payworks, a Munich-based mobile payment company, has received funding from Germany’s Central Innovation Program for small-to-medium sized enterprises (SMEs) via the country’s Federal Ministry of Economics and Technology, which is seeking to support a project to combine m-commerce and Point-of-Sale (PoS) mobile payments for consumers and merchants alike. The intention is to help businesses attract more customers via increased convenience and to ease their cash handling costs and processes.
Multiple international payment providers are already operating Payworks mobile payment solution on top of the processing infrastructure provided by the firm, but the company wants to integrate the mobile m-commerce and PoS environments further. Its technology is currently used for separate online m-commerce and mobile PoS transaction processing, which it considers unnecessary and expensive duplication and wants to eliminate.
The project to combine the technologies, which has now been granted funding from the German governments’ Central Innovation Program for SMEs (known as ZIM), should be finished by early 2014, says payworks.
Commenting on the SME technology initiative, David Bellem, head of product and development at payworks GmbH, said: “We are only at the beginning of a very exciting development in mobile payments, during which the separation between stationary and electronic transaction processing is disappearing. In the future it will be important to have just one unified interface through which multiple payment methods for different kinds of applications can be easily integrated and processed with specialised partners. The support from the [German] Federal Ministry helps us develop the required technology and will enable us to make it available to as many partners as possible.”