Paymobile acquires EnStream's Zoompass
TORONTO-- EnStream, the mobile-commerce joint venture created by Bell, Rogers and TELUS, has announced that its Zoompass mobile wallet solution has been acquired by Paymobile Inc., a financial services technology company providing program management services for a wide range of open loop prepaid and virtual card programs.
Launched in 2009, Zoompass is a mobile-based, stored-value payment service with a companion contactless payment card linked to the same account. Available through Apple iTunes, Google Play and Blackberry app stores, Zoompass enables person-to-person money transfers and online transactions, while the companion card allows cash withdrawals and transactions at retail locations that accept card-based payments.
"Since its inception, Zoompass has proven itself a reliable and robust mobile-commerce platform," said Gino Porco, Chief Executive Officer of Paymobile. "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."
"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. "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.”