[Note: Information prepared by Stream Media for press release]
Stream Media steps into the mobile payment industry with the launch of its core product – MoVend, an in-app commerce platform for the Android smartphones – at Echelon 2010, an annual web technology event.
Mr. Chua Zi Yong, the Founder and CEO of Stream Media said: “We wanted to create something that will make payment much easier for the users. This would mean an in-app payment system that will enable users to make transactions and payments without exiting the app. Hence, the user experience would be a seamless one.”
MoVend, which means mobile vending, is written such that other developers can incorporate it into their mobile applications. The need for an Android mobile payment system was discovered by Mr. Chua. “Paid Android apps are only available in nine countries. The rest of the customers are only being offered free apps. Thus, if they wanted to get the paid apps, they have to go to third party stores to download and make payment via credit cards.”
With MoVend, there is no need for developers to create a separate payment system, allowing them to fully focus on the development of their own mobile applications. “Developers can leave all the heavy lifting of the transactions to us. It will result in a faster turn around time for them!” says Mr. Leong Hean Hong, Project Manager of Stream Media.
For mobile applications installed with MoVend, end consumers who use the mobile application will be able to make payment without exiting the application itself. The ability to let users choose their own preferred payment method is crucial for developers as users’ preference defers from country to country. For instance, users in US and Canada will most likely make payment via Paypal while users in Asia likely choose to pay via premium SMS Operator Billing.
Stream Media Pte Ltd, an NUS Enterprise incubatee company, is a one-year-old startup funded by SPRING Singapore. An established company in providing Android consultancy services, Stream Media’s clients includes Sony Ericsson, SingTel, MediaCorp, Dell and Firstlogix. MoVend is a product of Stream Media.