Under the agreement, Trunkbow is set to receive recurring revenue payments based on a percentage of monthly function fees and transactions processed using the MPS platform. Trunkbow and China Unicom plan to jointly market this MPS technology to retailers for phone-based payments at the point-of-sale, and to corporations, academic institutions and other organizations as a SAAS and enterprise automation tool for user authentication and internal payment capabilities.
The platform enables China Unicom's subscribers in Heilongjiang province to make purchases at retail locations using their mobile phones at the point-of-sale and will function as an electronic identification card for students and employees at schools and other locations that use the technology.
The implementation of the platform is set to begin in Q2 2012 and the services are expected to be launched in the second half of 2012.
In recent news, Trunkbow has extended its agreement with China Unicom with the deployment of a new terminal-based MPS platform in the Sichuan Province.
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