Start-Up Zooz Looking to Standardize Mobile Payments

Zooz, a Tel Aviv based start-up, is hoping to be the VeriSign of mobile payments. Zooz aims to standardize mobile payments and assure customers that their payment type of choice is secure. Zooz would allow customers to make purchases either using PayPal, major credit cards, or direct carrier billing.

Zooz just finished a four month closed beta and the results were good. One app in the Zooz test saw its conversion of payments increase from 30% when only offering PayPal as a form of payment, to 60% after offering all three types of payments.

One of the major perks of Zooz is that customers do not have to register with Zooz or download an app to make payments. However, if they do chose to register, Zooz will associate their payment information with the mobile device. This allows users to have their payment information pre-populate the next time they make a purchase with their mobile device. Zooz also allows users to create a four-digit passcode to prevent fraudulent charges.