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Mozido Targets Unbanked and Underserved With Alternative Financial Services Centered on Mobile Wallet

Mercator Advisory Group research, conducted in association with CSP, indicates convenience stores collect more than $54 billion in revenue from alternative financial services transactions. So it comes as no surprise Mozido, a “leading global provider of a low-cost, white-labeled cloud multi-channel financial services (“mFS”) platform for mobile network operators, financial institutions, consumer packaged goods (CPG) companies, and retailers,” has acquired PagoVision to extend its reach into the PagoVision merchant base.

From The Next Web:

The deal will give Mozido access to more than 1,500 independent retailers that are part of PagoVision’s merchant network and work primarily with underbanked or unbanked consumers in the United States. The terms of the acquisition, including how much money was involved, is currently unknown however.

On the flip-side, PagoVision merchants will be able to generate some additional income through the various financial solutions offered by Mozido, which include; international and domestic remittances, mobile phone top-ups for internation and domestic calls, the payment of bills and remote deposit capture.

Mozido has a wide range of services that merchants can offer as identified here on its web site:

Mozido ® Mobile Wallet offers a full suite of transactional products, including: bill payment, remittances, mobile top-up and credit transfer, as well as payroll deposit. Mozido ® Mobile Wallet is further enhanced by the RewardzTM loyalty platform, which is powered by TCS (Tata Consultancy Services). The loyalty platform enables CPG corporations, merchants, and retailers to deliver loyalty points, discounts, coupons, and other promotional incentives digitally via the Mozido ® Mobile Wallet.

This innovative platform provides real-time marketing and redemption, as well as deep, targeted analytics based on real-time customer transactional behavior. Highly flexible, the Mozido ® loyalty platform can be accessed across multiple channels including: mobile, internet, point-of-sale devices, kiosk, call center, IVR, and can be integrated with legacy P.O.S. systems. 

While 1,500 merchant locations isn’t much relative to the more than 148,000 convenience stores in the United States, it’s a start. And the company appears to have the services the unbanked and underserved need along with a focus on providing white-label products that even relatively small merchants can brand.

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