mFoundry and Affinity Mobile have announced an alliance to pursue the expansion of mobile wallet services to prepaid and underbanked markets worldwide. 'Affinity Mobile’s MADE solution will be paired with mFoundry’s Spotlight Financial Platform software to create a comprehensive mobile wallet solution for the U.S. and international markets. The combination of the two companies’ world-class capabilities to span both prepaid and postpaid subscribers’ needs will further adoption by mobile operators, financial institutions and consumers globally.'
The platform from mFoundry enables full mobile banking, payments, coupons, loyalty, contactless services and any transaction type. In addition to providing mobile banking solutions to banks of all sizes, the platform serves as an ideal foundation for mobile wallets. With this alliance, Affinity Mobile will be the provider for international money transfers, airtime top-ups, instant access prepaid debit accounts, bill pay and other services, targeting 75% of the global population that lacks access to traditional financial services.
“The majority of mobile subscribers around the world use prepaid services and lack financial system access,” said mFoundry chief executive officer and co-founder Drew Sievers. “Our platform is made to be open and flexible so that best of breed providers can come together easily and seamlessly. With Affinity Mobile’s open technology and solutions, we will bring to market an even more comprehensive and compelling mobile wallet solution to address these unmet needs.”
“Mobile financial services is an enormous opportunity to empower the underbanked markets and address the real need for more cost effective and accessible financial services,” said John Carney, chief executive officer for Affinity Mobile. “We see great potential in our alliance with mFoundry to deliver a comprehensive set of postpaid and prepaid solutions that banks and mobile operators can take advantage of in these markets.”
As a part of the alliance announced today, mFoundry and Affinity Mobile will be a preferred provider of each other’s mobile financial services technologies where such technologies are applicable to the promotion and marketing efforts to each company’s targeted customer base. The companies plan to deploy their services in Q3 of 2008.