Fundamo: A Pioneer in Mobile Payments Service

  • Prafulla Kumar Padhi
Keywords: Fundamo, Mobile Payments, Innovation, Lean Canvas Model

Abstract

Fundamo, named after “fundamentally mobile”, a company avant-garde in mobile payments service. The concept was very visionary, ambitious, introspective and "before its time" as most mobile phones could not even send SMS’s during those days. The founder’s vision was to become the world’s No.1 mobile financial service provider. This case study confabulates Fundamo’s inspiring journey that embrace: (i) mobile payments (MP) evolution that took place almost in parallel with the inception of Fundamo, (ii) being an avant-garde in MP, the company had own story to reveal, (iii) an entrepreneurial philosophy and sustainable lean culture that focused on incessant innovation to drive results, (iv) a new concept of ownership culture that contrived barriers for competitors, (v)conceived contributory environment for customer support and service to effectuate client satisfaction to ensure loyalty, (vi) insight into how the company became the World’s no.1 mobile financial service provider, (vii) a holistic advent to innovation that built trust with key partners those who were instrumental ininfluencing end users globally, (viii) the execution of lean canvas model (LCM) particularly the unique value proposition (UVP) configuration that offered the value elements (trust, ease of use, cost & reach) to partners, (ix) a leap beyond faith---how solutions allowed end-users to transact ubiquitously using a card, computer or mobile device, and (x) a dream came true when the global giant Visa acquired Fundamo for US$110 million which is a living testimony to the theory that the whole is greater than the sum of its parts.

References

[1] Greaves, K. (2011).Taming the customer support queue. A Kanban experience report, Agile Conference, IEEE, 978-0-7695-4370-3/11. Available at: https://www.growingagile.co.za/wp-content/uploads/2014/09/TamingCustomerSupportPaper.pdf.
[2] Ondrus, J, Pigneur, Y. (2005). A disruption analysis in the mobile payments market.Proceedings of the 38th Hawaii International Conference on System Science, 0-7695-2268-8-05. Available at: http://www.janondrus.com/wp-content/uploads/2015/08/hicss38.pdf.
Published
2018-12-31
How to Cite
Prafulla Kumar Padhi. (2018). Fundamo: A Pioneer in Mobile Payments Service. International Journal of Engineering and Management Research, 8(6), 17-27. Retrieved from http://www.ijemr.net/ojs/index.php/ojs/article/view/170