enabling established credential issuers and carriers to leverage the potential of NFC (near field communication) in mobile handsets,' said Almis Ledas, chief operating officer of EnStream, in a statement. 'The operation of a payment service is no longer required for us to fulfill our mandate. We are pleased that Paymobile, a market leader in card management and stored value payments, is acquiring Zoompass."

Edited by Rachel Ramsey

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