16th Oct 2015 07:29
LONDON (Alliance News) - SyQic PLC on Friday revealed a new 'click to pay' payment platform for its flagship product, Yoomob, teaming up with Estonian global mobile payment provider Fortumo, a move intended to cut its reliance on telecommunication providers.
Shares in SyQic were up 18% to 31.75 pence on the news.
"Importantly, the new payment platform will enable us to promote Yoomob content directly to potential subscribers by using their social media preferences, which should be far more accurate and productive than the current SMS approach used by our current telco partners," Chief Executive Jamal Hassim said in a statement.
"Furthermore, we believe this targeted marketing approach with a rapid payment platform will help us to achieve better growth rates in terms of subscriber numbers and average user spend," Hassim said.
SyQic, which provides live television and on-demand video content on mobile devices, said the 'click to pay' platform holds an advantage over launching Fortumo in collaboration with telecommunication providers, as has been the case to date.
Providing subscriber targeting, content marketing, revenue collection and payment with telecommunication providers has a tendency to delay expansion of the service, according to SyQic, due to "the extended timeframes Telcos typically work to developing, integrating and deploying new innovative services".
SyQic said the time taken by telecommunication providers has put "considerable strain" on its working capital due to delayed payments.
With 'click to pay' SyQic said it can market Yoomob directly to potential subscribers via social media platforms such as Facebook and Twitter, collecting subscriptions directly from users via its direct payment channel partner Fortumo.
The company plans on a broader roll out of the service following its pilot launch in Malaysia.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
SYQ.L