Mobile Streams boosted by Argentine mobile wallet launch

Mobile content retailer Mobile Streams saw its shares jump on Friday after the company launched a new digital wallet for its services in Argentina.

The firm said that the secure payment system has been developed by one of the continent’s most prolific online retailers and will allow for the diversification of payment options for its 3.0m subscribers in Argentina.

Customers will be able to pay for products using their mobile device, providing means for the AIM-traded company to generate extra revenue.

Simon Buckingham, chief executive of Mobile Streams said: "We are delighted to partner launch the new digital wallet on mobilegaming.com. While Argentina is a challenging market at this moment it remains an attractive market with growing smartphone ownership. We believe that the launch of the digital wallet on our stores is an important step in growing our subscriber base and increasing revenue."

According to research from Worldpay, Argentina’s eCommerce market is expected to more than double over the next five years, making it one of the world’s fastest growing markets.

Meanwhile, mCommerce in the country is estimated to be worth $6.5bn by 2021.

Mobile Streams’ shares were up 7.32% at 1.10p at 1047 BST.