Powa Technologies Group is buying Hong Kong-based mobile payments processor MPayMe.
London-based Powa plans to integrate its mobile commerce service PowaTag with MPayMe's Znap app to "vastly increase" its global payments offering for the retail, telecoms and utility industries, Powa says in a June 12 press release.
The acquisition continues Powa's global expansion. Terms of the deal were not disclosed.
Today Powa's eCommerce platform consists of PowaTag, currently used by over 500 merchants worldwide, the recently launched PowaPOS and the multi-channel shopping site PowaWeb.
The companies will integrate their products in the next three months. Powa and MPayMe will operate as a single global entity under the Powa brand. The integration will create new applications for various industries, from fashion to food and sports, Powa says.
Powa has also reached an agreement with Taiwanese telecom provider Taiwan Mobile, which will provide PowaTag payment options to its five million customers.