Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc. has entered into a service agreement with Empower Clinics Inc. (CSE:CBDT, OTCQB:EPWCF) to integrate its artificial Intelligence data applications and wallet pass platform into Empower’s Kai Care coronavirus (COVID-19) testing product.
The service agreement involves the integration of Fobi’s Wallet pass platform into the Kai Care COVID-19 testing product and back-end lab management system. It will create a much more secure and seamless next level of digital customer experience for not only COVID-19 tests, receiving results and providing verification of a negative COVID test, but for all other future testing applications as well.
As part of the Kai Care testing process, all customers will now have the ability to download a Kai Care Wallet pass directly into the native wallet in all Apple and Android mobile phones. The Kai Care pass will then be used for delivering test results directly to the mobile wallet in a safe and secure format.
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The Kai Care Wallet pass can also be used by Empower as a new customer engagement channel. User adoption and retention of Wallet passes are much higher than normal mobile phone Apps, and campaigns for additional Kai Labs tests or relevant third-party products or services can be pushed out to their customers through banner ads on the front of the Wallet pass, links on the back of the Wallet pass, or through push notifications to customer mobile phone lock screens.
This new engagement channel also opens up potentially new advertising and data monetization options for both Empower and Fobi. In particular, Empower can now use the Wallet pass to promote and monetize products such as its own new testing products and third-party products such as travel insurance.
Under the terms of the agreement, Fobi said it will receive revenue for each Wallet pass downloaded and Fobi and Empower will split the proceeds of any new advertising or data monetization revenue opportunities realized from this service agreement.
“Testing and vaccinations are becoming a pillar of everyday life as society continues its fight against COVID-19,” said Empower CEO Steven McAuley in a statement.
“I’m proud to deepen our relationship with Fobi and meet the massive demand for reliable, secure and easy COVID-19 testing results and verification sharing. By working together our companies are supporting a safe reopening for individuals, businesses, schools, and so much more.”
Empower is expecting additional distribution deals to be signed in the near future, which will increase the number of kits sold and customers worldwide, which management believes bodes well for revenue projections for both Empower and Fobi.
Fobi noted a recent report from Grandview Research showing that the COVID-19 Antigen Testing market will grow at a CAGR of 6.7% from 2021 and will reach US$8.3 million by 2027.
Fobi CEO Rob Anson added: “Powering the Kai Care Wallet pass and supporting Empower to leverage our artificial intelligence data applications clearly provides Empower Clinics and Kai Care with a clear product differentiator in the testing marketplace. There are other testing providers out there, but none of which offer real-time results delivered directly to the wallet.”
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