British e-commerce and payment technology company Powa Technologies Group said Thursday it has bought Hong Kong-based mobile payment firm MPayMe for $75 million to broaden its global reach.
Powa said the two privately-held companies will merge and operate as a single global entity and provide a "new class of universal mobile payment that will reach millions of customers and merchants across Europe, Asia and the US."
Powa said the two companies will integrate their technologies over the next three months to provide new features and applications. PowaTag, Powa's mobile commerce scanning application will now use MPayMe's Znap secure payment application, the company said.
"The technology of [Znap] will be integrated into PowaTag to create a raft of new features with exciting applications. The service was recently rolled out by French fashion retailer Comptoir des Cotonniers, functionality allowing a single PowaTag to buy a selection of products instantly," Powa said.
“With this combination of two innovative technology companies we will establish a position as the leading force in digital commerce worldwide," said Powa Technologies Group chief executive 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.”
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