Mobile payments technology iBoxPay secures USD10m

Secured funding

Mobile payments firm iBoxPay has raised USD10m in funding led bySMIT, with participation from existing investors Atomic and GSR Ventures.

The Beijing firm is a domestic provider of a mobile payment platform and says the financial backing will be used to enhance the firm’s industrial layout. The developer also announced it plans to collaborate with more projects. The technology operates as a dongle, which is attached to mobiles and tablets to enable payment. The transaction is then carried out by either an app or a card-reading device.

“The company will enhance the product in the second half where the user experience” box Payment COO Lee Chong told reporters: “In addition to meet the payment demand, future payments will be in a box product management, marketing management, membership management and other functions to help customers. “

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