Spindle Inks Patents and Micro-Lending Agreements with IPayMobil
Published on: 19th Dec 2013
Spindle and iPayMobil have joined up to offer micro lending services to merchants as part of Spindle's existing payments product suite. Merchants will be able to offer Spindle's free downloadable mobile wallet app to their customers to facilitate credit approvals.
In addition, iPayMobil will license seven of its ecommerce patents to Spindle to augment its product and service offering to merchants. These patents include virtual currency and gaming, the processing of transactions by bridging customers and merchants within a network, micropayments, pre-paid stored value accounts, and cloud services for digital content.
The iPayMobil micro-lending service deployed through Spindle's commerce platform is targeted for release in the first quarter of 2014, and will be offered to MeNetwork's 400,000 mobile application consumers. This will be followed by the integration with the Yowza!! platform, which Spindle recently announced plans to acquire. This will further extend the micro-loan offer to an additional 1.4 million consumers who have already downloaded the Yowza!! application.
"Our ability to offer an alternative micro-lending service with significantly reduced transaction and loan costs is consistent with Spindle's mission to empower small to medium-size merchants to compete in the fast-growing mobile ecommerce market," explained Andrew Ling, president and chief executive officer of iPayMobil.