Estonia based mobile payment provider Fortumo has inked agreements with four Indian telcos - Vodafone, Airtel, Idea and Tata Docomo to extend its direct carrier billing solution to India. Through this tie-up, the company claims to cover 61% of the mobile phone market share in India. Offerings: As per the company website, Fortumo currently offers in-app payment solutions for native Android, Windows Phone & Windows 8 and NOOK apps and a browser-based direct mobile payment solution for web, mobile web and HTML5 apps. It also provides an API for developers and aggregators for advanced integration and white labeling purposes and a mobile payments API for appstores, OEMs, and publishers. Besides this, Fortumo also offers a dashboard where developers can view transactions and billing revenue based on the location and pricing. Telco Revenue Share Breakup: As for transaction fees, telcos expectedly take a certain percentage from each transaction (around 40-60% depending on the end user price) and Fortumo takes a small commission (around 2%-3% of net price) while the remaining goes to the developer. Update: An earlier version of this story mentioned that Fortumo had different revenue shares for different telcos (49-53% for Idea, 44-59% for Vodafone, 16-20% for Airtel and 11-15% for Tata Docomo). Fortumo has told Medianama that it had accidentally uploaded incorrect information about revenue shares on its India homepage earlier and the payouts for all four operators are the same, which range between 40% -45% depending on the amount. Receiving payouts: For payouts, there is a minimum payout limit of €100 and developers can receive payment either through wire…
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