Under the terms of the agreement, the carrier billing platform is provided to Magzter by the mobile payments company Fortumo and enables users to purchase digital content by charging payments directly to their mobile phone bill.
In India, Fortumo’s carrier billing platform is available to 584 million subscribers of Airtel, Vodafone, Idea and Aircel. Carrier billing with Fortumo can be used by both prepaid and postpaid customers: the payment is either deducted from the account balance or charged to the customer’s monthly invoice. For digital content merchants such as Magzter, Fortumo has also developed a license management solution which can be used to give cross-platform access to digital content through a single payment.
Magzter is a cross-platform digital magazine store and newsstand with over 27 million digital consumers and more than 7,000 magazines from over 3,000 publishers. It is headquartered in New York and has team members in London, Barcelona, Amsterdam, Mexico City, Chennai and Singapore and will soon be expanding to other countries.
Fortumo is a mobile payments company that enables direct carrier billing with 350 mobile operators in more than 90 countries to over 130,000 merchants. Founded in 2007, Fortumo has offices in Estonia, San Francisco, Beijing, Delhi, Mumbai, Singapore and London and is backed by Intel Capital and Greycroft Partners.
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