Mobile Payment Systems to Become More Popular Around the World
According to a research report published by Allied Market Research the mobile Payments market is expected to reach a value of $3,388 billion by 2022, growing at an impressive CAGR of 33.4% from 2016 to 2022. The report indicates that the rapidly increasing use of smartphones, growth in m-commerce industry, change in lifestyle, and the need for quick and easy transactions are crucial factors that drive the mobile payment growth. The Mobile payments through mobile wallets/bank cards are projected to register the growth rate during the forecast period, owing to the increase in incentivization given by the market players for payment done via wallet and card. Glance Technologies Inc. (OTC: GLNNF), Visa Inc. (NYSE: V), Fidelity National Information Services, Inc. (NYSE: FIS), Mastercard Inc. (NYSE: MA), American Express Company (NYSE: AXP)
A report from the United Nations Conference on Trade and Development (UNCTAD) predicts that mobile payments will overtake credit cards as a preferred way of purchasing. "The uptake of debit and credit cards as well as innovative online and mobile payment methods has grown over time. In 2014, credit and debit cards accounted for more than half of all e-commerce payments in value terms. However, their share is expected to drop to 46 per cent by 2019, as e-wallets and other alternative payment methods (such as mobile money) gain in importance."
Glance Technologies Inc. (OTCQB: GLNNF) also listed on the Canadian Stock Exchange under the Ticker 'GET'. Just announced breaking news this morning that it intends to create a new cryptocurrency whereby customers can earn cryptocurrency every time they pay with the Glance Pay app.
The Glance cryptocurrency may be used throughout the Glance Pay app and its affiliated applications, as well as outside of the Glance Pay platform. Users of the Glance Pay mobile payment app will earn the new cryptocurrency as rewards every time they spend on the Glance Pay mobile payment network, whether they have paid with the new cryptocurrency or via other payment methods. Glance believes this will support rapid adoption of the cryptocurrency to a broad range of consumers, and it will often be the first cryptocurrency Glance Pay users will have ever received or used.
"We believe that there is an enormous potential for cryptocurrencies to change the payments and rewards landscape," says Glance CTO Angela Griffin, "We are excited to leverage blockchain technology to disrupt the global payments industry with our proven mobile payment and anti-fraud technologies."
Glance is continuing to expand its development team and technical capabilities, which has been accelerated due its recent funding success. Glance currently has over $9.4 million in the bank. Glance Pay has previous added cryptocurrency experts Spiros Margaris (rated #10 blockchain influencer in the world, and #1 fintech influencer), Michael Vogel and Dominic Vogel to its advisory board as well as entering into an alliance with Netcoins Inc. Glance is investing resources to continue to expand its capabilities on this front."
Visa Inc. (NYSE: V) is the world's leader in digital payments. The company recently announced that Facebook has joined the Visa Digital Enablement Program (VDEP), which offers a commercial framework to make it easier for partners to access Visa's token services and other digital capabilities globally. Facebook will use the Visa Token Service to help accelerate the availability of secure, payment-enabled services through its digital properties. Over the last several years, Visa has developed a number of technology platforms and programs, including VDEP and Visa Token Service, to simplify the process for its partners and clients to bring innovative payment solutions to market. By joining VDEP, Facebook is able to offer its payments solutions to businesses, payments processors, and financial institutions that utilize the Visa Token Service in a convenient and scalable manner and without a complex set of contractual agreements or technology integrations, ultimately helping to accelerate the availability of payments and commerce-related services for people using Facebook around the world.
Fidelity National Information Services, Inc. (NYSE: FIS) is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. FIS employs more than 53,000 people worldwide and holds leadership positions in payment processing, financial software and banking solutions. On August 10, 2017, the company announced that Lowe's, one of the world's largest home improvement companies, has selected a prepaid payment solution from FIS to provide new levels of service and convenience to its professional customers. Lowe's new payment solution, Lowe's PreLoad, uses the FIS BizNOW prepaid solution to provide contractors, construction professionals and other businesses the ability to purchase job-site equipment and other necessities without the need for personal or corporate cards.
Mastercard Inc. (NYSE: MA) is a technology company in the global payments industry. The company operates the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Recently, the company announced that Standard Chartered Bank as the most recent major bank integrating the Mastercard Send service to broaden their cross-border payment services. Standard Chartered Bank joins a growing list of global financial institutions partnering with Mastercard to offer their customers a faster, more efficient and more cost-effective way to send money around the world. A first-of-its-kind push payments service, Mastercard Send helps banks modernize their cross-border services to drive an improved experience for consumer and corporate end-users.
American Express Company (NYSE: AXP) is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. On August 1, 2017, the company and MineralTree, an accounts payable (AP) and payment automation solution provider for growing companies, announced an integrated solution that brings efficiency to everyday accounts payable (AP) processes. The partnership provides organizations with an easy-to-use platform that incorporates their American Express® Corporate Card into their normal AP workflows¹. This enables organizations to streamline the supplier payment process while receiving the benefits of paying by Card, including earning statement credits or Membership Rewards® points, increasing working capital, and optimizing cash flow.
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