11:02 AM EDT, 11/01/2024 (MT Newswires) -- Fobi AI ( FOBIF ) on Friday provided a corporate update.

The company introduced a new payment processing feature within its event and ticketing platform, enabling it to generate revenue through merchant payment processing fees at 2.9% on the total transaction amount, along with a nominal service charge of $0.30 per transaction. The event and ticketing platform offers mobile wallet capabilities and Fobi AI ( FOBIF ) charges a $2.99 transaction fee and a $0.99 service fee.

The company is also embarking on a strategic restructuring of Qples.

"The acquisition of Qples was driven by the goal of integrating Fobi's wallet pass technology to revolutionize the traditional clip-and-print coupon promotion business model. This integration facilitates a transition toward emerging digital solutions, particularly within the 8112 digital coupon standard. While the adoption and rollout of the new 8112 industry standard have taken longer than we initially anticipated, we remain confident that Qples is well-positioned to capitalize on the inevitable industry shift," CEO Rob Anson said.

Fobi is also exploring Qples licensing opportunities to generate revenue and address Qples' current losses.

Fobi is up $0.005, to $0.04 on the TSX Venture Exchange.