Glance Technologies Lands Hefty Licensing Fee on New App

October 18, 2024         By: Steven Anderson

An unexpected new development recently hit the mobile payments market as Glance Technologies announced it was poised to land $1 million in licensing fees with a new app. Glance got together with Euro Asia Pay Holdings Inc., a measure which saw the hefty transfer of cash on one hand and saw the other firm get access to Glance’s current mobile payments system.

We’ve been hearing quite a bit about Glance and Glance Pay lately, particularly in terms of its improved security and its move into the North American market. Now, it seems to be taking advantage of that improved reputation with a new licensing arrangement. With the licensing in place, Euro Asia Pay Holdings will be able to create a mobile payments app specifically geared toward Asian students, tourists and residents currently in North America.

The payment breakdown features several different payout points, including outright cash payments, stock payments at an agreed-upon per share rate, and even some payments for app design and marketing and advertising efforts. Reports note that Glance has already received the first payment of $250,000, and once the share swaps all boil down, Glance will own 30 percent of Euro Asia Pay Holdings.

Glance CEO Desmond Griffin noted “Visitors and new residents from the Asia Pacific region are already accustomed to mobile payments, which are overtaking cash and credit cards abroad, and we believe the trend is set to accelerate in Canada and the US as well. We believe we are well positioned to serve this growing market.”

With the mobile payments market in many Asian countries gaining ground in a big way, and some Asian mobile payments firms—particularly Alipay—making inroads into other countries, Euro Asia Pay Holdings may well have put itself in a surprisingly good position. Basically, it’s just licensed the rights to a payment system that’s already operating in North America; it will have a much easier time setting up merchant arrangements from there, and may be able to give all those students and tourists and such easier access to a mobile payments system.

 

It’s basically issued a challenge to Alipay’s global dominance ambitions, particularly for the growing Chinese tourist class, and we may be in for a wild ride watching these two slug it out.