Fortumo, a mobile payment systems provider headquartered in Estonia, has announced the opening of an office in New Delhi.
Its first in the subcontinent, the foothold will enable the company to establish itself in what is widely regarded as one of the largest emerging online payments markets.
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Fortumo’s direct carrier billing service is available to 600m mobile users in India, which counts less than 20m credit card owners, and the company is already in talks with some of the country’s main digital goods companies, including streaming service provider BoxTV.
Commenting on the development, Sanjay Sinha, general manager for Fortumo India, said: "Monetisation is the biggest challenge for mobile developers and Fortumo is ideally positioned to solve this problem.
"The mobile ecosystem in India is exploding with established companies setting up their mobile identity and hordes of new start-ups launching," he continued.
Users of direct carrier billing can complete transactions without sending messages, making payments faster and increasing revenue and conversion, according to the company.
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By GlobalData"My goal as the general manager for Fortumo India will be to secure a central role for Fortumo in this growing market," Sinha added.
The company remains the sole Western-based provider of direct carrier billing in India, serving 70% of the country’s mobile subscribers.
Commenting on fortumo’s strategy, founder Rain Rannu, said: "India is such an important growth market for mobile payments, so we just needed to go local there.
"We’re excited to have Sanjay on board at Fortumo to help both Western developers earn revenue from India and Indian developers to make money from abroad," he added.
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