All-in-one payments platform Tilia has secured strategic investment from banking giant J.P Morgan Payments.
Tilia solution is built for game, virtual world and mobile application developers and handles payment processing, in-game transactions as well as payouts to creators by converting in-world tokens to fiat currency.
Tilia was developed over several years to build its capabilities. The company has secured the required money transmitter licenses in the U.S. to support payouts, allowing for secure transactions on a large scale.
Tilia claims it provides developers with the tools to enable thriving, profitable in-world economies that empower their players and users to buy and sell virtual goods and services and facilitate robust play-to-earn programs.
The payments business is also working with J.P. Morgan Payments to enhance its current capabilities throughout its processing platform including providing increased payment and payout methods, expanding pay-out currencies and support services.
J.P Morgan Payments senior payments executive Drew Soinski said, ?We believe that contextualized commerce – such as virtual economies within games and virtual worlds – is an area perfectly positioned for innovative payments solutions to play a critical role in the coming years. We’re delighted to invest in Tilia LLC, a market leading provider of software gaming payments tools, to develop solutions for these new and exciting marketplaces.”
Tilia executive chairman Brad Oberwager said, ?Virtual economies represent a huge financial opportunity, particularly for game, app and virtual world developers. J.P. Morgan Payments, a worldwide leader and recognized innovator in payments, is the right partner as we continue to expand capabilities in line with these rapidly growing creator-based economies.”
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