July 12, 2014
One company that has been busy in the payments industry over the past year or so is Fortumo. And there is a good reason: It has the financial muscle of VC money behind it.
Why are investors interested in Fortumo’s story?Because carrier billing is emerging as an excellent proposition, and Fortumo does well in that segment. In the next three years, global revenue from mobile content purchased via carrier billing will increase threefold, to more than $13 billion in 2017, according to Juniper Research. On 1st July 2014, Fortumo announced the launch of direct carrier billing in Pakistan, in partnership with mobile operator Telenor.
Right now merchants are missing out on a great deal of revenue from emerging markets because very few users have credit cards, which are needed to make payments in Google Play. Meanwhile, carrier billing can be used by anyone with a mobile phone, said Gerri Kodres, Fortumo’s senior vice president of business development and carrier relations, , in a press release. Together with Telenor, which is one of the most innovative mobile operators in the region, we ar ...