The mobile money market is expected to grow to $278.9 Bn by 2018 from $13.8 Bn in 2013, at a CAGR of 82.4%. Operator billing, owing to its huge market potential has witnessed many start-up and big companies venturing into this space. One such firm which has moved distinctly ahead is BANGO.
Bango was founded in 1999 by Ray Anderson (CEO) and Anil Malhotra (SVP Alliances & Marketing). The company acquired $10.2 Mn through funding in February 2013. Bango has now active operator connections in over 47 countries including United States, United Kingdom, Germany, Spain and others which extends Bango’s reach to more than 1 Bn mobile subscribers. The largest contributions to the overall total came from Europe (327 Mn), N America (320 Mn), followed by Asia (98 Mn).
The Bango payments platform claims to deliver carrier billing and alternative payment options using proprietary BillRank technology. The payment model is “browse and buy”, providing a mobile checkout experience familiar to everyone who has purchased from the internet. Browser-based, in-app and App Store payments are also supported.
Bango’s mobile analytics solution claims to uniquely identify every mobile visitor as they browse websites or use apps. It also independently tracks the success of mobile marketing campaigns, enabling businesses to determine which campaign delivered the highest ROI.
Bango powers mobile payment for a number of the world’s leading app stores. Existing app store connections include Facebook, BlackBerry, Google Play, Windows Phone Store and major brands including CNN, Cartoon Network and EA Mobile.
Bango’s competitors include Zokem, Motally, MobGold and MobiQuest among others.
To differentiate its offering, Bango claims to deliver detailed real-time reporting to app store owners and developers, covering payments, refunds, app and website use, as well as comprehensive marketing campaign measurement.
“As more people access the internet from mobile devices, Bango provides the essential technology that every business needs to be successful on mobile. We’re immensely proud to have brought our frictionless payment experience to such a significant percentage of the world’s mobile users. It’s taken twelve months to double our reach and hit the one billion milestone. With momentum and market growth in our favour it won’t be long before our reach is two billion and beyond” says Ray Anderson, CEO, Bango.
Recently, Bango has signed a global partnership with Telefónica Digital, creating an enhanced direct-to-bill payment experience for mobile app stores. The partnership combines Bango’s frictionless payment experience with Telefónica’s BlueVia Payment APIs, connecting over 314 million chargeable customers worldwide to the Bango Payments Platform.
LTP View: The company has the potential to champion the carrier billing model. With the rampant growth of mobile based internet users in emerging markets like India, Brazil, rest of Asia Pacific and Latin America, Bango should target these potential markets.