Table of Contents
Introduction
Fortumo is a global mobile technology company that enables digital merchants to monetize their services through carrier billing. With a presence in over 80 countries and partnerships with more than 350 mobile operators, Fortumo has become a leading player in the mobile payments industry. In this article, we will explore everything you need to know about Fortumo, including its history, services, benefits, and success stories.
History of Fortumo
Fortumo was founded in 2007 by Rain Rannu, Veljo Otsason, and Martin Koppel in Estonia. Initially, the company focused on providing SMS-based services, but it quickly expanded its offerings to include carrier billing and in-app purchasing solutions. Over the years, Fortumo has grown exponentially and established itself as a trusted partner for digital merchants looking to monetize their services.
Services Offered by Fortumo
Fortumo offers a range of services that enable digital merchants to accept payments from mobile users. These services include:
- Carrier Billing: Fortumo's carrier billing solution allows users to make purchases by charging the cost to their mobile phone bill. This payment method is particularly popular in regions where credit card penetration is low.
- In-App Purchasing: Fortumo's in-app purchasing solution enables developers to monetize their mobile apps by offering virtual goods and premium content for purchase within the app.
- Subscriptions: Fortumo's subscription service allows merchants to offer recurring billing for their digital products or services. This is especially useful for businesses that provide content on a subscription basis, such as streaming platforms or news publishers.
Benefits of Using Fortumo
There are several benefits to using Fortumo's services for mobile payments:
- Global Reach: With its extensive network of mobile operator partnerships, Fortumo provides access to a wide range of markets around the world. This allows merchants to reach a global audience and expand their customer base.
- Seamless Integration: Fortumo's payment solutions are easy to integrate into existing platforms and apps. The company provides comprehensive documentation and developer tools to ensure a smooth integration process.
- High Conversion Rates: Carrier billing has been proven to have higher conversion rates compared to traditional payment methods. By offering carrier billing as a payment option, merchants can increase their revenue and improve user experience.
- Secure and Reliable: Fortumo's payment platform is built with security in mind. The company employs industry-standard encryption and fraud prevention measures to protect both merchants and consumers.
Success Stories
Fortumo has helped numerous digital merchants achieve success in monetizing their services. Here are a few notable examples:
Spotify
Spotify, the popular music streaming platform, partnered with Fortumo to enable carrier billing as a payment option for its users. This partnership allowed Spotify to tap into markets where credit card penetration is low, resulting in increased user adoption and revenue growth.
Google Play
Fortumo's carrier billing solution is integrated with Google Play, the largest app store for Android devices. By offering carrier billing as a payment option, Google Play has been able to reach a wider audience and increase app purchases, particularly in emerging markets.
Electronic Arts
Electronic Arts, a leading game developer, leveraged Fortumo's in-app purchasing solution to monetize its mobile games. By offering virtual goods and premium content for purchase within the games, Electronic Arts was able to generate additional revenue and enhance the gaming experience for its users.
Conclusion
Fortumo has established itself as a trusted partner for digital merchants looking to monetize their services through mobile payments. With its global reach, seamless integration, and high conversion rates, Fortumo offers a compelling solution for businesses seeking to expand their customer base and increase revenue. The success stories of Spotify, Google Play, and Electronic Arts demonstrate the effectiveness of Fortumo's services in driving growth and enhancing user experience. As the mobile payments industry continues to evolve, Fortumo is well-positioned to remain a key player in the market.
