SCOTTSDALE, AZ -- Mobile commerce provider Spindle Inc. said it has entered into a agreement with iPayMobil Inc. that enables the two companies to provide micro-lending services to merchants. The service will be offered as a part of Spindle's existing payments suite. Merchants will be able to offer Spindle's free, downloadable mobile wallet app to their customers to facilitate credit approvals for time payments at competitive rates, according to the companies.
IPayMobil, a developer of mobile payment solutions, will also license seven of its e-commerce patents to Spindle. These patents cover virtual currency and gaming, the processing of transactions by bridging customers and merchants within a network, micropayments, prepaid stored-value accounts and cloud services for digital content.
"Through this relationship, we can now offer an option for merchants to provide micro-lending services to customers while reducing their transaction and loan costs," said Spindle's chief executive Bill Clark. "We are excited to offer these new products and services that will enable our merchants to grow and retain their customer base."
The iPayMobil micro-lending service deployed through Spindle's commerce platform is targeted for release in the first quarter of 2014, and will be offered to MeNetwork's 400,000 mobile application consumers. This will be followed by the integration with the Yowza!! platform, which Spindle recently announced plans to acquire. This will further extend the micro-loan offer to an additional 1.4 million consumers who have already downloaded the Yowza!! application.
Spindle acquired in March Colorado-based MeNetwork Inc., a provider of location-based mobile marketing solutions for businesses and consumers. MeNetwork works with merchants in 84 U.S. markets, where it provides offers, events, and goods and services in a comprehensive mobile commerce ecosystem. MeNetwork is present in 20 markets in Europe.