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, the company said.
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.
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.
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.