Toronto Stock Exchange-listed international payments company First Global Data has partnered with the Chennai-based teleshopping venture RP Telebuy Skyshop to form a mobile payments joint venture in India.
As part of the joint venture, First Global Data and RP Telebuy will be setting up a company in the country which will launch First Global data’s digital wallet payment solution in India and offer the company’s suite of products and services. First Global data will own 60% stake in the company.
First Global Data president Andre Itwaru mentions that Telebuy’s business and existing customer will provide them immediate access to the Indian market. Telebuy claims to currently have 2.5 million customers and 60,000 merchants in its distribution network.
He also notes that this JV is the first step in the company’s India strategy and going forward, they plans to extend First Global data’s mobile payment products and services to India.
First Global Data currently offers financial services like online and mobile payments, online money transfers. international money remittances, international mobile phone top-ups and prepaid cards among others. It also has a technology platform called Leading Edge platform which allows telecom operators, banks and other organizations to offer value added mobile banking services.
On the other hand, RP Telebuy is a teleshopping and online shopping venture which offers consumer products across various categories like fitness, lifestyle and personal care products. It claims to have exclusive marketing rights for over 500 fitness, healthcare and household products and was launched in December 2006.
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