Powa acquires Hong Kong-based MPayMe to expand international presence
International commerce company Powa Technologies Group announced today the acquisition of Hong Kong-based mobile expert MPayMe in a move the company said in a press release will increase its global reach and provide what it called a world-leading payment solution for the retail, telecoms and utility industries.
The merger between the two privately held companies will see Powa Technologies and MPayMe operate as a single global entity under the Powa brand to bring in a new class of universal mobile payment that will reach millions of customers and merchants across Europe, Asia and the U.S., according to the press release.
PowaTag, a mobile commerce solution that enables shoppers to complete purchases anytime, anywhere by scanning tags on anything from products to billboards, will now utilize ZNAPTM's pbSecurePay app for global billing and mailing company Pitney Bowes to enable instant payment for more than 23 billion utility bills a year, according to the press release.
With Pitney Bowes facilitating 80 percent of utility bills in the U.S. and more than half in Europe, Powa will reach tens of millions of new customers around the world, according to the press release. In addition, Taiwanese telecom provider Taiwan Mobile will also provide PowaTag payment options to its 5 million customers.
The technology of MPayMe's ZNAPTM will be integrated into PowaTag to create new features, according to the press release. The service was recently rolled out by French fashion retailer Comptoir des Cotonniers, which saw more than 10,000 "virtual boutiques" created in a single night.
By combining with ZNAPTM, PowaTag will also expand beyond the high street, bringing instant purchasing capability to everything from food to event tickets, a service already launched at Twickenham Rugby Football Union. The integration will also bring in customer loyalty and reward services for shoppers, including the ability for relevant vouchers to be automatically flagged and used during purchases, and functionality allowing a single PowaTag to buy a selection of products instantly.
"With this combination of two innovative technology companies, we will establish a position as the leading force in digital commerce worldwide," Powa Technologies Group CEO Dan Wagner said in a statement. "The integration of ZNAP technology with PowaTag will bring a phenomenal new scope to our provision, as well bringing enhanced functionality to its existing applications. By incorporating digital catalogues, coupons/vouchers, loyalty integration and access control, and a much wider product set, we are enabling true commercial freedom for both merchants and consumers."
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