TORONTO - The EnStream joint venture set up by Canada's three largest mobile phone companies says it is no longer planning to operate a mobile payment service.
It says Paymobile Inc. will acquire the Zoompass mobile wallet business, launched in 2009 as a way to allow person-to-person money transfers using mobile and online devices trom Apple, Google and Research In Motion.
Terms of the deal with Paymobile weren't disclosed in the announcement Tuesday.
Toronto-based Paymobile offers its clients various types of payment cards as well as technology for transferring funds from bank accounts using mobile devices.
EnStream, which was created by BCE Inc.'s Bell (TSX:BCE), Rogers (TSX:RCI.B) and Telus (TSX:T), said that Zoompass no longer fits its strategic direction.
"As the mobile commerce ecosystem has evolved, EnStream's focus has shifted to enabling established credential issuers and carriers to leverage the potential of NFC (near field communication) in mobile handsets," said Almis Ledas, Chief Operating Officer of EnStream.
"The operation of a payment service is no longer required for us to fulfill our mandate. We are pleased that Paymobile, a market leader in card management and stored value payments, is acquiring Zoompass."
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