Hong Kong-based electronic payment processing service company ePayWeb Asia has agreed to acquire 10% stake in the planned Allied Wallet (AW) Virtual Mall.
As per the deal, ePayWeb agreed to invest $100m in exchange for a 10% stake in the company.
The AW Virtual Mall is an online shopping experience which is expected to have over 3 million independent stores and over 1 billion shoppers per day in the next 48 months.
In addition to creating a new experience for online shoppers, the new online shopping mall will allow consumers to find required items available at the best prices by taking a picture of it.
Claimed to be the first of its kind, the AW Virtual Mall will enable users to find a product they are looking for, by uploading a photo of the item.
The AW Virtual Mall users can then select the best price, which is quoted by the store owners, and checkout safely and securely.
Allied Wallet founder and CEO Andy Khawaja boldly said: “E-commerce is projected to reach $3.5 trillion by 2019 and we’re on track to provide the most state-of-the-art shopping experience in the industry – like nothing anyone has ever seen.”
AW Virtual Mall said that the website provides complete social media experience for users to personalize their profile, communicate, and share.
Allied Wallet is a provider of e-commerce merchant services and online payment processing services.
