On October 16th, it was announced that Paymobile has acquired the Zoompass mobile wallet from EnStream. Zoompass was a product created by the large Toronto-based mobile-commerce joint venture between Canadian wireless providers Bell, Rogers and TELUS.
The Zoompass project, which began in 2009, was meant to be used by customers as an alternative to credit cards or cash by allowing said users to touch their mobile device against readers to complete a transaction. The technology was developed to be a stored-value payment service for mobile devices only. Zoompass also came with a payment card that did not work via the contact payment method but was connected to same user account. Enstream’s decision to get rid of Zoompass is believed to be a move by the company to align itself closely with Canada’s five largest banks. The banks saw the Zoompass as a competitor to their own payment methods, making it a significant sticking point.
EnStream Chief Operating Officer, Almis Ledas, said in an interview with the Financial Post that, “We want to enable existing institutions to have access to the mobile handset as a payment vehicle. We don’t want to compete with the financial institutions. Zoompass got in the way by being a competing service.”
As the buyer of Zoompass, Paymobile will be able to use all the work done by EnStream to bolster its own business. Paymobile develops technologies for the financial services sector and also “provides program management services for a wide range of open loop prepaid and virtual card programs.” Their latest acquisition should help boost the company’s offering in Canada moving forward.
Source: TechVibes
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