Mobile payments provider Powa Technologies has acquired Hong Kong-based MPayMe for US$75m and signed up Taiwan Mobile to offer its PowaTag mobile payments platform. As a result of the MPayMe deal, “Powa’s worth is now estimated to be around US$2.675billion,” the company told NFC World+.
Powa will now integrate MPayMe’s Znap mobile payments technology into its PowaTag platform to create a “raft of new features with exciting applications.”
“By combining with Znap, PowaTag will also expand beyond the high street, bringing instant purchasing capability to everything from food to event tickets,” Powa says.”The integration will also bring in customer loyalty and reward services for shoppers, including the ability for relevant vouchers to be automatically flagged and used during purchases, and functionality allowing a single PowaTag to buy a selection of products instantly.”
Znap’s pbSecurePay technology will also be used to enable PowaTag users to pay bills from utility companies that use Pitney Bowes to handle their billing. “With Pitney Bowes facilitating 80% of utility bills in the USA and more than half in Europe, Powa will reach tens of millions of new customers around the world,” the company says.
“In addition, leading Taiwanese telecom provider Taiwan Mobile will also provide PowaTag payment options to its five million customers.”
“With this combination of two innovative technology companies we will establish a position as the leading force in digital commerce worldwide,” says Powa Technologies CEO Dan Wagner. “By incorporating digital catalogues, coupons, vouchers, loyalty integration and access control and much wider product set, we are enabling true commercial freedom for both merchants and consumers.”
“Together we can offer advanced functionality that is unrivalled anywhere in the world, and which has already been embraced by over 500 merchants and brands worldwide.