Mobibucks Reports Increasing Momentum in Mobile Payments Market in MENA Region

MOUNTAIN VIEW, Calif. & DUBAI, United Arab Emirates--(BUSINESS WIRE)--Mobibucks, a leading global provider of mobile payment solutions, today announced that it has seen a significant increase in demand for its products in the last six months in the Middle East and North Africa (MENA) region. Mobibucks offers unique payment and incentive products for making purchases using a mobile phone number.

“Emerging needs for payments in the global digital economy demand new payment tools. By using a consumer’s mobile phone, a device that over two billion people already have, Mobibucks’ is the ultimate solution and the future of payments”

“Mobibucks has rapidly established itself in MENA with its innovative mobile commerce solutions,” said Ziad Alshobaki, managing director of Mobibucks FZ LLC in Dubai Internet City DIC, UAE. “It’s been less than a year since we opened our office so it’s exciting to see how our approach is gaining traction. MENA is leading the way in mobile commerce.”

Mobibucks invested in the Middle East for two important reasons, according to Jorge Fernandes, CEO of Mobibucks. “MENA is a huge market for mobile payments – not only because it’s a fast-growing mobile market, but also because cash transactions are much more prevalent than the use of credit or debit cards. Second, we think that having a team in the region able to provide superior customer service will give us a competitive edge,” he noted.

Mobibucks is a patented cashless, cardless, and contactless solution that targets everyday purchases made by consumers looking for the convenience of virtual payments and by merchants looking to attract the millennium generation utilizing a mobile commerce offering. It allows banks to provide customers convenient and affordable access to their money from any mobile phone. It lets consumers use their phone to make secure payments at locations such as cafes, gas stations, grocery stores, movie theaters and convenience stores. It allows merchants to capture, inform and motivate consumer spending.

Some of Mobibucks key features include:

• Secure and instant opening of accounts


• Cost effective marketing


• Conversion of cash into electronic payments with a cell phone without the cell phone present


• No need for consumers to purchase a new cell phone or merchants to set up a new payment system


• Builds loyalty to business or brand


• Elimination of critical issues such as cell phones running out of power or operating in unsafe or unreliable conditions

“Emerging needs for payments in the global digital economy demand new payment tools. By using a consumer’s mobile phone, a device that over two billion people already have, Mobibucks’ is the ultimate solution and the future of payments,” said Alshobaki.

Mobibucks FZ LLC is located in the Dubai Internet City DIC.

About Mobibucks

Mobibucks is a free, fast and secure mobile payment solution enabling consumers to make cashless transactions. Mobibucks is led by a combination of payment industry veterans and innovative entrepreneurs working together with leading edge retailers to create the next generation payment infrastructure. Jorge Fernandes, founder and former CEO of ViVOtech, Dave Barram, a senior Silicon Valley executive at Apple, Silicon Graphics and Hewlett-Packard, and Tom Recktenwald, Co-Founder of Stored Value Solutions, a leading gift card provider, established Mobibucks. For more information, please visit http://www.mobibucks.com/.