Finally – First Data Corp.’s Encorus Signed as Transaction Processor for New Mobile Payments Service.
From the press release:
Encorus, a leading mobile payments services company majority owned by First Data Corp. (NYSE: FDC – News), has today been announced as Simpay‘s transaction processor in a multi-year deal covering both Europe and the United States. Simpay, the consumer m-payment brand formed by Orange, Telefonica Moviles, T-Mobile and Vodafone in 2003, along with Encorus’ processing capabilities will make large-scale m-commerce a reality. The Founding members of Simpay represent over 280 million wireless subscribers worldwide. Simpay’s commercial launch is scheduled for the first quarter of 2005.
Encorus’ m-commerce knowledge and expertise coupled with First Data’s scale and processing experience met Simpay’s requirements for interoperability, revenue sharing and scalability. Encorus is the only company providing total m-payment solutions worldwide — m-payments software, mobile merchant acquisition services and transaction processing.
This is the product that I have participated in creating at my time with Encorus. I’m happy for the people that still work there, this means their work and energy will finally be honored my a real-world use of what they built. It’s a good team with a good product, and I really hope this will work out.
This is of course a big boost for mobile payment worldwide – Simpay currently consists of the major telcos in europe (and maybe worldwide), so this is not to be considered yet another small company experimenting with mobile payment. Add First Data, and you have years of experience in payment processing, which is definitely a plus. Most attempts to establish a payment scheme fail when it comes to the business part – creating the technology may not be trivial, but is easy compared to finding a good setup with processors, merchants and customers (and solves the chicken and egg problem).