The agreement specifies that the company will begin its activities with the management of an online community to ease the connection between merchants and consumers when it comes to offers, discounts and promotions.
Additionally, the joint venture will develop a digital wallet in which customers can keep their cards, which will serve as identification in stores and for making purchases within the digital community, as well as being a person-to-person (P2P) mobile payment service for community members.
Individual customers will be provided with a new means of payment: a person-to-person (P2P) mobile payment service. With it, users will be able to send money to another person without having to know their bank details: only their mobile phone number is needed.
In recent news, US-based mobile payments services provider Fortumo has signed Global Framework Agreements with operator groups Telefonica and Telenor to bring direct carrier billing services to 460 million additional subscribers worldwide.
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