Glance Agrees to License its Technology to Fobi Pay for $5 million

Glance Technologies (CSE:GET.CN; OTCQB:GLNNF)( has announced it has granted Fobi Pay a non-exclusive license to use the Glance Pay mobile payment and Glace Coin blockchain technology for $5 million for a one year initial term and $10,000 renewable annually after that.
As quoted in the press release:

“Fobi Pay will offer big data analytics for networks of related businesses. Our value prop is in merging purchase basket and historical data with social media and mobile data to create highly personalized customer journeys, ” says Rob Anson, CEO of Fobi Pay, “By licensing the Glance technology we will be able to offer a closed loop digital media and mobile strategy for our industry partners”
IDC says that worldwide revenues for big data and business analytics will grow from $130.1 billion in 2016 to more than $203 billion in 2020 and that “Data monetization” will become a major source of revenues, as the world will create 180 zettabytes of data (or 180 trillion gigabytes) in 2025, up from less than 10 zettabytes in 2015.
Fobi Pay is also licensing big data analytics, social wifi and their real time offers engine platform from Fobisuite Technologies Inc. By combining the Glance and Fobisuite technologies, Fobi Pay will develop the technology for servicing a network of merchants localized around a common theme such as shopping centres, professional sports leagues, and tourist associations. Fobi Pay has the potential to capture data from itemized receipts, combine it with any preexisting online shopping histories, match to social media profiles and attribute the purchases to an individual shopper.

Click here to read the full press release.