Trunkbow and China Unicom to Bring Mobile Payments to Sichuan Province Companies Launch MPS Identification and Payment Solution for Approximately 5.5 Million China Unicom Subscribers
BEIJING, April 11, 2012 /PRNewswire-Asia/ -- Trunkbow International Holdings Limited (NASDAQ: TBOW) ("Trunkbow" or the "Company"), a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Solutions ("MVAS") in China, today announced that it has extended its cooperation with China Unicom through the deployment of a new terminal-based MPS platform in Sichuan Province. Implementation of the platform began in the first quarter of 2012, and services are expected to launch in the second or third quarter.
"This partnership is another important step toward our goal of further extending Trunkbow's leadership position in the emerging Chinese MPS market, and this expanded footprint should help support our ongoing merchant acquisition efforts," said Mr. Qiang Li, CEO of Trunkbow. "We believe that partnering with enterprises and institutions to use MPS as an authentication tool is an excellent complement to the transaction processing applications with physical merchants at the point-of-sale. Our primary goal for 2012 is to drive adoption of MPS among merchants and consumers, and we believe that as businesses and academic institutions increasingly enable the use of MPS-based mobile handsets as an electronic identification tool, it will encourage end-users to further simplify their lives by using phones as a method of payment as well. We have a number of exciting projects planned that will significantly enhance the value proposition of MPS for merchants, consumers and enterprises through increased functionality and an expanded feature set, significantly increasing the range of end markets that can benefit from our technology solutions."
Under the agreement, Trunkbow will receive recurring revenue payments based on a percentage of monthly subscriber fees and transactions processed using the MPS platform. During the first phase of deployment, Trunkbow and China Unicom will jointly market this MPS technology to corporations, academic institutions and other organizations as a SAAS and enterprise automation tool including authentication and internal payment functionalities. The companies plan to expand this marketing effort to include brick-and-mortar retail locations for point-of-sale payment applications following the initial ramp of enterprise installations.
This platform will allow China Unicom's 5.5 million subscribers in Sichuan province to make purchases at retail locations using their mobile phones at the point-of-sale, and will function as a convenient, secure electronic identification card for students and employees at schools and other locations using the technology.
Trunkbow International Holdings (NASDAQ: TBOW) is a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Solutions ("MVAS") in PRC. Trunkbow's solutions enable the telecom operators to offer their subscribers access to unique mobile applications, innovative tools, value-added services that create a superior mobile experience, and as a result generate higher average revenue per user and reduce subscriber churn. Since its inception in 2001, Trunkbow has established a proven track record of innovation, and has developed a significant market presence in both the Mobile Value Added and Mobile Payment solutions markets. Trunkbow supplies its mobile payment solutions to all three Chinese mobile telecom operators, as well as re-sellers, in several provinces of China. For more information, please visit www.trunkbow.com.
Safe Harbor Statement
This press release contains forward-looking statements that reflect the Company's current expectations and views of future events that involve known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward looking statements involve known and unknown risks and uncertainties, including but not limited to uncertainties relating to the Company's relationship with China's major telecom carriers and its resellers, competition from domestic and international companies, changes in technology, contributions from revenue sharing plans and general economic conditions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. You should understand that the Company's actual future results may be materially different from and worse than what the Company expects. Information regarding these risks, uncertainties and other factors is included in the Company's annual report on Form 10-K and other filings with the SEC.
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SOURCE Trunkbow International Holdings Limited