The agreement enables Spindle and iPayMobil to enable micro-lending services to merchants as part of Spindles existing payments product suite. Merchants are set to be able to offer Spindles downloadable mobile wallet app to their customers.
In addition, iPayMobil is set to license seven of its e-commerce patents to Spindle. These patents include solutions in 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 Spindles commerce platform is targeted for release in Q1 2014 and is set to be offered to MeNetworks 400,000 mobile application consumers.
Spindle delivers payment services that enable buyers, sellers and individuals to transact face-to-face or virtually using mobile or internet devices. Spindle provides a platform that supports consumer and merchant engagement services including payment, couponing, loyalty and advertising in a (software-as-a-service) SaaS platform.
iPayMobil is a supplier of SaaS mobile payment e-commerce solutions. The SaaS solutions provide an array of services from consumer authentication and account validation, mobile wallet data interchange with third-party providers and enhancement of merchant funding ACH through a number of applications such as merchant-branded downloadable apps for consumers and online e-commerce transaction processing. As a practicing entity, iPayMobil is a member of RPX Corporations license program.
In recent news, Spindle has launched MeNetwork360 application for merchants and consumers.
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