Payments technology provider ZooZ has developed a product that combines mobile payments with advertising.
ZooZ's In-Ad Payments enables mobile shoppers to make a payment by tapping a banner ad inside of a mobile app. After tapping on the ad, ZooZ's checkout will pop up to handle the payment without sending the consumer to a different mobile website or app.
ZooZ is aiming the product at ad agencies and other companies that are looking to link their advertising strategy more directly to payments, rather than clicks or other metrics. It's also hoping to reach impulse buyers and improve navigation for shoppers.
The three-year old ZooZ sells e-commerce tech for websites and mobile apps. Users enroll their mobile device in ZooZ, which stores their payment credentials to be accessed for future purchases by typing a PIN. Consumers can execute ZooZ's In-Ad Payments without re-entering their card numbers as long as they use the registered device.
"For the past year, ZooZ has been squarely focused on making payments click for in-app purchases and e-commerce. However, we recognized that the ad industry is also facing immense challenges trying to create viable monetization models for mobile, yet thus far their efforts are still hampered by low conversion rates. We believe our new In-Ad Payment functionality will be an important new alternative," said Oren Levy, Co-founder and CEO of ZooZ, in a release. "Notably, our new In-Ad Payment offering essentially minimizes the process mobile shoppers have to go through and replaces it with a seamless and quick purchase experience."
Other companies, such as Koupah, are also placing ads inside mobile or tablet payments, partly to offset processing costs.