CIS608 - Week4 - New trends in Financial Services

Mobile and computer literacy is on the rise continuously.
Smartphones play a vital role in everyone's daily life.  Mobile applications are trending topic among consumers, especially in youth,  daily. Consumers are able to get their services and goods with a push of a button via mobile phones. Mobile phones are shaping up all the industries one way or the other. Financial services are no exception. It has a strong influence of mobile phone on it.
Banks are striving more to make the mobile banking services more frictionless, enhanced services and biometric validated applications services.

In that context, a Canadian based startup called - Zoompass has developed a mobile phone-based platform that enables consumers can obtain financial services on the mobile phone.

Zoompass mainly focuses on e-Payments. It has a strong partnership with Banks and other credit card institutions such as Visa and MasterCard. Along with these, it has the Candian government agency - First Global Data as their partner.



Zoompass offers mobile money transactions such as deposits, transfers, bill payments, payrolls etc to its customers across the globe.

Zoompass has other important initiatives such as
- Offering check 21 transactions with other Global customers
- Working with USA for the cross-border money transfers.
- Issuance of prepaid credit cards to its customers.
- Topping up Global mobile wallet, using Canada Post outlets


All of the transactions and data transfers are protected with the highly secure payment system and are safeguarded with sophisticated encryption technology. User registration and logins are authenticated with multi-authentication methods and protected by Personal Identification Number.
Zoompass uses a technology called PayPass(TM), which allows the payments without being in contract.

References:

1. Daniel,Gene(05/19/2017). Zooming in on ZOOMPASS HLDGS INC COM URL: https://oracledispatch.com/2017/05/19/zooming-zoompass-hldgs-inc-com-usd0-0001-post-fwd-spl-otcmktszpas/
2. Bloomberg. URL: https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=382972891

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