Fourth Commercial Agreement for Inventergy Subsidiary
CAMPBELL, CA -- (Marketwired) -- 08/18/16 -- Inventergy Global, Inc. (NASDAQ: INVT) ("Inventergy"), an intellectual property licensing company, announced today that Inventergy Innovations, LLC, Inventergy's recently formed subsidiary, has entered into a commercial agreement with ProntoBux, a groundbreaking financial technology (FinTech) company that employs unique patented technology to provide customers with enhanced capabilities in their use of direct carrier billing -- a market that is expected to grow to $24.7 billion by 2019.
Joe Beyers, CEO of Inventergy, stated, "We are excited to be the exclusive partner with ProntoBux to monetize its uniquely enhanced form of direct-carrier-billing technology. The Fast Response Cash Rebate model and other features enable a very interesting loyalty program dimension to this rapidly growing payment process."
Beyers continued, "In a short time, Inventergy Innovations has been able to secure the monetization rights to unique and powerful disruptive technology and we believe this will allow us to provide additional revenue opportunities for our partners and our shareholders. This is our fourth commercial agreement as part of this initiative with more forthcoming."
"We are pleased with our decision to partner with Inventergy Innovations to maximize our growth potential in this dynamic direct-carrier-billing market," said Willard Dean, CEO of ProntoBux. "We believe our 'rewards app feature' has the fastest value redemption when using carrier billing, and we are the first to market with this unique feature. What makes ProntoBux so amazing is that unlike other solutions, there are no long delays in the processing or delivery of cash rebates or desired value. We chose to work with Inventergy Innovations because of its reputation and successful IP strategies."
When a consumer wants to purchase digital content on their mobile device, having the ability to simply add the charge to their mobile phone bill is easy and convenient, especially when they don't have or wish to use a credit card. This form of payment, called "direct-carrier-billing," is quickly becoming one of the more popular mobile payment methods used around the world today. This method of payment incentivizes mobile carriers' as it is an additional form of revenue and allows content creators the ability to secure payment quickly and with ease.
Global direct carrier billing revenue is expected to increase to $24.7 billion in 2019, up from the $14.5 billion recorded in 2014, according to a study from Ovum reported on MobilePaymentsToday.com. Consumers have the opportunity to purchase digital content which include apps, music, games, ebooks, and more from the devices they use at home (e.g. consoles and smart TVs) and on the go (e.g. smartphones and tablets). In some areas, people have the ability to charge event tickets and parking meter fees to their phone bills given their already existing billing relationships with their mobile carriers. The payments platform makes sense for content providers, including developers of online games, social media companies, independent stores, and mobile content authors who can tap into the billing systems of mobile carriers to facilitate the sale of their digital products. Online stores like Google Play, Blackberry World, and Windows Phone Store have already demonstrated the advantages of using the carrier billing payments option, and this flexible payment form has recently had a 300% year-over-year growth rate on Google Play.
While mobile-commerce is an obvious driver of the trend, so is the prevalence of mobile users who don't use traditional payment networks like banks and credit cards and need an alternative form of payment. Considering that there are currently 6.8 billion mobile phone accounts (according to International Telecommunications Union) and only 2.15 billion credit card accounts (according to Nilson Report), it is understandable that a carrier-facilitated mobile payment method is gaining popularity, most notably in markets where credit card penetration is low and mobile use is high.
About Inventergy Global, Inc.
Inventergy Global, Inc. is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 and other technology companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy, visit www.inventergy.com.
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Source: Inventergy Global, Inc.