LONDON, December 17, 2015 /PRNewswire/ --
"PowaTag UnionPay" will bring instant transactions and mobile commerce to 1.3b Chinese shoppers
Powa Technologies has formed a 10-year strategic alliance with "limitless" potential to create a ubiquitous new standard in mobile commerce for China UnionPay's (CUP) 1.3b credit and debit card users.
International commerce technology specialist Powa has formed a joint venture to help retailers capture China's immense Online to Offline (O2O) market, which was worth CNY 304.94b as of 1st half 2015, and is growing 80 per cent annually. The partnership will integrate UnionPay Network Payment's mobile payment & point-of-sale solution with Powa's market leading mobile commerce platform, PowaTag.
The PowaTag solution has captured worldwide attention, attracting over 1,200 brands and retailers in the first year of launch. PowaTag has the unique ability to transform any form of consumer engagement, from advertising and social media, to samples and products themselves, into a way for customers to instantly complete purchases, enter competitions, and do more with their smartphones.
The joint venture will first launch in Guangdong Province to give the region's 106 million-strong population the ability to transact with 400,000 merchants, before expanding to all 6m merchants across the country. By the end of 2016, 50 million Chinese consumers will have the ability to transact with 1 million merchants using PowaTag.
PowaTag UnionPay is a co-branded version of the PowaTag app with UnionPay Network Payment specifically designed for the Chinese market, and fully integrated with the UnionPay Network Payment's point-of-sale and settlement network.
PowaTag UnionPay is seeking to strengthen China's O2O and Mobile Payment markets, helping the country's millions of retailers to create a powerful, unified omnichannel strategy. More than CNY 7.14 trillion was spent online in the country in 1st half 2015, with 25 per cent annual growth.
Unlike other mobile payment platforms attempting to enter the Chinese market, PowaTag is unique and offers so much more than simply payments. As a full commercial solution, including mobile shopping, catalogues, coupons, and more - PowaTag is available on both iOS and Android platforms, does not depend on NFC-enabled POS systems, works with ALL China UnionPay debit/credit cards, and can be immediately deployed at any merchant who accepts China UnionPay cards.
Chairman of the joint venture, Mr. Hu, said: "Our platform is a project which operates together with UnionPay Network Payment. Our mobile internet products, O2O products and the POS system of China UnionPay connect together, speeding up integration and extending the capabilities of PowaTag. We have a target to reach at least 50m consumers regularly using the platform within one year from launch."
Dan Wagner, Founder, Chairman and CEO of Powa Technologies said: "PowaTag is an incredible channel to facilitate and simplify commerce for consumers and improve business for merchants. This partnership with UnionPay Network Payment will allow PowaTag to take a leading position in the mobile commerce and O2O market in China. The country already has the largest eCommerce market in the world, and we will play a key role in enabling millions of retailers to capture a market that is hungry for innovative new digital solutions."
Alessandro Gadotti, CEO Asia Pacific of Powa Technologies, said: "With this alliance, PowaTag will further extend its presence and strength in Asia Pacific, the fastest growing region in the world for mobile adoption, eCommerce and retail in general. Being a leader in such a challenging and fast growing region is proof that PowaTag's technology is a breakthrough innovation in the commerce and retail space."
About China UnionPay
Established in March 2002, UnionPay is a bankcard association established under the approval of the State Council and the People's Bank of China. At present, the Shanghai-headquartered UnionPay has about 400 domestic and overseas associate members.
As the pivotal role of Chinas bankcard industry, China UnionPay is responsible for operating the unified inter-bank clearing and settlement system in China and developing the international acceptance network for UnionPay cards. To date, the total number of UnionPay cards issued worldwide has exceeded 4.5 billion. China UnionPay has also established partnerships with around 400 financial institutions all over the world. As of now, the UnionPay card international acceptance network has been extended to 140 countries and regions. For more information, go to: en.unionpay.com
About UnionPay Network Payment
UnionPay Network Payment Co. Ltd was established in December 2001, is wholly owned by China UnionPay, and specializes in bank card acquiring and professional services, Internet payment, prepaid card acceptance and other management businesses. In May 2011, the company received the country's first "payment business license" which was issued by the People's Bank of China. UnionPay Network Payment Co. Ltd manages the POS network of China UnionPay and affiliated banks.
By taking advantage of China UnionPay's interbank information exchange system, the company connects advanced payment technology closely with professional financial services, to build an industry-leading and powerful payment platform. It successfully developed a POS network, online payments, electronic coupon redemption, self-service terminals, Shang Ying Tong Prepaid cards and other product lines. It provides safe, convenient and efficient payment services for the majority of cardholders and numerous enterprises, institutions and administrative agencies. The company's business covers many areas including aviation, funds, telecommunication, direct marketing, online stores, insurance, commercial distribution, supermarkets, department stores, public utilities payment, health care, tourism, and real estate. The company has operations in all major cities of the country, with branches in Beijing, Shenzhen, Shanghai, Hong Kong, and Macau.
About Powa Technologies
The Powa platform was built to provide a true omnichannel commerce environment for retailers and brands. The platform consists of three products - PowaWeb (eCommerce platform on the web), PowaPOS (innovative hardware and software for physical retail environments) and PowaTag (a 'commerce anywhere' transaction enabler). All Powa sites are PCI Level 1 compliant and fully secure.
Powa Technologies is headquartered in London, UK, with offices in New York, Atlanta, San Diego, Miami, Toronto, Paris, Madrid, Stockholm, Berlin, Amsterdam, Milan, Hong Kong, Taiwan, Singapore and Shanghai. Powa Technologies has been named within the Wall Street Journal's Billion DollarClub and Fortune Magazine's Unicorn Start-ups.
The retail landscape has been transformed forever with the world launch of PowaTag, the revolutionary new retail enablement service from Powa Technologies. Over 1,200 worldwide companies, including L'Oreal and Carrefour, have also signed up for PowaTag in recent months.
PowaTag In Action - https://www.youtube.com/watch?v=or0L7UnaP6g
SOURCE Powa Technologies