Industry News

TMCNet:  Global Developments are Leading to a Greater Reliance on Mobile Transactions

[June 13, 2018]

Global Developments are Leading to a Greater Reliance on Mobile Transactions

NEW YORK, June 13, 2018 /PRNewswire/ --

According to a report published by Allied Market Research, the mobile-payments market is expected to reach a value of USD 3,388 Billion by 2022, while growing at a notable CAGR of 33.4% from 2016 to 2022. The report specifies that the rapidly increasing usage of smartphones in developing regions, growth in m-commerce industry and the need for fast and easy transactions are crucial factors that are driving the mobile-payment growth. Developing regions such as Asia-Pacific, the Middle East and Africa are showing strong support for adopting payment technologies as governments are initiating cashless economies. Glance Technologies Inc. (OTC: GLNNF), PayPal Holdings, Inc. (NASDAQ: PYPL), Square, Inc. (NYSE: SQ), USA Technologies, Inc. (NASDAQ: USAT), First Data Corporation (NYSE: FDC).

Cards and payments practice leader at consultancy firm Capgemini, Christophe Vergne explained to CNBC that, "Non-cash payments have increased in volume due to the rise in adoption of digital payment services across all market segments. Curiously, though the number of transactions continues to rise at a rapid rate, the average USD value per transaction has decreased slightly, as digital establishes itself as a growing rival to cash for low cost purchases."

Glance Technologies Inc. (OTCQB: GLNNF) also listed on the Canadian Securities Exchange under the Ticker (CSE: GET). Just earlier today the company announced that, "a contested vote by shareholders for the board of directors of Glance (the "Board") has delivered strong support for Glance's five nominees for the Board (the "Glance Nominees")."

"We want to thank all shareholders for voting, and for giving the board and management team a clear and unequivocal mandate," said Desmond Griffin, CEO of Glance. "We look forward to focusing all of our energy on advancing our strategy and delivering value for shareholders after the annual general meeting, when we will have put this unnecessary proxy contest behind us."

Vote analysis - Approximately 47 million shares were voted in support of Mr. Griffin, CEO of Glance. Approximately 29.5 million shares were voted in support of dissident shareholder Penny Green. After excluding shares held by Mr. Griffin and Angela Griffin, Glance's Chief Technology Officer, at April 20, 2018 (the "Record Date"), approximately 31.9 million shares were voted in support of Mr. Griffin. After excluding shares held by Ms. Green at the Record Date, approximately 14.4 million shares were voted in support of Ms. Green. On that basis, support for Mr. Griffin was approximately 2.2 times higher than support for Ms. Green…  

About Glance Technologies Inc. - Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to shop, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards and interact with merchants. Glance offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance has also recently purchased a blockchain solution and is working on a rewards-based cryptocurrency."

PayPal Holdings, Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. PayPal recently announced that it has agreed to acquire iZettle, the leading small business commerce platform in Europe and Latin America, for USD 2.2 Billion USD. The acquisition of iZettle significantly expands PayPal's in-store presence, strengthening the Company's platform to help millions of small businesses around the world grow and thrive in an omnichannel-retail environment. This acquisition brings together iZettle's in-store expertise, recognized brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation. "Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile," said PayPal President and CEO Dan Schulman. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies. In today's digital world, consumers want to be able to buy when, where and how they want. With nearly half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal's market opportunity to be a global one-stop solution for omnichannel commerce."

Square, Inc. (NYSE: SQ) creates tools that help sellers start, run, and grow their businesses. Square enables sellers to ccept card payments and provides reporting and analytics, next-day settlement, and chargeback protection. Square launched Square for Restaurants on May 8th, 2018, a fully integrated point of sale that matches the pace, complexity, and specific needs of today's restaurants. Square for Restaurants is the company's first solution built to serve full-service restaurants and it brings the speed and ease of use for which Square is known to all types of larger restaurants, bars, and lounges. Square will also integrate Caviar directly into Square for Restaurants, marking the very first time that restaurants will be able to benefit from the simplicity of a combined first-party ordering platform and point of sale. Square for Restaurants rounds out the company's vertical point-of-sale offerings, which include Square for Retail and Square Appointments for service-based businesses. With several vertical points of sale custom-built for sellers' needs, Square can offer more tailored solutions to each industry it serves. Like other vertical offerings, Square for Restaurants gives sellers integrated access to Square payments processing and its full ecosystem of products and services, including Payroll, Capital, and more. "Square for Restaurants offers everything you need to run a restaurant at full speed - with none of the distractions or pain points you don't want," said Alyssa Henry, Seller Lead at Square. "Now, we can serve larger restaurant customers, as well as grow with those who have been using Square services from the start. With Square for Restaurants, we've created a cohesive solution to help our sellers supercharge their entire restaurant business."

USA Technologies, Inc. (NASDAQ: USAT) is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. USA Technologies, a payment technology provider of cashless and mobile transactions in vending, kiosk, parking and other self-serve retail industries, recently announced that together with Ingenico, a player in seamless payment with 32 million terminals present in more than 170 countries, will be launching a combined cashless hardware and cashless payment services solution in the United States. With this combined offering, USAT said it plans on providing unattended retail operators the option of using Ingenico's payment hardware via USAT's cashless payment network. Merchants could gain access to automatic updates to payment software, settings, security and point-of-sale insight data through USAT's ePort Connect network with the ability to layer on services like consumer engagement, loyalty programs and payroll deduct. "By going to market with a leading global payment hardware provider, we are able to offer vending and other unattended retail merchants with the best-in-class payment solutions that accept new and emerging forms of payments like EMV, with USAT's ePort Connect suite of cashless payment, consumer engagement and loyalty services," said Michael Lawlor, chief services officer, USA Technologies, in the same release.

First Data Corporation (NYSE: FDC) is a global leader in commerce-enabling technology, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. First Data and Navient recently announced that the Company has reached a strategic agreement for First Data to become the primary provider of technology solutions for Navient's federal and private education loans. This agreement expands on First Data and Navient's longstanding partnership to support private student loans. As a part of the agreement, First Data will acquire Navient's student loan technology platform. Navient information technology talent who manage the platform will join First Data. This agreement will also position First Data as a major provider in the student loan technology market and allow First Data to further leverage its scale, technology, and deep experience on behalf of student borrowers. "We are delighted that Navient has chosen First Data as its partner. Student loan technology is a natural adjacency for First Data, and this agreement significantly expands our capabilities in this sector," said Andrew Gelb, executive vice president, head of Global Financial Solutions, First Data. "Navient's platform is well-proven, and we welcome the Navient employees joining our company."

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