Look Technologies Inc. (OTCQB: GLNNF) (CSE: GET) is announcing that more to the letter of intent revealed on April 26, 2017, it has actually now gotten in into a conclusive arrangement with Euro Asia Pay Holdings Inc. to license its existing mobile payment system to produce an app customized for locals, trainees and travelers in North America from Asia and Europe.
“I have actually viewed the mobile payments market grow and progress in Asia, The United States and Canada and internationally. Of all my endeavors, I’m most thrilled about this one. There is no question that mobile payments are the future, they are currently dominant in China and it is only a matter of time till 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 utilizing its Glance Pay Anywhere innovation, 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 having a hard time to make inroads. This creates an opportunity to provide the alternative for visitors and brand-new residents from China in Canada and the US.In 2016, China’s mobile payments market struck USD$ 5.5 trillion, approximately 50 times the size of America’s$112 billion market, according to speaking with firm iResearch. It is clear that the capability to pay through mobile applications has ended up being commonplace for Chinese customers. This pattern is continuing to move beyond China to locations, such as Canada and the US.According to Kantar TNS, even in other areas such as Singapore, 57%of connected customers have actually used mobile payment, with more than a quarter(27%)doing so on a weekly basis.
Chat apps popular in Asia such as WeChat and LINE have actually established native payment applications assisting in whatever from taxi reservations to eCommerce sales. This has actually helped to develop mobile payment techniques as habitual for Asian consumers. In the Asia Pacific area, over half (53%)of connected consumers utilizing mobile apps for payment at point of sale, in contrast to 33%in The United States and Canada and 35 %in Europe.Chinese visitors contribute over$1 billion each year to the Canadian economy, and Canada is ranked at the 7th most popular scholastic destination for Chinese students.”Visitors and new homeowners from the Asia Pacific area are already
accustomed to mobile payments, which are overtaking money and credit cards abroad, and our company believe the pattern is set to accelerate in Canada and the US also.
Our company believe we are well positioned to serve this growing market “states Desmond Griffin, CEO of Glance.Under the terms of the arrangement, Euro Asia Pay will pay $1,000,000 to Look Pay as follows:$405,000 in money for licensing with$250,000 payable on signing and $155,000 payable within 90 days; plus $210,000 payable by method of 3,000,000 shares of Euro Asia at a considered price of $0.07 per share$
175,000 for design of the app with a distinct user experience,$175,000 payable within 60 days through the issuance of 2,500,000 shares of Euro Asia at a deemed cost of$0.07 per share$ 210,000 within 60 days or advertising and marketing of the new app, payable through the issuance of 3,000,000 shares of Euro Asia at a considered rate of$0.07. Look has actually already gotten the first payment of $250,000 pursuant to the arrangement. Right away after the share issuances paid pursuant to the license agreement, Glimpse will own roughly 30%of Euro Asia Pay. Look has actually consented to get in into 3 year escrow provisions for the stock as set out in National Policy 46-201 Escrow for Initial Public Offerings.This deal grants the Licensee an around the world, non-exclusive license to utilize the Glimpse Pay mobile payments system in order to make, market and sell the new app.This is the 3rd licensing offer signed by Glance because May 2017, with a total of $3 million in deals signed in Financial 2017. Sponsored Material Release FinancialBuzz.com, a leading financial news educational web website designed to supply the most recent trends in Market
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