With almost $100M in funding, PowaTag poised to create ripples in retail sector

For years, we have sight our hope on the day when we no longer would have to carry our wallets. 2013 witnessed mobile payments worth only £151 billion compared to overall figure of £2.7 trillion. Powa Technology, a Bristish technology firm, is claiming that its e-commerce app PowaTag will be a game changer. Earlier this year, Powa technologies came into highlight for a whopping $96.7M funding that it acquired.

Powa technologies is a cutting edge mobile payment specialist. Back then, Powa had also launched its e-commerce app that combined elements of mobile payments, QR codes and audio recognition. This enabled all-in-one solution for retailers and brands. The PowaTag app allows users to pay via mobile device using registered debit or credit card. The app holds some interesting features like recognizing sound from the TV ad which includes a Powatag symbol. The audio tags then automatically link your phone to the product and checkout online.

Other features might be like scanning a QR code on a print advertisement and then reverting to the checkout page for payment. It is to be noted that Powatag did shun the use of NFC to go for Bluetooth beacons. Dan Wagner, the CEO of Powa technologies, is looking to capitalize on the knowledge that retailers are desperate for a solution that connects advertisements with products and further payments.

Powatag already has 240 brand names on its board, including popular ones like Reebok, BBC, Adidas, etc. Powatag will also be offered as a free service to selected charities. Wagner believes that spreading the Powatag symbol across advertisements will lead to massive growth. Really the difference between us and other guys are we came at it from the merchants’ perspective and everybody else came at it from the consumer perspective. The consumer perspective is obviously important but we were serving a need that the merchants have and we’re relying on the merchants to promote it to their customers. he adds.

The wider tech-world can take note from the level of seed funding Powa technologies had acquired earlier this year. People can expect to see PowaTags appearing across magazines, newspapers and in displays of products. Powa plans to spread the new beacon technology across numerous retail locations. The plan is to enhance customer engagement by pushing special alerts to customers in close proximity of products.

PowaTag is hoping that its one-in-all strategy will not only attract merchants but create the perception of a meaningful utility to the end consumer. If everything goes right, then there’s no barrier to PowaTag’s ‘Tag’ revolution.