Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc has announced the launch of its new PassPro Wallet Pass product, an enterprise-grade wallet pass Software as a Service (SaaS) platform.
The Vancouver-based advanced technology company said the new SaaS platform with enhanced functionality positions it as a leader in the mobile wallet pass market. The platfform is tipped to power many new opportunities with enterprise clients for Fobi in key verticals such as retail, sports and entertainment, hospitality, and tourism.
Fobi said it will make money from this new platform from initial setup fees, per Wallet Pass licensing fees, and managed service fees, which will be a new revenue stream for the company.
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PassPro is an upgraded wallet pass product that expands the capabilities of the native mobile wallet. Fobi said it would drive the convergence of data and engagement to become the all-in-one customer relationship management (CRM) tool that “lives right in the pocket of companies’ prospects and customers.”
PassPro is a fully managed service from Fobi that is custom-built for each customer’s needs. This allows Fobi to use its technology to target pain points specific to each customer and provide real value.
In a nutshell, PassPro provides real-time customer engagement, promotions, and exclusive content and services in customers’ mobile wallets, enabling companies to enhance their CRM systems by turning unknown prospects into known ones and keeping customers happy.
Ultimately, PassPro’s functionality succeeds in combining the power of Fobi’s Passcreator Wallet Pass and the company’s artificial intelligence (AI) and data utilization.
Fobi said its new PassPro SaaS platform takes engagement to the next level by providing one convenient location for all information and services that an organization wants to share with its stakeholders. As the primary touchpoint between businesses and their customers, companies can run contests, release news, sell products, provide digital receipts, post videos, and push personalized offers based on their data, according to Fobi.
The company highlighted the main advantages of the new PassPro platform:
- Expands functionality by connecting data with engagement to deliver targeted content and services to the wallet pass;
- Offers customizable analytics, onboarding pages, segmentation, and surveys;
- Fobi fully manages PassPro to deliver a seamless solution tailored to a company’s specific needs;
- Increases engagement with advanced segmented messaging.
“PassPro is a true enterprise-grade SaaS solution that provides companies with the ability to transform their valuable data into powerful personalized promotions and experiences,” Fobi founder CEO Rob Anson said in a statement. “The combination of Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) and Passcreator Wallet pass technology drives digital transformation for companies still stuck in the analog world and creates the ultimate marketing tool for companies, highlighting the continuing value of the Passcreator platform to Fobi.”
Anson noted that it will provide “a significant revenue opportunity” now that the solutions are fully integrated.
The mobile wallet market is forecast to reach $255 billion by 2025, growing at a compound annual growth rate (CAGR) of 15.2% from 2020 to 2025, according to IndustryArc. The surging adoption of contactless technologies due to the pandemic and the increased use of technology in financial transactions are expected to accelerate the mobile wallet market during the forecast period.
Clearly, with its new PassPro Wallet pass platform, Fobi is well-positioned to increase its share of the large and growing global wallet pass market.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive
