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Chinese mobile commerce company 99 Wuxian Limited (ASX:NNW) has signed a deal with China UnionPay to develop and launch a POS platform.
China UnionPay is the only bankcard organisation and interbank network in China with over 4.5 billion bankcards on issue. Valid in over 100 countries it is the second largest payment network by value of global transactions.
The two companies will jointly develop, maintain and promote a new cloud-based POS platform with revenue per transaction expected once the platform in operation in 2015. POS sales in China are growing at the rate of 50 per cent per year and number in the millions.
The joint venture will also integrate 99 Wuxians online capabilities with China UnionPay’s offline infrastructure.
99 Wuxian Limited (ASX:NNW) posted a net profit of $1 million for the 2014 financial year.
