TORONTO, ONTARIO--(Marketwired - March 11, 2015) -
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First Global Data Limited (TSX VENTURE:FGD) (the "Corporation") is pleased to announce that it has launched its mobile payment service "PayQwik™" in India.
PayQwik™ is a one stop mobile payment service available across India. Through integrations with more than 50 banks, cash card, debit and credit card networks, net banking, and other mobile wallets, customers are able to load money into their PayQwik™ mobile wallet.
Customers are then able to make purchases, pay bills, top up mobile phones and purchase coupons at up to 60,000 merchants and 12 telecom companies across India. This "spend" infrastructure will continue to evolve and grow over time. The PayQwik mobile payment service also enables customers to send money to any mobile number across India, and to generate and redeem loyalty points.
By virtue of our connectivity to banks, PayQwik™ enables customers to move money from their bank account to their PayQwik™ mobile wallet and vice versa with simplicity and ease, in real time.
In this first phase deployment of the PayQwik™ mobile wallet in India, more than 500 innovative products from one of the most prominent online shopping store in India have been embedded into the PayQwik™ mobile wallet. This provides our customers with a one stop shopping experience. Over time, additional products from more vendors will be available on the PayQwik™ mobile wallet.
PayQwik™ is available for download in the Google Play Store and will be available for iOS devices in the very near future. The Corporation made a conscious decision to have its mobile payment service available on Android devices first due to the significant penetration of Android devices in India.
Pankaj Kumar, CEO of First Global's India subsidiary and PayQwik™, said, "India has become one of the fastest growing markets in Asia Pacific. According to many industry analysts, the Indian e-commerce market will reach $6 billion in 2015, a 70 percent increase over 2014 with revenue of $3.5 billion. We have also witnessed a remarkable growth in mobile users in India. India has now become the world's second largest mobile market after China and will reach 165 million in 2015. We are therefore very confident and anticipate a significant market for PayQwik™ services."
"This is a significant milestone for First Global and we are thankful for the opportunity to serve the Indian marketplace," said Andre Itwaru, Chairman, President and CEO of First Global Data Limited. "India is one of the largest markets in the world, but is also one of the most demanding and sophisticated. Our success comes from having the right technology, incredible connectivity, and a suite of services which are currently in demand by Indian consumers. Our platform enables us to diversify our service offerings, and to grow and scale as the Indian marketplace evolves. We look forward to continued growth in India and the continued deployment of our mobile payment services in other parts of the world."
About First Global
First Global Data Limited (TSX-V: FGD), is an international financial services technology company operating in the payments sector. First Global's services are designed primarily for the domestic and international unbanked and under banked markets. Our two main lines of business are mobile payments and international money transfers. First Global's leading edge technology core enables Mobile and Online: Payments, Money Transfers, Shopping and Peer to Peer services.
First Global enables our strategic partners and clients around the world with our leading edge financial services technology platform. We facilitate the movement of money domestically and internationally in full compliance with regulatory guidelines, maintain a strong focus on compliance and hold licenses to operate as a Money Service Business in 23 US States and elsewhere around the world, with a reach that extends to approximately 97 countries worldwide.
First Global's objective is to become a global leader in ubiquitous mobile money payment and money transfer services.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements are detailed from time to time in the Corporation's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The Corporation has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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