Glance Technologies Inc (CNSX:GET) has finalized a letter of intent to develop an app that will target global Chinese students visiting and living in North America with a firm that founds and supports businesses targeting Chinese inhabitants in Canada, with its major shareholder also the chief shareholder and a director of the modern tier 1 bank in Canada.
Glance Technologies reported that the parties intend to incorporate a new firm which will buy a license from company to utilize the ‘Glance Pay’ payment system into a mobile payment platform to serve to the increasing population of global Chinese students visiting and living in Canada. The company will offer development work to the new firm and will be a notable owner of it. The JV associate will be accountable for raising sufficient funds for the new plan to create, develop, market and manage the new venture.
Given the integrated adoption and exponential growth of mobile payments in last few years in China and the increase of mobile payment service giants, like Tenpay, China Union and Alipay, it is evident that the ability to pay via mobile applications has turned commonplace for Chinese clients and the scope is expanding beyond China. Spending is increasing at overseas destinations, like the United States and Canada.
Alipay, the premium mobile payment service of Chine with more than 450 million customers globally, recently exceled a record level of a billion transactions, of which over 70% were done on a mobile device. This growth together with the note of Canada as a growing tourist destination for visitors from China, contributing more than $1 billion yearly to the Canadian economy, opens a new market for Glance to offer its integrated payment technology through the Glance Pay app at Canadian retail stores, restaurants and merchant services.