|Description||Trusted Mobile Payments|
|Seed, 8/2008 ||$5M|
Paymo is a mobile payments network that allows consumers anywhere in the world to buy online and pay with their mobile phone. Paymo is currently available in more than 50 markets around the globe, enabling mobile payments to over 1.5 billion consumers in Europe, North and South America, the Middle East, Africa and Asia.
For merchants — Paymo increases revenues, allowing hundreds of millions of new customers who do not have or do not want to use a credit card to buy products and services online. Paymo handles all the user billing, provides a simple electronic confirmation of the purchase and settles in the merchant’s chosen currency. Paymo’s conversion rates are up to 10X better than traditional payments.
For consumers — Paymo provides an easy, fast and safe way to pay online. A customer doesn’t need a credit card or a bank account, and they don’t need to register. Simply by entering a mobile phone number and replying to a text message, a user can make a purchase. The charges are deducted from a pre-paid balance or appear on a monthly cell phone bill.