London-based Powa Technologies has inked a 10-year strategic alliance with China UnionPay to create a ubiquitous new standard in mobile commerce for CUP’s 1.3 billion credit and debit card users.
As part of deal Powa has formed a joint venture to help retailers capture China’s immense Online to Offline (O2O) market, which was worth CNY 304.94 billion as of mid-year and growing 80% annually.
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 6 million 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 the first six months of 2015, with 25% annual growth.
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.
For data, background and forecasts on Powa Technologies or UnionPay: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 payments metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
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