Unwire, a mobile payment technology company, has announced it has acquired Sweden’s InMoDo, a mobile ticketing and validation company. Unwire brings the two companies together to enable customers in sectors such as banking, retail, transportation and telecommunications to enjoy the benefits of integrated solutions, making mobile tickets, coupons and payments as secure as possible.
Following the acquisition Unwire can now provide integrated secure mobile payment solutions to companies, making the whole ecosystem around mobile ticketing and coupons as secure as possible, greatly minimizing risks of fraud and helping companies offering these services save time and money.
According to the latest Gartner report from May 20121, mobile payments will surpass $171.5 billion in 2012, a 61.9% increase from 2011, with the number of mobile payment users expected to reach 212.2 million this year.
Gregor Bieler, a former MD at PayPal and now CEO of Unwire, explains why the InMoDo acquisition is such an important step for Unwire’s global growth plans: ‘Unwire’s positioning in the mobile payment industry is unique. We are a B2B company delivering white label payment solutions to companies and are therefore not in direct competition with the large scale consumer-facing payment giants like Apple or Google.
Many companies, regardless of if they are B2C or B2B oriented, are racing to become the leader in the booming business area of mobile payments. With the acquisition of InMoDo, we are taking a giant leap towards achieving our very ambitious growth plans, as we can now deliver the most complete and secure mobile wallet, ticketing and couponing technology possible, regardless of platform.’
Today, Unwire is serving 2.5 million travellers every month, helping them get from A to B in Scandinavia via Unwire’s mobile ticketing solution for buses and trains. With an expected 40% increase in usage of its mobile ticket solution in 2013 in the region, Unwire expects this figure to grow rapidly as it launches its mobile ticketing and coupon solutions, plus InMoDo’s validation technologies, in new markets outside of Scandinavia. Unwire is currently investing heavily in the US and the rest of Europe.
Bieler continues: ‘The global public transportation industry is very interesting for us. The fact that most people today have a smartphone which they carry with them at all times has created an enormous demand for mobile ticketing solutions from both public transportation companies and the users. Both are interested in a fast, easy to use and secure to buy tickets on the fly without the hassle of coins, long lines in front of a teller etc.’