Paymobile Inc.

Paymobile Inc.

October 16, 2012 08:00 ET

Paymobile™ Acquires EnStream's Zoompass™

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2012) - EnStream, the mobile-commerce joint venture created by Bell, Rogers and TELUS, today announced that its Zoompass mobile wallet solution has been acquired by Paymobile Inc., a leading financial services technology company providing program management services for a wide range of open loop prepaid and virtual card programs.

Launched in 2009, Zoompass is a mobile-based, stored-value payment service with a companion contactless payment card linked to the same account. Available through Apple iTunes, Google Play and Blackberry app stores, Zoompass enables person-to-person money transfers and online transactions, while the companion card allows cash withdrawals and transactions at retail locations that accept card based payments.

"Since its inception, Zoompass has proven itself a reliable and robust mobile-commerce platform," said Gino Porco, Chief Executive Officer of Paymobile. "As a leading payments program manager, Paymobile offers the tools to help Zoompass realize its full potential, and we are pleased to add it to the payment services we offer our customers. The scalability of Zoompass will allow us to expand our mobile wallet platform into numerous new countries."

"As the mobile commerce ecosystem has evolved, EnStream's focus has shifted to enabling established credential issuers and carriers to leverage the potential of NFC (near field communication) in mobile handsets," said Almis Ledas, Chief Operating Officer of EnStream. "The operation of a payment service is no longer required for us to fulfill our mandate. We are pleased that Paymobile, a market leader in card management and stored value payments, is acquiring Zoompass.

About Paymobile

Paymobile Inc. is a leading financial services technology company providing businesses and government complete program management services for a wide range of open loop Visa® and MasterCard® prepaid and virtual card accounts. Paymobile enables businesses to provide their customers with a number of open loop card choices including, gift card, incentive cards, cheque replacement cards and online virtual card accounts. Paymobile also provides advanced mobile technology, enabling businesses to provide their customers with a white label mobile wallet solution, like Zoompass, with the ability to manage their card balances, bill pay, transfer funds and perform card to card money transfers in real time using their mobile devices. For more information about Paymobile, visit www.paymobile.com.

About EnStream

EnStream was created to deliver payment capability over the mobile handset and is evolving to become a common mobile commerce interface between Canada's mobile carriers and the Canadian ecosystem for NFC enabled transactions. For more information about EnStream, please visit www.EnStream.com.

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