Borqs Technologies (NASDAQ: BRQS) is down 2% after the embedded software and Internet of things (ioT0 products) announced an agreement with Zippie to develop IoT autonomous payment solutions. The company and the Singapore-based blockchain append payments platform firm, Zippie, will jointly create the solutions to serve the growing digital currency transactions demand. Zippie is a Web3.0 payments platform pioneer using blockchain tech.
Zippie allows sending and receiving programmable payments with cash and digital assets, including tokens, loyalty points, airtime, and gift cards.
Most importantly, Zippie is in the process of getting an e-money permit in the EU and other strategic regions. By the end of this year, its payment system will have connected around three billion bank accounts and 1.3 billion digital wallets. This expansion will be vital to Borqs, which will leverage the strategic partnership to advance its IoT solution. In addition, Borqs is also developing 5G products for hotspots and phones. With these developments, BRQS is worth watching in the coming months.
Market Reaction:
On Wednesday, BRQS stock fell 1.20% at $0.78 with more than 24.03 million shares, compared to its average volume of 11.17 million shares. The stock has moved within a range of $0.7780 – 0.9000 after opening the trade at $0.90.
