QuickPayIT provides a secure online payment solution that allows individuals to pay merchants for goods and services online without either party having to key in or provide banking information. MoneySwap will then receive a fee from the merchant on a per transaction basis, QuickPayIT having been designed to integrate into a merchant's existing online payment system.
The company anticipates that revenues will additionally be earned on any foreign currency exchange transaction executed through QuickPayIT, as well as on payments made between users, or payments between users and their bank accounts.
It will market QuickPayIT both under the QuickPayIT brand as well as on a white-label basis for others to sell into specific vertical markets or geographic regions.
MoneySwap has entered into an exclusive revenue sharing agreement with CasaPayer, a wholly owned subsidiary of PCG Entertainment.
This will allow CasaPayer to market MoneySwap's newly launched online payment product, QuickPayIT, to the online Asian gaming market under the CasaPayer brand.
The agreement with CasaPayer replaces the potential agreements disclosed in relation to Kolarmy Technology in relation to QuickPayIT, further detail of which is contained in MoneySwap's Admission Document, and CasaPayer will now perform the obligations that had been expected to be performed by Kolarmy.
The directors of MoneySwap believe CasaPayer is well placed to service the online Asia gaming market, CasaPayer's parent company having already established a significant online player base in the region through its Fugelman and Pilotman game playing and games' development platforms.
It is anticipated by the directors that CasaPayer will be launched locally in Hong Kong in the last quarter of this year and rolled out across the region in the following year although it is not expected that significant revenues will be generated for MoneySwap under the agreement with CasaPayer or under QuickPayIT in the immediate future. The initial term of the agreement between the MoneySwap and CasaPayer is for five years.
Richard Proksa, Chief Executive Officer of Moneyswap, commented: "We are pleased to be able to confirm the anticipated launch of QuickPayIT within the deadline we had set ourselves and look forward to developing QuickPayIT as the payment solution of choice across a range of key markets in the Asia Pacific region."
At 11:01am: [LON:SWAP] share price was +0.01p at 2.88p
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