Shawshank, VA 3/11/12 (StreetBeat) – Trunkbow International Holdings Limited (NASDAQ: TBOW) a leading provider of Mobile Payment Solutions ("MPS") and Mobile Value Added Solutions("MVAS") in China, today announced that it has extended its cooperation with China Unicom through the deployment of a new terminal-based MPS platform in Sichuan Province. Implementation of the platform began in the first quarter of 2012, and services are expected to launch in the second or third quarter."This partnership is another important step toward our goal of further extending Trunkbow's leadership position in the emerging Chinese MPS market, and this expanded footprint should help support our ongoing merchant acquisition efforts," said Mr. Qiang Li, CEO of Trunkbow. "We believe that partnering with enterprises and institutions to use MPS as an authentication tool is an excellent complement to the transaction processing applications with physical merchants at the point-of-sale. Our primary goal for 2012 is to drive adoption of MPS among merchants and consumers, and we believe that as businesses and academic institutions increasingly enable the use of MPS-based mobile handsets as an electronic identification tool, it will encourage end-users to further simplify their lives by using phones as a method of payment as well. We have a number of exciting projects planned that will significantly enhance the value proposition of MPS for merchants, consumers and enterprises through increased functionality and an expanded feature set, significantly increasing the range of end markets that can benefit from our technology solutions."
Under the agreement, Trunkbow will receive recurring revenue payments based on a percentage of monthly subscriber fees and transactions processed using the MPS platform. During the first phase of deployment, Trunkbow and China Unicom will jointly market this MPS technology to corporations, academic institutions and other organizations as a SAAS and enterprise automation tool including authentication and internal payment functionalities. The companies plan to expand this marketing effort to include brick-and-mortar retail locations for point-of-sale payment applications following the initial ramp of enterprise installations.
This platform will allow China Unicom's 5.5 million subscribers in Sichuan province to make purchases at retail locations using their mobile phones at the point-of-sale, and will function as a convenient, secure electronic identification card for students and employees at schools and other locations using the technology.
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