Glance Technologies Announces Joint Venture Targeting Mobile Payment App

The parties plan to incorporate a new company which will purchase a license from Glance Technologies to use the Glance Pay payment system into a new mobile payment platform to cater to the growing population of International Chinese students visiting and residing in Canada.  Glance Technologies will provide development work to the new company and will be a significant owner of it.  The joint venture partner will be responsible for raising sufficient financing for the new venture to create, develop, market and operate the new venture. The new application will be available in Mandarin and English.

Given the exponential growth and integrated adoption of mobile payments in recent years in China and the rise of behemoth mobile payment service giants, such as Alipay, Tenpay, and China Union, it is clear that the ability to pay through mobile applications has become commonplace for Chinese consumers and this is moving beyond China and into spending at overseas destinations, such as Canada and the US.  Alipay, China’s top mobile payment service of over 450 million users worldwide, recently surpassed a record high of a billion transactions, of which 71% of these transactions were conducted on a mobile device.

This growth coupled with the acknowledgment of Canada as a fast-growing tourist destination for Chinese visitors, contributing over $1 billion annually to the Canadian economy, and ranked at the 7th most popular academic destination for Chinese students, opens an entirely new market share for Glance to provide its integrated payment technology via the Glance Pay app at Canadian restaurants, retail stores, and merchant services. Glance is looking to market and provide its innovative payment processing app to an increasing population of international Chinese students living and studying in Canada, so students looking for the same ease and convenience of mobile payments already found China can access a similar payment experience right here in Canada.

The parties have entered into a non-binding letter of intent to undertake the joint venture, and are currently negotiating the terms of a definitive agreement.