Spearheaded by its BankAnywhere solution mobile banking and payments technology developer M-Com has established itself as a leading contender in developed markets.
M-Com has now turned its attention to expansion into developing markets with the launch of its service in Egypt in partnership with Fawry, an Egyptian electronic bill payment and presentment specialist. Terming the Egyptian service its “inaugural investment into developing banking markets” M-Com anticipates expansion into other Middle Eastern markets in 2010.
The launch of M-Com’s service in Egypt followed nine months of development work in conjunction with Fawry during which BankAnywhere was adapted to meet local needs. The result has enabled Fawry to add mobile payments to its existing bill payment offerings which include the internet, ATMs, call centres and interactive voice response.
Fawry Mobile’s initial offering includes bill presentment and payment, mobile top-up services, bank account information access and account alerts on a multilingual basis. According to M-Com several banks and billers have already signed up to Fawry Mobile, the first of which is due to be live in September.
Further service enhancements are to be added, noted M-Com’s CEO and founder Adam Clark. “We expect to be making person-to-person, international remittance, point-of-sale and remote payment capabilities a reality with Fawry in the next 12 months, as M-Com has done in other parts of the world,” said Clark.
Founded in New Zealand in 2000 M-Com launched its first mobile payments service in 2001. M-Com went on to garner big-name partners such as First Data Australia and customers including ANZ National Bank, New Zealand’s largest bank, which in February 2007 went live with BankAnywhere.
Success in its home region prompted M-Com to turn its attention to the US and in early 2008 shifted its headquarters to Atlanta. M-Com’s big breakthrough in the US came soon with Fiserv’s selection of M-Com for its mobile banking service Fiserv Mobile Money (FMM) launched in September 2008.
In keeping with BankAnywhere, FMM is compatible with three mobile access modes: short messaging service, wireless application protocol, and downloaded mobile applications.