Glance Technologies (CSE:GET; OTCQB:GLNFF) has announced that further to its letter of intent from April 26, 2017, the company has now entered into a definitive agreement with Euro Asia Pay Holdings to license its existing mobile payment system for an app tailored for residents, students and tourists in North America from Asia and Europe.
As quoted in the press release:
“I have watched the mobile payments industry grow and evolve in Asia, North America and globally. Of all my ventures, I’m most excited about this one. There is no question that mobile payments are the future, they are already dominant in China and it is only a matter of time until the rest of the world follows,” says Morris Chen, Euro Asia Pay Holdings Director.
Glance Pay is positioned to provide payment services that are similar to the ones in China and Europe using its Glance Pay Anywhere technology, which allows users to initiate and send payments to merchants from any location.
Alipay, and WeChat Pay together hold a commanding 90% of the market in China, leaving Apple Pay struggling to make inroads. This creates an opportunity to provide the alternative for visitors and new residents from China in Canada and the US.
In 2016, China’s mobile payments industry hit USD$5.5 trillion, roughly 50 times the size of America’s $112 billion market, according to consulting firm iResearch. It is clear that the ability to pay through mobile applications has become commonplace for Chinese consumers. This trend is continuing to move beyond China to destinations, such as Canada and the US.