Singapore office will serve to accelerate Fortumo’s growth in the Asia Pacific region
The mobile payments company Fortumo is today announcing opening an office in Singapore. The new office will serve as a hub to maintain Fortumo’s growth as the leading direct carrier billing provider in the South-East Asian region. Fortumo's Singapore hub will be headed by Siddharth Sahi, an industry veteran with more than 10 years of experience in the telecom industry at Airtel, Idea and Bubbly.
“Carrier billing has grown to be one of the most popular payment methods for users in the Asia Pacific. With a large population, high smartphone ownership and low credit card penetration, the region is one of the key growth drivers of mobile payments in the upcoming years. Fortumo already has the biggest carrier billing coverage in Asia and with an office in Singapore, we are able to further grow business for our merchants and build out relationships with local carriers,” said Gerri Kodres, SVP of Business Development and Carrier Relations at Fortumo.
Fortumo’s direct carrier billing platform is currently available to 2.1 billion users of 46 different mobile operators in 12 countries in Asia (Australia, China, Hong Kong, India, Indonesia, Malaysia, Pakistan, Singapore, South Korea, Taiwan, Thailand & Vietnam). Fortumo also operates the only Western mobile payment solution available in China. Globally, Fortumo covers more than 300 mobile operators in 81 countries, connecting 4.6 billion end-users to its carrier billing solution.
Fortumo’s platform is equally suitable for billing to individual merchants such as Rovio, Gameloft, GLU Mobile & EA Mobile as well as for app store operators like Google, Microsoft, Apple and Amazon. Asia Pacific is the biggest region in the world for digital gaming sales, which are estimated to reach $17.8 billion in 2014.
In addition to Singapore, the company also has Asian offices in China (Beijing & Shanghai) and India (Delhi, Mumbai). Fortumo’s headquarters are located in Europe (Estonia) with its American activities being headed from the San Francisco office.
Fortumo has recently announced several key partnerships in Asia, including partnering with Telenor Pakistan and Turkcell for direct carrier billing and launching a physical goods store using carrier billing in Singapore with Rovio & SingTel.
Direct carrier billing with Fortumo enables users make payments over a data connection by confirming payments with one click on their phone. Since the mobile operator has all the information necessary to process the payment, this removes the need to send any text messages during the payment process. In markets where Fortumo provides direct carrier billing, payment conversion for first-time payments is close to 40% and higher for repeat purchases.