Fortumo, the Estonian wonderchild in mobile payments, is expanding rapidly. They have recently signed deals to open their services in 10 new countries. The addition of new countries in Latin America, Middle East and Central & Eastern Europe is further solidifying our emerging-market expertise” explains Rain Rannu, co-founder of Fortumo.
Fortumo’s main product is the carrier-billing based mobile payments system FortumoPay, designed for selling virtual goods online – mainly in the areas of online games, web applications and social networks. The service provider decides on what she wants to sell at which price and Fortumo does the setups automatically in the background. One of the key advantages, that makes Fortumo one of the most interesting mobile payments providers is that they don’t have any monthly costs or setup fees.
Fortumo also provides In-App payments for the Android operating system. The service is obviously aimed at app develoeprs to monetize the experience in more ways. This service has no geographical limiations and is open to all developers regardless of business size.
One fascinating issue with Fortumo is the sheer speed it has expanded to overseas with. It was founded in 2007 and today serves more than 46 000 registered service providers, meaning companies offering this service to their clients. These service providers have created over 140 000 different mobile payment services that a whopping 1.5 billion mobile users in 4 different continents can access.