In our 5 minutes with profiles, MEF members talk about their business, their aspirations for the future and the wider mobile industry. This week, Marcel Vaschauner, CEO & Founder of Loviit, a mobile payments solution from Buongiorno.
What does Loviit do?
Loviit is a new solution for mobile payment and financing covering all services around the payment chain, guaranteeing a weekly payout. With only one integration and one agreement our customers have all payment options ready to start business internationally. In addition, we offer hire purchase to our merchants’ consumers and are therefore increasing conversion in their shops. The guaranteed weekly payout of the total basket ensures their cash flow. The concept bringing mobile payment and financing together on a global level and our white label check out process that operates also financing requests immediately is new in the payment market. Last but not least, Loviit takes over all the collection and invoicing in the foreign countries.
Going international will be is one of the key success factors in e-commerce in the future. Once a merchant has integrated our API, which is available as shop extension tools for different shop systems, they can start offering their products internationally. With our API payment, invoicing, tax reporting and tax payment, collection and immediately cash flow from sales is solved.
Finally, with our mobile payment and financing tool Loviit, we enable service partners and operators to discover new business models through the mobile channel.
When did you launch and what growth have you seen?
Our company was launched in 2011. From the very beginning we bootstrapped our idea in order to make mobile payment and financing much easier for merchants and consumers. Some partners claim to have a global solution, but in fact they act as a service partner to help with the fragmented world of payment. Finally, the merchant needs to deal with different partners, agreements, payouts, integration and regulation. This was and still is a true pain for merchants, planning to start a business internationally.
In the last years we have been able to continuously develop and test our solution with partners and merchants.
Now we are operating on a worldwide basis with a strong footprint in Europe, i.e. offices in Austria, Switzerland, Germany, France, United Kingdom, Spain and Italy. Since starting the business our revenue growth has been more than 100% p.a. and we want to keep this growth in the next years.
What are Loviit’s main goals?
We would like to become the leading partner for mobile payment as well as for sales activities internationally. Our investments in partnerships and teams in every European market are only the first steps. Once a merchant has integrated the Loviit tool, it will solve all recent and future payment challenges. Innovations in mobile payment are immediately available with the Loviit tool at no extra costs – everywhere. Merchants from outside of Europe have also contacted us to support them with their market entry in Europe. We will be offering the same services for Merchants planning to expand into Asia and North- and South America.
Where do you see Loviit in three years’ time?
I see our company as one of the main partners for various activities around mobile payments, financing as well as international sales. We have the services and the capability that enable our customers to overcome their challenges in these fields in a safe and trusted as well as convenient and efficient way.
What aspect of mobile is most exciting to you right now?
People around the globe use mobile services, because it makes their life easier or even better. It is just about setting up the mobile service the right way and it can reach everyone who has a mobile phone. The potential is unimaginable which is very exciting.
What’s the most critical issue that will hit mobile within the next 12 months?
Depending on what angle you look at this, there are different critical aspects in mobile business. On one side we see more discussions and need in terms of regulation and data protection. On the other side we see a change in consumer behavior and therefore new business models for mobile services. Both aspects are mandatory for mobile services.
CEO & Founder
Apart from your own, which mobile companies are the ones to watch in the year ahead?
Right now we have plenty of very young mobile companies offering interesting business models. In addition, there are plenty of venture backed mobile companies, that make a lot of noise in the market. However, we should also have an eye on the big players such as operators, banks, retailers, it companies or publishers. They have a huge potential to reach out to consumers and to the world in general. And one of this big old companies will most likely become a game changer as well.