Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Fiserv Acquires M-Com to Boost Mobile Banking Offerings
Fiserv, Inc., a provider of financial services technology solutions, has acquired Mobile Commerce Ltd. (M-Com), an international mobile banking and payments provider, to enhance Fiserv’s existing mobile channel capabilities. The two companies have been partners since 2008, developing and delivering Mobile Money from Fiserv to hundreds of financial institutions. Financial terms of the acquisition were not disclosed.
M-Com, founded in 2000, is based in Atlanta, Ga., with an office in New Zealand. M-Com CEO Adam Clark and all employees of M-Com will join Fiserv as part of the transaction.
“Technology advancements and consumer usage patterns are converging across online and mobile channels,” said Steve Olsen, group president, Digital Payments, Fiserv. “The acquisition of M-Com will enhance our ability to provide anywhere, anytime access to consumers who want their finances at their fingertips. Together, we will deliver best-in-class digital solutions for our clients, enabling a superior user experience for their customers.”
As strategic partners, Fiserv and M-Com have hundreds of mutual customers in the U.S. and several in international markets, and the combination of the two companies will accelerate the development of innovative solutions for these clients. In addition, Fiserv will have the ability to integrate M-Com mobile banking and payment technology into current product offerings, as well as leverage that technology for transformative new solutions. Current M-Com clients will benefit from Fiserv’s digital banking and payments expertise, deep resources and ongoing investments in mobile financial services.
“Offering robust services through the mobile channel is now critical for financial institutions,” said Mr. Clark. “With the addition of M-Com’s proven technology and deep employee expertise, Fiserv is positioned to continue delivering with excellence in the rapidly evolving mobile space, both domestically and internationally. Together, we will set the pace for mobile banking and payments.”
Source: Business Wire