Alternet Systems and Utiba launch end-to-end mobile payment initiative

Converging Payments

The new initiative is called Converging Payments and will offer a range of services including card management, payment processing and mobile financial services that connect typical payment tools with a mobile wallet (view press release). Alternet and Utiba, a Singapore-based mobile financial services solution provider, will be collaborating together on the initiative with Alternet providing the card processing and programme management services. The companies also collaborate together on the Utiba Americas join venture, launched in 2010, which offers an end to end mobile financial service solution to various Latin American countries.

Alternet Systems CEO Henryk Dabrowski says “Utiba’s success in mobile financial services and visionary approach to Converging Payments provides Alternet with an opportunity to expand in the explosive and rapidly evolving mobile payment market, which was recently projected to reach $998 billion by 2016.”  

Converging Payments aims to provide an integrated experience, offering social media and proximity payment capabilities. The services are designed for financial institutions, programme managers, consumer goods manufacturers, governments, traditional and online merchants and social media networks. The solution is due to become available by the end of the second quarter.

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