YellowPepper, which has developed a mobile wallet called Yepex for the Latin American market, Monday announced that former president and founder of POS terminal manufacturer Vivotech, Mohammad Khan, has been named chairman of the company's board of directors.

"Mohammad is a recognized leader and pioneer in the payments industry, and we are thrilled to have him on our board," said Serge Elkiner, co-founder and CEO of YellowPepper. "As YellowPepper grows and develops new technologies, Mohammad's unique experience in electronic payments and commerce brings YellowPepper additional industry know-how that we constantly strive for.”

Prior to founding Vivotech in 2001, Khan held various leadership positions at Verifone, which he joined in its early stage in 1983. Khan helped the company develop its point-of-sale systems and later helped successfully market these products in 96 countries. Khan was also a co-founder of the Internet commerce business for Verifone.

"I am eager and excited to join the YellowPepper Board," Khan said. "The mobile payments market is undergoing rapid growth worldwide, fuelled by users' increased interest in the convenience and security offered. The outlook is very promising, in particular for Latin America, where YellowPepper's operations are focused and market leading."