Mozido LLC added two experienced mobile payments executives to help it expand within the U.S. as well as globally, with a focus on the unbanked and underbanked.
Dallas, Texas-based Mozido hired two former CorFire executives for its management team this week. Atlanta-based CorFire is a U.S. subsidiary of SK C&C of South Korea. Steve Bacastow joins Modizo as its senior vice president of operations, and Charlie Wiggs joins as its senior vice president of business development.
Bacastow served as senior vice president of service and delivery at CorFire, where he led the launch and certification of the first commercial Trusted Service Manager in North America, supporting Google Wallet, Mozido says. Wiggs was vice president of sales for CorFire, where he was responsible for developing and executing the company's sales and market development strategy for financial institutions, retailers and mobile network operators.
Mozido provides white-label, cloud-based payment services for mobile network operators and financial institutions providing mobile options for unbanked or underbanked, mostly in countries outside of the U.S.
A key opportunity for Mozido remains the unbanked or underbanked market, Bacastow says.
"For perspective, there are 2.5 billion unbanked people in the world, of which 2 billion have mobile phones," Bacastow adds. "In the U.S. there are 88 million unbanked and underbanked consumers, representing $1.3 trillion of wages."
Mozido can help the unbanked move up the economic ladder, Bacastow says.
"Many mobile solutions that address a singular market need have failed to get traction because they provided limited value," he adds. However, Mozido's ecosystem addresses all consumers, he says.
Both say their work at CorFire will benefit mobile payment initiatives at Mozido. Wiggs says Mozido's more flexible technology puts the company in a position to seize many opportunities.
"CorFire had a strong Near Field Communication focus, which meant we were providing solutions that could not be implemented at scale in today's market," Wiggs says. "As Mozido is highly interoperable and can support both NFC and non-NFC point of sale systems, we are in an exciting position to be able to deploy innovative enterprise mobile solutions today."
Sang Yook, CorFire’s chief strategy officer, says in an e-mailed statement that his company is “technology agnostic” and can work in both NFC and non-NFC environments, depending on customer preference.
In addition, while it is common for executives to move around in any industry, CorFire “has an incredibly deep bench of talent and executives who have been involved in mobile commerce for years,” Yook says.
Mozido's recent acquisition of PagoVision made Wiggs' move to Mozido "even more attractive" because it signaled the first building block for Mozido's expansion into the U.S. market, he says.
"With mobile payments still in its infancy, I am excited to be a part of company that is already embarked on trailblazing initiatives to advance all people," Wiggs says.
However, growing the company's "global footprint" will be a main focus, Wiggs adds.
To that end, Mozido recently signed a multi-year agreement with Savvis to leverage its cloud infrastructure and hosted IT solutions, and also established a global strategic partnership with Tata Consultancy Services, Wiggs says.