29 Jul 2014 07:00
For immediate release | 29th July 2014 |
MOPOWERED GROUP PLC
("MoPowered" or "the Group")
MoPowered Commercialises Technology
Simplification of Payments on Mobile Devices with MoPowered 3DS
MoPowered (AIM: MPOW), the mobile commerce specialist, today announces the launch of a new product, MoPowered 3DS, which marks the commercialisation of a technology that the Group has been using as a component within its Software-as- a-Service ('SaaS') platform for over a year. This is in-line with MoPowered's growth strategy, as detailed in its IPO Admission Document, to expand the Group's business into potential future revenue streams through organic growth opportunities.
MoPowered 3DS will enable secure transactions to be actioned more easily on mobile and tablet devices. Many online payments made with bank cards require the transaction to be authenticated with the purchaser's card-issuing bank. The system used to do this is generically known as 3D-Secure and is branded as "Verified by Visa" for Visa cards, "SecureCode" for Mastercard cards and "SafeKey" for American Express cards. The completion of a 3D-Secure process typically requires the submission of letters and numbers from the purchaser's password so that a transaction may be completed.
Historically, 3D-Secure processes have been difficult to complete on mobile devices because the pages have not presented well on the wide variety of smaller screen sizes; it has been hard to enter the password credentials; and screen flow to and from the 3D-Secure page has been awkward. Where this has previously had a negative impact on the payment process, MoPowered 3DS provides a solution to these problems and is easy to integrate into broader mobile commerce systems to make higher levels of conversion possible. The solution retains all of the security features of 3D-Secure.
MoPowered has already signed a two year initial contract, with a major international remittance business, who is the initial third-party adopter of MoPowered 3DS. The contract provides for payment of a modest monthly retainer with the bulk of the revenue expected to come from fees levied on a per authentication basis, ranging between 25 pence and 10 pence, depending on volume. In addition, the Group has received interest in the technology from other large organisations in the payments, gaming and retail sectors. MoPowered 3DS is internationally applicable, solving a common payment problem all around the world.
MoPowered expects that the commercialisation of this technology will support the achievement of its revenue targets in 2014 and beyond.
MoPowered: | 020 3242 0515 |
Dominic Keen | |
N+1 Singer: | 020 7496 3000 |
Gillian Martin Shaun Dobson | |
Buchanan: | 020 7466 5000 |
Charles Ryland | |
Sophie McNulty | |
Clare Akhurst |
NOTES TO EDITORS
MoPowered is a 'Software-as-a-Service' ('SaaS') platform, launched in March 2012, which works with businesses of all sizes, to automate websites and enable mobile commerce. Key distribution partnerships with PayPal, WorldPay and MasterCard enable the Group to access the majority of UK merchants.
The software platform allows automated development of mobile sites rather than custom deployment with the corresponding time and cost advantages. The commercial model is predominantly based on long-term contracted, recurrent revenues.
MoPowered is well positioned to capitalise on the new types of shopping opportunities created by mobile devices. Retailers face significant challenges and are therefore outsourcing to expert mobile partners such as MoPowered. Management believes that half of the e-commerce market has online sales of less than £20m per annum and SaaS solutions are likely to be the best economic alternative for these merchants.