Spearheaded by its BankAnywhere solution mobile banking and
payments technology developer M-Com has established itself as a
leading contender in developed markets.
M-Com has now turned its attention to expansion into developing
markets with the launch of its service in Egypt in partnership with
Fawry, an Egyptian electronic bill payment and presentment
specialist. Terming the Egyptian service its “inaugural investment
into developing banking markets” M-Com anticipates expansion into
other Middle Eastern markets in 2010.
The launch of M-Com’s service in Egypt followed nine months of
development work in conjunction with Fawry during which
BankAnywhere was adapted to meet local needs. The result has
enabled Fawry to add mobile payments to its existing bill payment
offerings which include the internet, ATMs, call centres and
interactive voice response.
Fawry Mobile’s initial offering includes bill presentment and
payment, mobile top-up services, bank account information access
and account alerts on a multilingual basis. According to M-Com
several banks and billers have already signed up to Fawry Mobile,
the first of which is due to be live in September.
Further service enhancements are to be added, noted M-Com’s CEO and
founder Adam Clark. “We expect to be making person-to-person,
international remittance, point-of-sale and remote payment
capabilities a reality with Fawry in the next 12 months, as M-Com
has done in other parts of the world,” said Clark.
Founded in New Zealand in 2000 M-Com launched its first mobile
payments service in 2001. M-Com went on to garner big-name partners
such as First Data Australia and customers including ANZ National
Bank, New Zealand’s largest bank, which in February 2007 went live
Success in its home region prompted M-Com to turn its attention to
the US and in early 2008 shifted its headquarters to Atlanta.
M-Com’s big breakthrough in the US came soon with Fiserv’s
selection of M-Com for its mobile banking service Fiserv Mobile
Money (FMM) launched in September 2008.
In keeping with BankAnywhere, FMM is compatible with three mobile
access modes: short messaging service, wireless application
protocol, and downloaded mobile applications.