Good news for micorpayment companies – now that there are actually things worth buying, the forcast for the industry is very healthy indeed. Recent research by TowerGroup estimates that the market for internet and mobile payments will reach US$11.5 billion (€9.52) by 2009, in the US alone. Mobile payment companies like SimPay in Europe must be popping the champagne corks as mobile phone adoption in Europe is traditionally ahead of the US.
To capitalise on the expected growth, BitPass has secured an additional US$11.75 million (€9.72 million) in funding from a group of investors including Worldview Technology Partners, Steamboat Ventures (the venture capital arm of The Walt Disney Company), RRE Ventures and others. Existing investors Garage Technology Ventures, Cardinal Venture Capital and Amicus Capital also participated in the round.
The money will be used on the company’s sales and marketing efforts, plus enhancing the company’s product and customer service support.
BitPass’ payment system is geared towards a wide range of online content, such as music and games, and offers secure anonymous payment. No software is required either – just a recent browser.
BitPass is backed by Guy Kawasaki, who said of the company: “BitPass is the most exciting opportunity I’ve seen since the Macintosh. Since my days at Apple (NASDAQ: AAPL), I have loved technology that empowers the little guy. BitPass does exactly that. This could create a business model for companies and individuals where there was none before.”