Mobile commerce solutions provider, Spindle, has entered into a strategic agreement with iPayMobil, a developer of mobile payment e-commerce solutions to provide Spindle’s free, downloadable mobile wallet app to facilitate credit approvals for time payments at competitive rates.
The iPayMobil micro-lending service deployed through Spindle’s commerce platform will be released in the first quarter of 2014, and will be offered to MeNetwork’s 400,000 mobile application consumers. This will be followed by the integration with the Yowza!! platform, which Spindle recently announced plans to acquire.
In addition, iPayMobil will license seven of its e-commerce patents to Spindle to increase its product and service offering to merchants, the group said. These patents include solutions in virtual currency and gaming, the processing of transactions by bridging customers and merchants within a network, micropayments, pre-paid stored value accounts, and cloud services for digital content.
Bill Clark, Spindle’s chief executive officer said: "The addition of the iPayMobil micro-lending service complements our broad m-commerce solution is consistent with Spindle’s focus to empower merchants in a comprehensive mobile payments economy."
Andrew Ling, president and chief executive officer of iPayMobil also said: "Our ability to offer an alternative micro-lending service with significantly reduced transaction and loan costs is consistent with Spindle’s mission to empower small to medium-size merchants to compete in the fast-growing mobile ecommerce market."