Payment firm Bango suffers

SHARES in mobile payments firm Bango plunged yesterday as the company reported widening losses.

Bango, which has partnerships with Google, Facebook, Amazon, BlackBerry and others that allow people to buy apps via their phone bill rather than credit card, said losses in the nine months to the end of 2012 were £2.4m. In the longer 12-month period to April 2012, losses had been £0.9m.

Although the company said these reflected costs associated with new partnerships and that these would soon reap rewards, shares fell by 7.6 per cent yesterday.