One company that is tapping into this boom in China for m-commerce, is Powa Technologies. It has formed a 10-year strategic alliance with to create a ubiquitous new standard in mobile commerce for China UnionPay’s (CUP) 1.3b credit and debit card users.
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 CNY304.94bn in the half 2015, and is growing 80% cent. The partnership will integrate UnionPay Network Payment’s mobile payment and point-of-sale solution with Powa’s market leading mobile commerce platform, PowaTag.
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 6million 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 1st half 2015, with 25 per cent annual growth.
The PowaTag solution has attracted some 1,200 brands and retailers in the first year of launch. It has the 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.