Mobeewave Inc. has created a patented solution enabling contactless payment acceptance on smart devices
Samuel Mulligan | December 13, 2018 | SmallCapPower: According to StrategyAnalytics.com, close to 40 per cent of the total global workforce – 1.87 billion people – are expected to be mobile by 2022. This global transformation to a new mobile economy has led to advances in technology that allow businesses to adopt solutions and strategies to remain competitive and grow in the rapidly-evolving mobile marketplace.
Gaps between physical, digital, personal, and commercial payments are closing; however, one untapped segment of the payment landscape remains and that is cash-in-hand transactions. Meet the Canadian FinTech company digitizing this last payment frontier where cash is still king — but not for long.
Montreal-based Mobeewave Inc. has been a pioneering force in the mobile payment space since its inception in 2012 and has created a patented solution enabling contactless payment acceptance on smart devices. “Every aspect of business must fit with the idea of ‘everything on mobile’ and payment acceptance is no exception,” says Vincent Alimi, Chief Growth Officer for Mobeewave. “I think the evolution of mobile is going to continue to revolutionize the way small and medium-sized businesses operate, and I believe that what we’re offering at Mobeewave is going to further help meet those businesses’ needs.”
Consisting of both payments to micro-merchants and peer-to-peer transactions, cash-in-hand payments can cover anything from service providers – like yoga teachers, gardeners and tutors getting paid – to people selling belongings at garage sales or on craigslist. They can also include payments outside of buyer-seller transactions – actions like collecting donations for charities or paying back friends and family.
Mobile banking presents great opportunities for financial institutions seeking to meet the progressing expectations of consumers in this new mobile age. A solution that provides a total mobile-only alternative to in-person, cash-in-hand transactions is therefore particularly useful for banks looking to access this market segment.
Mobeewave licenses its payment acceptance platform, providing it either as a white-label solution or as a Software Development Kit (SDK) to be incorporated into an existing application or mobile banking offering. Through strategic partnerships with banks, financial institutions, and network providers, the Company provides a convenient and secure method for digitizing cash transactions.
Mobeewave’s solution enables anyone to accept money from a contactless card or a mobile wallet using only a smart mobile device – no other hardware is required. “The benefit to our clients is that our solution allows them to cater to otherwise unserved micro-, small- and medium-sized businesses,” says Alimi. “It enables them to reach a wide range of niche verticals and cashless markets – providing solutions for anything from charities and events to mobile merchants and line-busting for retail.”
Flexibility of the Mobeewave solution means that the platform is not limited by geographical restrictions. The fact that it can offer value to licensees in both mature and emerging contactless markets means that the platform could ultimately be deployed globally. Currently, it is deployed in Canada, Australia and Poland – with roll outs in other markets to be announced shortly. Additionally, Mobeewave signed a global partnership agreement with Samsung Electronics in 2018, making their platform available on over 250 million Samsung devices throughout the world.
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