Last week, ProPay’s SVP of Market Strategy, Dr. Heather Mark, PhD, was interviewed by The Paypers. Following is an excerpt from the interview.
The Paypers: Please provide our readers with a brief insight into your company’s vision.
Dr. Mark: Since 1997, ProPay has provided simple, secure, and affordable payment solutions for organizations ranging from the small, home-based entrepreneur to multi-billion-dollar enterprises. ProPay is a leading provider of complete End-to-End Payment Security solutions that reduce, and may even eliminate, an organization’s risk of having sensitive payment data compromised. ProPay’s vision has always been to enable businesses, large or small, with the latest and most secure payment technologies.
The Paypers: How does the Zumogo platform work?
Dr. Mark: Zumogo (pronounced “Zoo-MOE-go”) is a social mobile payment (social m-payment) platform that enables a new connection between the merchant and the consumer. It is a mobile payment technology allowing Smartphones to be used, not only as a payment device, but also as a social technology allowing merchants and consumers to communicate with each other in real-time. Merchants can highlight events, specials, and other information that consumers can easily find. Since the platform uses geo-location data, Zumogo can connect merchants and consumers that are in proximity to one another. This helps merchants convert foot traffic and helps consumers find the types of merchants that they prefer. Additionally, the social m-payment platform allows the consumer to find merchants, contact them for information, and make payment all from the same device. Zumogo also eliminates sensitive information from the transaction process, meaning no payment data is passed through the merchant’s system or stored on the consumer’s Smartphone.
The Paypers: What does the merchant need to integrate with the system?
Dr. Mark: Merchants can begin using Zumogo immediately. There is no additional equipment necessary. As long as the merchant can access a web browser, then they can use Zumogo.
To read the full interview, subscribe to The Paypers using this link.
ProPay is excited to announce that we received news today that our Zumogo mobile solution was selected as the winner of the 2011 ETA Techology Showcase. This is a very proud day for ProPay. As the first Social M-Payment solution in the market, Zumogo is an exciting opportunity for companies to not only accept payments from mobile phones but to directly market to potential customers. For a video of Zumogo at the 2011 Sundance Film Festival see below!
This week ProPay attended the 2011 Electronic Transaction Association (ETA) annual convention in San Diego, California. While it was great to catch up with old friends and rekindle business relationships, I could not help but be struck by the focus on mobile payments. While hosting a Social Mobile Payments roundtable, one of the participants made a very interesting observation. She indicated that the exuberance we are seeing today around mobile technology is similar to that we saw in the late 1990’s with the DotCom boom. As I thought about her comment, I had to admit that there are some similarities. Anyone (including this author) that has worked for a Silicone Valley company during the DotCom boom, can attest to the excitement, exuberance and confidence we all had in the future of eCommerce. Certainly some readers remember man.com, pets.com, etoys.com, flooz.com, or my favorite, kozmo.com. Kozmo.com would allow you to order literally anything, at any time and they would deliver to your door. If you wanted a chili dog at midnight…Kozmo.com. Need some nail polish remover at 4am? Kozmo.com. You can read about the ‘busts’ here. While there were some major busts, there were some great companies that arrived, as well. Amazon.com, Google.com, Yahoo.com, and ProPay.com (had to give a plug for our company).
While new technology is exciting and mobile technology certainly seems to be the wave of the future, the over excitement of investors, and developers does harken back to the glory days of the DotCom boom. While it is certainly to early to tell, history suggests that there is a potential for a bust of some level. It should be noted that this is not limited to eCommerce or mobile. At the 2011 Computer Electronics Show it was estimated that over 50 tablet PCs were released to compete with the ubiquitous iPad. Estimates suggested that by the end of 2011, only two would still be in the market. One has to wonder how many of the mobile startups will go the way of the DotComs?
ProPay has published a whitepaper titled Zumogo- The Rise of Social M-Payments. The whitepaper discusses the aspects of secure, social mobile payments and provides an overview of the Social M-Payments concept and the Zumogo Platform. To read the whitepaper please use this link.