Forbes is going digital, but not in the way you might think. The magazine’s parent company, Forbes Media, has licensed its name to the Swiss-based technology company Lotaris for a new mobile payment system called Forbes Digital Commerce.
It’s a notable move for a number of reasons–as print publishers around the globe seek solutions in the new digital world, this particular media giant has chosen to integrate its brand into one of the fastest-growing areas of that world, and one that is not a direct derivative of publishing–e-commerce.
Forbes Digital Commerce, which will be managed by Lotaris, provides mobile payment-based services and solutions to various industry sectors.
“Forbes Digital Commerce was formed to address the huge inefficiencies and friction in the B2B and B2C payment space across multiple industries worldwide,” says Mike Federle, chief operating officer, Forbes Media. “This licensing arrangement allows us to extend and leverage the Forbes brand and step solidly toward the future of how people and companies transact.”
Forbes Digital Commerce has already partnered with Microsoft to provide commerce services for its Windows and Windows Phone digital stores and provides mobile payment services to other large enterprises such as Symantec and Capcom, all partnerships that were arranged by Lotaris.
“We are living in a mobile-centric world, with enterprises and consumers increasingly relying on the immediacy and richness of interactions and transactions through mobile devices,” says Robert Tibbs, chief executive officer, Forbes Digital Commerce. “Intelligent mobile applications facilitate ongoing relationships with users, anticipating their context-specific needs and allowing them to move between the digital and physical worlds. All of this is resulting in better user experiences, loyalty and greater transaction volumes.”