Powa Nabs MPayMe and ZNAP for $75 Million
June 16, 2014
Another mobile-payments startup has been snapped up by a suitor hoping for continued consumer adoption of the mobile phone as a payment mechanism. London-based Powa Technologies Group acquired Hong Kong mobile payments company MPayMe on Thursday for $75 million. According to the companies, Powa intends to integrate MPayMe’s ZNAP mobile payment app into its PowaTag technology that enables shoppers to scan QR codes on products, magazines or billboards. Initially, the technology will be used to enable consumers to pay utility bills presented by billing giant Pitney Bowes instantly using their mobile device, but the company said the app will enable payments in retail, ticketing and more.
“The integration of ZNAP technology with PowaTag will bring a phenomenal new scope to our provision, as well bringing enhanced functionality to its existing applications,” said Dan Wagner, CEO of Powa Technologies Group. “By incorporating digital catalogues, coupons/vouchers, loyalty integration, and access control, and much wider product sets, we are enabling true commercial freedom for both merchants and consumers.”