Opens new office.
Fortumo has announced the opening of an office in New Delhi, India and the appointment of Sanjay Sinha as General Manager for Fortumo India. Establishing local presence in India will help Fortumo take an approach to one of the biggest emerging markets for online payments.
India has less than 20 million credit card owners, meaning 99% of the population cannot pay for content using services such as Google Play or PayPal. Meanwhile, direct carrier billing with Fortumo is available to 600 million phone owners in the country.
Fortumo has been operating in India since September when the company announced direct carrier billing support the users of Vodafone, Airtel, Idea and Tata Docomo.
“Monetization is the biggest challenge for mobile developers and Fortumo is ideally positioned to solve this problem. The mobile ecosystem in India is exploding with established companies setting up their mobile identity and hordes of new start-ups launching. My goal as the general manager for Fortumo India will be to secure a central role for Fortumo in this growing market.”
“India is such an important growth market for mobile payments, so we just needed to go local there. We’re excited to have Sanjay on board at Fortumo to help both Western developers earn revenues from India and Indian developers to make money from abroad”, said Rain Rannu, founder of Fortumo.
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
