The EnStream joint venture set up by Canada's three largest mobile phone companies is selling its Zoompass mobile wallet business.
It says Paymobile Inc. will acquire Zoompass, launched in 2009 as a way to allow person-to-person money transfers using mobile and online devices from Apple, Google and Research In Motion. Terms of the deal with Paymobile weren't disclosed.
Toronto-based Paymobile offers 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, Rogers and Telus, said that Zoompass no longer fits its strategic direction.
The company will focus on the business-to-business market instead of the retail mobile payment business. "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 hand-sets," said EnStream.
