Singapore-based Fastacash, a technology enabler of payments through social media and messaging apps, and Cellum, a mobile wallet provider, have entered into a strategic agreement to integrate services and expand reach.
The partnership is expected to accelerate their global growth. Fastacash will integrate Cellum’s secure digital wallet solution, mobile payment switching and card storage capabilities into its product. And, Cellum will leverage on Fastacash’s social media payment capabilities, improved user experience and interface design.
This latest partnership builds upon partnerships and strategic investments in other startups that Fastacash concluded last year. In a move aligned with global patterns of startups investing in other startups, it made a strategic investment into Myanmar payments firm MyPAY.
The pact positions Fastacash to compete for a larger share of the mobile payments space, which is estimated to have a capitalisation of $1 trillion. IDC forecasts mobile payments to rise from slightly under $500 billion in 2015 to over $1 trillion by 2017, a 124 per cent increase.
János Kóka, chairman and CEO of Cellum said, “Our innovation and security, combined with Fastacash’s expertise and track record in allowing users to move money and payments across social channels, will allow us to jointly offer our business partners more comprehensive solutions. There is immense value in this cooperation, bringing improved mobile-first solutions, disrupting how people and businesses transact.”
Kóka observed that with consumers increasingly using mobile payments over social networks, the partnership with Fastacash, with its omni-channel social payments service, would enable their partner organisations – banks, telecommunication operators and card scheme networks – to integrate these into their operating systems while using Cellum’s secure digital wallet.
Concurrently, Fastacash brings its user experience (UX) and user interface (UI) design capabilities to the partnership, as well as a rapidly expanding partner network across Asia, Australia, Europe and North America. Its partnership with Cellum will allow it to access its global merchant base and open up new markets like Thailand, Japan, Austria, Hungary and Bulgaria to the Singapore- based venture.
Some of the transaction capabilities provided by the Fastacash-Cellum partnership include peer-to-peer (P2P) and peer-to-merchant (P2M) payments through 24 social media channels; Facebook Messenger, Line, Twitter, WeChat and WhatsApp are some of the possible channels that can be used for transactions.
The partnership will also see Fastacash launch Request-to-Pay (RTP), where consumers can request their social connections – family members, friends, acquaintances etc. – to complete offline and online transactions on their behalf. This will facilitate e-gifts as well as enable transactions to end-users without access to banking and payment mechanisms.
Vince Tallent, chairman and CEO of Fastacash, said, “Half the world’s population is on social media networks and messaging apps – many are now using these channels to exchange money, disrupting how consumers transact.”
Tallent added, “With Cellum, we are able to strengthen our service capabilities, extending wider, more comprehensive social commerce solutions to our customer networks. This takes both companies in a new direction to deliver accelerated growth, which positions us more suitably to tap the trillion dollar mobile payment market.”
With emerging markets driving smartphone growth, despite the current slowdown in smartphone adoption, this partnership will benefit both in a broader context. With the population of smartphone users predicted to reach 6.1 billion by 2020, P2P mobile payments will increasingly emerge as a major transaction channel necessitating greater investments in security and ease of use.