Alternet launches mobile financial services initiative

Mobile commerce services provider Alternet Systems announced the creation of a new initiative to provide a platform within the mobile payment ecosystem. The platform will provide a go-to-market suite of services including card management, payment processing and advanced mobile financial services that connect a mobile wallet to traditional payment tools. The suite of services, expected to be commercially available by the end of the second quarter of 2012, will be aimed at financial institutions, programme managers, consumer goods manufacturers, governments, traditional and online merchants, and social media networks. End users will enjoy an integrated experience, with social media and proximity payment capabilities. The payment initiative builds upon the success of Alternet's mobile commerce subsidiary Utiba Americas, a joint venture with Singapore-based mobile financial services provider Utiba. Utiba Americas is Utiba's affiliate for the Americas region, and offers the Utiba mobile financial service platform as a hosted service and as a traditional software licence. Utiba Americas and Utiba expect to be present in 14 countries in the Americas including the US and Canada by the end of 2013, serving a potential market of over 600 million mobile and internet users and a population of over 900 million people. Utiba recently announced a strategy to allow payments between traditional debit, prepaid and credit cards and mobile wallets, in an initiative they have named Converging Payments. Alternet intends to work closely with Utiba on card processing and programme management service offerings to complement this strategy.