British mobile payments company Bango has signed a memorandum of understanding with South Korean mobile commerce company Danal Korea to offer universal payment methods to new mass mobile markets.
The agreement is aimed at bolstering the group’s global payments footprint, leveraging Danal’s pan-Asian network focused on South Korea, China, Japan and Taiwan.
Under the agreement, Bango's payment platform will be integrated into the Danal network to provide additional payment options for mobile app store partners.
In addition, the larger merchants served by Danal will be able to leverage the global reach of the Bango Payment Platform to enter markets currently not served by Danal.
In May 2016 Bango acquired BilltoMobile, Danal's USA based Direct Carrier Billing business.
The terms of the partnership include providing a common technical standard for payments through the Bango Payment Platform.
In addition, the terms include joint marketing and sales activity and a specific focus on enabling digital content sales into and out of China.
Commenting on the announcement, Bango CEO Ray Anderson said: "Bango shares Danal's drive to make payment services easy and accessible to everyone. Our partnership with Danal has already led to Bango becoming the dominant DCB provider for the US market through the BilltoMobile acquisition.
“We are delighted to build on the great working relationship with Danal to offer universal payment methods to new mass mobile markets."
Danal CEO Park Sung-chan commented: "As a leader in electronic money and mobile payments in Asia, Danal is excited to work with Bango, bringing the pan-Asia reach and benefits of Danal technology to the world's largest online stores through the Bango Payment Platform."
Financial details of the partnership were not disclosed.