UK Payments start-up, now mobile commerce company Powa, released a video stating that despite a recent deal with China UnionPay the company was “basically pre-revenue”, a term that refers to a lack of sales. The CEO said in the video “As we go forward from here that revenue will start to flow in meaningful ways but right now it isn’t,”
When Powa was founded in 2007, it planned to develop a mobile payments system. More recently it has focused on its PowaTag product, a mobile platform that allows people to buy and order a product by photographing an image of it with their mobile phones. Mr Wagner has predicted that the business will be bigger than Google or Alibaba, the Chinese ecommerce group. “What we’re building here is the biggest tech company in living memory,” he told the Financial Times in April last year.