By sharing their technologies and networks, the two companies plan to extend their reach to thousands of merchants and hundreds of millions of potential users on four continents, who can exchange money on social media platforms, said Cellum chairman and CEO János Kóka.

Financial details were not revealed, but Kóka said the co-operation will generate $5 million of revenue for the two companies.

Hungarian users are expected to use this technology within one year, he added.

Mobile payments worldwide will double from $500 billion last year to $1 trillion by 2017, according to researcher IDC.

Source: Hungary Around the Clock

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