International commerce technology specialist Powa Technologies has inked a 10-year strategic alliance with UnionPay Network Payments in its bid to help retailers get a slice of China’s huge Online to Offline (O2O) market.
Under the partnership, Powa’s market leading mobile commerce platform PowaTag will integrate UnionPay Network Payment’s mobile payment and point-of-sale solution.
PowaTag Union Pay aims to bolster China’s O2O and mobile payment markets, helping millions of retailers form a powerful, unified omnichannel strategy.
PowaTag will tap into China’s huge O2O market, which was valued at CNY 304.94 billion as of the first half of 2015 and is growing at 80 percent per year.
Launched in March 2014, the PowaTag has already attracted more than 1,200 brands and retailers.
As a full commercial solution, Powa Tag offers not only payments but also mobile shopping, catalogs, coupons and other rich features.
Availabl on both Android and iOS platforms, this solutions does not rely on NFC-enabled POS systems and works with all China UnionPay credit or debit cards.
It can also be deployed immediately at any merchant that accepts China UnionPay cards.
Mr. Hu, chairman of the joint venture, commented, “Our platform is a project which operates together with UnionPay Network Payment. Our mobile internet products, O2O products and the POS system of China UnionPay connect together, speeding up integration and extending the capabilities of PowaTag. We have a target to reach at least 50m consumers regularly using the platform within one year from launch.”
The joint venture will have initial roll out in Guangdong Province before expanding to other parts of the country.
By the end of 2016, PowaTag is expected to enable 50 million Chinese consumers transact with 1 million merchants.