Canadian fin-tech disruptor, Konnect Mobile Communications Inc. (“Konnect” or the “Company”), announces entering into a distribution, marketing and implementation agreement (the “Agreement”) with a convenience store marketing agency (the “Agency”), based in the United States with access to over 90,000 brick-and-mortar retail stores.
The Agency reaches up to 90,000 brick-and-mortar merchant retailers who collectively experience more than 63 Million visits per day and process an estimated $270 Billion USD in annual sales.The Agreement contemplates the roll out of the PaySocial App (“PaySocial” or the APP) through these merchant stores with an initial phase-1 90-day Pilot that is scheduled to launch in the near term and will cover approximately 1,000 store locations in the United States.
The 90-day pilot will allow for data collection and analysis in preparation for the next phase. The plan for phase-2 will be to roll out an additional 34,000 stores for a total of 35,000 on-boarded stores in year 1. Depending on a number of factors including, but not limited to, user adoption, spending per user and license availability, the Company may choose to continue deployment of PaySocial through the remaining network of stores over the following 24 months. Konnect is currently in active negotiations to acquire or partner with existing money service business(MSB) license holders or operating entities in the United States.
“We are excited to launch PaySocial into the ripe US market as the technology has arrived, where we can offer free money transfers, remittances, and bill payments in exchange for watching a short video advertisement” said Mr. Bill Coyle, founder and CEO of Konnect. Mr. Coyle continued on saying that “mobile money transfers and payments are not trends, but instead, a game changing 100 Trillion-dollar market.”
Mr. Richard Groome, Executive Chairman of Konnect said that “the convenience store market is the absolute perfect vehicle to roll-out and on-board our target users, which account for approximately 215 Million potential users in the US alone.The merchant stores have great incentive to implement the PaySocial APP to the 63 million daily visitors their collective locations receive. Mr. Groome went on to say “our technology enables merchants to bring their transaction and processing costs to zero while offering them the ability to access PaySocial users for special promotions and social media advertising campaigns. Through geo targeting and artificial intelligence (“AI”), large retailers and manufacturers can increase their in-store traffic to turn over perishable, seasonal, and overstocked inventory.”
Konnect is a Canadian fin-tech that aims to disrupt the money transfer and payments space with its APP, PaySocial. The APP is targeted to the unbanked & underbanked, migrant workers, millennial's, generation Z and SME’s. PaySocial is a mobile eWallet that allows users to load and withdraw their account, make payments and money transfers. The APP will give users the option to send money and perform other transactions completely FREE in exchange for watching a short video advertisement. Users will also be presented with digital discounted gift cards targeted based on their purchasing power and AI monitored consumer behavior. Additionally, PaySocial will target unbanked and underbanked users, who deal primarily in cash, through the use of participating merchant retail locations that act as cash loading zones. Konnect (PaySocial) will be a fully reporting, KYC and AML compliant platform, following all laws and regulations. For more information, visit www.paysocialapp.com.
Founder and CEO - Konnect Mobile Communications Inc.
Executive Chairman - Konnect Mobile Communications Inc.
The information presented is not, and is not intended to be, an offer to sell or the solicitation of an offer to buy any security of Konnect. It does not constitute an offer, solicitation or sale of any securities of Konnect. It is not a prospectus or an offering memorandum.
Statements made are as of the date hereof; delivery of this document does not at any time create an implication that the information contained herein is accurate as of any date subsequent to today’s date. Konnect has not undertaken any independent verification of industry data, trends, or third-party information used herein.
Konnect, its subsidiaries, the directors, employees and agents cannot be held liable for the use of and reliance of the opinions, estimates, forecasts and findings in these documents.
PaySocial has not yet launched and is finalizing its approach to regulatory matters; operation of the platform is subject to regulatory approval.
This document contains forward looking information. These statements relate to future events and future performance. Forward-looking statements are based on the opinions and assumptions of management as of the date made and are subject to a variety of risks and other factors that could cause actual events/results to differ materially from these forward-looking statements.
Although management believes that the expectations are reasonable, there can be no assurance that such expectations will prove to be correct; these statements are no guarantee of future performance and involve known and unknown risks, uncertainties and other factors. We cannot guarantee future results, performance, or achievements and no representations are made that actual results achieved will be the same. Nothing herein can be assumed or predicted, and readers are strongly encouraged to learn more and seek independent advice before relying on any information presented. Konnect disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by applicable securities laws.
Konnect Mobile Communications Inc. for immediate distribution in Canada.