A Digital Currency For Shoppersby Fintech News Singapore October 13, 2017
Local fashion and lifestyle conglomerate iFashion Group launches MegaX , a new digital token for shoppers.
With electronic payments provider MC Payment as technology partner, MGX holders can make immediate purchases from partnering brands online or at brick-and-mortar stores. Supporting this partnership, MC Payment will provide its electronic wallet technology to facilitate payment transactions.
A 2016 Accenture report expects millennials in Asia to collectively possess USD6 trillion in disposable income by 2020. As mobile-first consumers drive an increasingly demanding market for products, MegaX enables retailers, regardless of scale, to develop omnichannel payment capability in the strive to deliver a seamless shopping experience across platforms. To engage the demographic that will drive the future of retail, MegaX speaks to the digital natives through their own language: technology.
“Ensuring success in the future retail space requires enterprises to fearlessly adopt new technologies. Rather than wrestling with meeting consumer demands and overcoming integration challenges, a bottom-up movement with millennials at heart, both online and offline, is the way forward. MegaX will serve as a symbol of visionary influence on the future of retail, bridging the disconnect between customer expectations and brand capabilities,”
said Jeremy Khoo, Group CEO, iFashion Group.
To avoid speculation in an already turbulent investment environment, MGX tokens derive value from being immediately spendable on retail products.
MGX holders will enjoy exclusive access and privileges within the MegaX retail network when paying with MGX, and have their very own online MGX-only mall slated for launch in Q4 2017.
iFashion Group boasts an established network of over 1400 independent brands, with a combined reach of 2 million consumers. Within the group, prominent names like Dressabelle, Megafash and INVADE undergird the MegaX movement, collectively offering some 100,000 retail products that can be purchased with MGX.
“MegaX fuses technology with retail to take a big step forward in payments processing. MC Payment is proud to be the technology partner behind this ground-breaking initiative by iFashion. The ecosystem will be a natural by-product from the aggregation of millennial individuals, driving desire for the products on sale, and fuelling demand for MGX. The nascent adoption of digital tokens in the retail space bodes a strong movement among millennials which will revolutionise the retail landscape,”
said Anthony Koh, Group CEO, MC Payment.
In line with the group strategy of retailer and user acquisition, Megafash has plans to accept only MGX as payment terms at their stores, forging a tripartite relationship between MegaX, retailer and consumer. MGX holders can also expect to use the token at INVADE’s next installation of Artbox Singapore, which garnered close to 600,000 attendees in its inaugural outing to Singapore. The retail group also has IPO plans in the 2018 pipeline.
The MGX sale commences on 17 October 2017,
Featured image via i-fashiongroup.com