Mobile commerce provider Spindle and mobile payment company iPayMobil have partnered to enable merchants to offer credit.
Merchants will offer Spindle's downloadable mobile wallet app to their customers to facilitate credit approvals. iPayMobil will license seven of its e-commerce patents to Spindle to augment its offering to merchants. These patents cover virtual currency, gaming, micropayments, prepaid stored value accounts, cloud services for digital content, and technology that bridges consumers and merchants within a payments network.
The iPayMobil micro-lending service deployed through Spindle's commerce will be released in the first quarter of 2014, and will be offer4ed to MeNetwork's 400,000 mobile application consumers.
The companies also plan to integrate the service with the Yowza mobile marketing platform. Spindle recently announced plans to acquire Yowza, following an earlier acquisition of location-based marketing company MeNetwork.