By: Shamini Sellvaratnam
According to comScore, the growth of mobile commerce has exploded in recent years with mobile-generated retail commerce predicted to rise 15% in spend by the end of this year from 3% seen in 2010. Based on a report from BI Intelligence, Business Insider has identified the drivers in the growth of mobile commerce as the increasing mass of mobile consumers, the changing demographics of e-commerce and the rising trend of big name brands using mobile commerce.
With this rapidly-growing market, co-founder and CEO of XRomb Inc., Valdis Martinsons has developed a new technology and product that revolutionizes the way consumers and merchants communicate and make purchases. As a mobile commerce software-as-a-service company, XRomb Inc.’s principal technology and product, FastTouch, is a Near Field Communications and Cloud Based platform that enables secure transactions while being scalable to thousands of merchants and millions of customers. With the FastTouch platform, customers can load the XRomb application onto their smartphone, and once activated the customer can load their existing payment cards and use these virtual cards in stores. With the XRomb application, customers can also make instant and secure purchases online or in participating merchant stores all through their mobile device. By revolutionizing the way merchants and consumers make purchases; XRomb Inc. intends to drive profitability and increase convenience and customer service for both merchants and customers alike.
Valdis Martinson firmly believes that “The FastTouchwill increase the profitability for merchants as it enables greater interaction between customer and merchant. This platform will also improve convenience and customer service for the user by being deployable on numerous smartphones and can complete transactions with zero battery and no mobile network connection through Near Field Communications (NFC) technology.”
As a finalist chosen by RIC Centre, Valdis Martinsons will compete along with three other finalists in the annual Innovator Idol competition happening June 5th. As a cross between Dragon’s Den and American Idol, Innovator Idol brings together four innovators who pitch to a panel of industry experts for a chance to win prizes worth over $30,000. The expert judges provide commentary but the power to choose the winner remains with the live audience. Register today to be a part of the audience and watch Valdis compete for a chance to become the next Innovator Idol!
Shamini is completing her final year at the University of Toronto Mississauga and is pursuing an undergraduate specialist degree in Business Administration and a major in Communication, Culture & Information Technology. Shamini is joining the RIC team this summer as a Communications Intern bringing with her a passion in marketing and various experiences in online marketing.
The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal and professional experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.