UnionPay and Powa Technologies team to expand mobile payments options in China
China’s UnionPay is entering into the mobile payments space. The bank, which is one of China’s largest financial institutions, has entered into a partnership with Powa Technologies, a company that has been involved in the mobile payments space for some time. Together, the two organizations will be working with one another in order to bring new solutions to consumers in China, which will bring more competition into the mobile payments sector and ensure the continued growth of this sector in the coming years.
Companies will launch joint venture in the Guangdong Province next year
UnionPay accounts for some 1.3 million credit and debit card users in the country and is also the world’s largest merchant acquirer, representing some 6 million merchants. Powa Technologies notes that the two companies are expected to launch a joint venture in the first quarter of 2016. This joint venture will be responsible for the launch of a new mobile payments platform, which will initially be available in the Guangdong Province, which has a population of more than 106 million, many of whom are beginning to rely on their mobile devices to shop and pay their bills.
PowaTag will be used for the new mobile payments platform
The new mobile payments platform will be using technology developed by Powa Technologies, called PowaTag. The company is working with UnionPay to develop a special version of PowaTag, which will be more attuned to the needs of consumers in China. The platform will focus on the online-to-offline (O2O) market, which is generated some $47 billion in China alone during the first half of this year.
China continues to show itself as a leading mobile payments market
Mobile payments have experienced explosive growth in China, where large companies like Alibaba and Tencent have established a major lead in the sector. Foreign companies have been attempting to enter China’s mobile payments markets, but many of the country’s banks have proven to be resistant to their efforts. China is expected to continue growing as a leading mobile commerce market in the coming years, especially as smartphone penetration continues to grow.
Powa Technologies unveils its new mobile platform
Powa Technologies, an e-commerce startup based in the United Kingdom, has unveiled its flagship products, called PowaTag. The startup has raised more than $100 million in funding from various sources over the past several months. Much of this funding has gone into the development of PowaTag and the company’s various other initiatives. PowaTag may grow to become a very prominent mobile commerce platform through its use of QR codes and voice recognition technology.
New platform designed to be an expansive solution for both retailers and consumers
PowaTag is designed to be a sort of all-in-one platform, allowing consumers with more flexibility when it comes to mobile payments. The platform is also designed to be an appealing solution for brands and retailers that have become very interested in engaging with a mobile audience. This is becoming increasingly important for retailers as consumers become more reliant on their mobile devices. If a retailer or brand is unable to engage these consumers effectively, they could fall victim to obscurity.
QR codes are becoming popular mobile payments tools
Powa Technologies has also created PowaTags, which are essentially branded QR codes. The company claims that some 240 brands have signed up to make use of PowaTags and these codes may soon be appearing in magazines and newspapers in the coming months. QR codes have already established a strong position in advertising, but they are also beginning to become very popular in the mobile commerce space. These codes can be used to make mobile shopping more convenient and help consumers authenticate mobile payments.
Powa Technologies may be able to compete with the crowd of other startups that are working in the mobile commerce sector
While Powa Technologies has managed to win a great deal of support from various sources, there is still a significant amount of competition that the startup must overcome. Powa Technologies may not yet be ready to compete with the large companies that have entered into the mobile commerce field, such as Google, but it could edge out the numerous other startups that are seeking to provide mobile-centric services to consumers and businesses alike.
