Cloud-based payment network Mozido has announced its acquisition of PagoVision today, a merchant network that offers check cashing and payment services for people with little or no access to banks and other financial services.
The deal will give Mozido access to more than 1,500 independent retailers that are part of PagoVision’s merchant network and work primarily with underbanked or unbanked consumers in the United States. The terms of the acquisition, including how much money was involved, is currently unknown however.
On the flip-side, PagoVision merchants will be able to generate some additional income through the various financial solutions offered by Mozido, which include; international and domestic remittances, mobile phone top-ups for internation and domestic calls, the payment of bills and remote deposit capture.
Mitch Dillard, one of the co-founders of PagoVision, will continue to lead the arm’s operations, despite the acquisition.
“Our focus has always been on developing mutually beneficial and trusted relationships with our merchant partners,” he said. “As we join forces with Mozido, PagoVision will enable our merchants to increase store traffic, acquire new customers, and increase same-store sales, by selling Mozido’s mobile payments and marketing solutions.”
Mozido’s marketing platform, which targets smartphone users in particular, will also allow PagoVision merchants to offer various rewards including coupons, exclusive promotions and loyalty schemes.
Mozido describes itself as a “full service hub to the world’s financial ecosystem”. It offers a suite of financial services, including payroll deposits, bill payments and retail purchases, as part of a scalable cloud payments platform accessible from almost any mobile network operator and mobile device.
“PagoVision complements Mozido’s unique expertise in serving the economically disenfranchised and its mission to mobilize all consumers up the financial ecosystem,” Greg Corona, CEO and President of Mozido said.
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