The Mobile Payment Market is Set to Grow as Smartphone Penetration Increases
NEW YORK, September 28, 2018 /PRNewswire/ --
Data compiled by Allied Market Research has indicated that the mobile payment market was valued at USD 601 Billion in 2016 and is expected to hit USD 4,574 Billon by 2023. Mobile payments provide customers an easy and convenient shopping experience with the help of increasing penetration of smartphones and growing e-commerce industry. Based on the mode of transaction, the market is segmented into short message service (SMS), near-field communication and wireless application protocol (WAP). The SMS segment dominated the mobile payment industry in 2016 and is anticipated to grow at a rate of 33.5% during the forecast period. Glance Technologies Inc. (OTC: GLNNF), Square, Inc. (NYSE: SQ), Mastercard Incorporated (NYSE: MA), Visa Inc. (NYSE: V), Global Payments Inc. (NYSE: GPN)
The report also indicates that the Asia-Pacific mobile payment industry segment generated the highest revenue in the market in 2016 and is expected to grow at the fastest rate during the forecast period. Kalyani Sonawane, Research Analyst, ICT & Media at AMR, said: "The mobile payment market is in its maturity phase and is expected to grow at a CAGR of 33.8% during the forecast period. Increase is penetration of smartphones, growth in m-commerce industry, and rise in [sic] adoption of mobile payment in emerging economies drive the growth of the mobile payment market."
Glance Technologies Inc. (OTCQB: GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). Yesterday, the Company provided a, "corporate update on its recent activities including investor outreach, technology development, sales and marketing, and costs and controls.
Investor Outreach - Glance's CEO, Desmond Griffin, recently presented at three investor conferences: the MoneyShow in Toronto, ON, the Global Chinese Financial Forum in Markham, ON, and the Extraordinary Future conference in Vancouver, BC. The presentations at the conferences were well-received and the conferences provided excellent forums for the Company to directly interact with institutional investors, investment advisors, individual shareholders and potential partners. We received positive feedback from the investment community and interest from potential strategic partners. These events gave us the opportunity to listen to our shareholders and hear their requests for more frequent updates on the Company, specifically on our sales and marketing plans, as well as progress on technology development.
We received several inquiries from shareholders regarding the release from escrow of certain shares of the Company in early September, including shares owned directly and indirectly by the co-founders of the Company. While the Company has no access to trading activity of its shareholders other than what is publicly disclosed by insiders, Glance can confirm that insider filings show that Desmond Griffin is now the only shareholder that holds 10% or more of the shares of the Company and that Mr. Griffin has not sold shares in the Company in the past 10 months.
We also listened to shareholder concerns regarding rumours and apparent false information on internet chat boards. While the Company has a policy not to comment on rumours or speculation, we do remind shareholders that they should only trust information regarding the Company that is received through our official press releases and disclosure channels. With regards to ongoing and future investor relations activities, we currently have a video airing on BNN Bloomberg (which can be seen at this link) and we will soon be refreshing our Glance.Tech website to make it more investor-friendly. Mr. Griffin will also be presenting at the 19th Annual Global Chinese Financial Forum Conference in Vancouver on October 13, 2018. More details on this conference will be provided at a later date.
Technology Development - The Company recently announced product testing for its upcoming release of the Glance PayMeTM application, a downloadable merchant app, has commenced and a number of merchants have signed on for beta testing. We are extremely pleased with the progress we are making on Glance PayMeTM and very excited about the new payment capabilities such as pay by QR Code, Bluetooth (automatically detecting nearby payments), and digital invoice (for more information regarding Glance PayMeTM see this link). Glance continues to work towards the goal of going to market with Glance PayMeTM within the present fiscal quarter. We are also excited about other new features that our development team has been working on such as Pull the Bill, Order from Table, and Pay with Bitcoin, which we also plan to roll-out this fiscal quarter. We continue to work on integration of Glance Coin into our Glance Pay and Glance PayMeTM platforms.
Sales & Marketing - Sales and marketing efforts have been gearing up as we prepare for the roll-out of Glance PayMeTM and new features such as Pull the Bill, Order from Table, and Pay with Bitcoin. We recently hired new senior sales representatives in Vancouver and Toronto. Our sales team is focused on signing up large restaurant chains and high-volume busy urban restaurants concentrated in specific neighbourhoods that are frequently visited by consumers that fit the profile of our target market for users, which includes Millennials and Gen Z. Our marketing plans are focused on building brand awareness, increasing the number of user downloads of Glance Pay and the launch of Glace PayMeTM. Coinciding with the launch of Glance PayMeTM, Glance will target small to medium sized businesses including segments in the rapidly growing freelance or "gig" economy. Shareholders can expect to see more marketing and promotion of Glance to merchants and users through digital advertising, social media, influencers such as celebrity chefs and food bloggers, and traditional media such as transit ads and radio.
Costs and Controls - As previously disclosed, management has been in the process of reviewing and prioritizing its expenditures to improve efficiency. Significant changes have already been implemented to better utilize its cash resources going forward. Specifically, the Company has reduced costs related to external advisors and restructured our team to focus on the core technologies of Glance PayMeTM, Pull the Bill, Order from Table, and Glance Coin.
We thank our shareholders for their encouragement, patience and long-term outlook on our Company. We remain confident and excited about the tremendous opportunity in front of us as the revolution in mobile payments and blockchain unfolds. Glance will be providing further updates on the exciting innovations it has in development throughout the remainder of 2018."
Square, Inc. (NYSE: SQ) creates tools that help sellers start, run, and grow their businesses. Square enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. Square, Inc. is all about speed, and recently the Company announced that it has delivered on its promise of making EMV transactions even faster for business owners and buyers in the U.S. Sellers can now process chip cards in just two seconds on Square Reader for contactless and chip and Square Register. "Since chip cards arrived in the U.S., we have focused on making our chip reader fast for our sellers, and three seconds or more wasn't quick enough," said Jesse Dorogusker, Head of Hardware at Square. "Taking an EMV payment in as little as two seconds helps speed up the line for our sellers, gives time back to their customers, and reduces in-store fraud in the U.S. Square sellers don't need to compromise performance to reap the benefits of newer, more secure technology like EMV."
Mastercard Incorporated (NYSE: MA) is a technology company in the global payments industry. Accelya, the leading provider of financial, commercial and analytics solutions to the airline and travel industry, recently announced that it is partnering with Mastercard Payment Gateway Services to launch the Accelya Payment Gateway, a platform that offers global payment acceptance across a vast array of payment methods. Mastercard Payment Gateway Services provides advanced payment processing and fraud prevention technology to merchants, technology partners and acquirers. The Accelya Payment Gateway combines this expertise of Mastercard Payment Gateway Services with Accelya's airline know-how to create a fully scalable and reliable payment gateway that also keeps pace with emerging technologies like e-wallets and alternate forms of payment. Speaking on the occasion, Davide Messina, Senior Vice President, Payment Gateway Services, Europe, Mastercard Payment Gateway Services, said, "Mastercard Payment Gateway Services leverages a global infrastructure to provide reliable, safe and secure processing solutions for more than 3 billion transactions annually. By bringing together Mastercard's global gateway and innovative digital solutions with Accelya's experience and understanding of the airline industry, airline customers now have a one-stop payment solution."
Visa Inc. (NYSE: V) is the world's leader in digital payments. Recently, Visa announced a new relationship with New York Fashion Week: The Shows that will allow consumers to experience new ways to pay, including tapping to pay with contactless cards and devices, throughout the on-site experience at NFYW this September. This relationship serves as a platform to highlight the speed, convenience and security of contactless payments within an innovative retail environment. As the Official Payment Technology Partner of NYFW: The Shows, Visa's on-site activation will include the first ever contactless-enabled retail experience at The Shows, available only to consumers in attendance. This gives Visa an unprecedented opportunity to showcase contactless payments via on-site retail vending machines. "We are constantly exploring sponsorship opportunities to help us diversify our brand and reach new audiences, while delivering experiences that drive business priorities," said Mary Ann Reilly, Senior Vice President, North America Marketing, Visa. "We are excited to work closely with this property to bring our vision for a contactless payments future to life."
Global Payments Inc. (NYSE: GPN) is a leading worldwide provider of payment technology and software solutions delivering innovative services to its customer needs globally. Global Payments Inc. recently announced that Heartland, its U.S. payments and payroll business, has partnered with Ingenico Group to deliver an advanced terminal to enhance the consumer payment experience. This offering joins Heartland's technology and software with Ingenico Group's Desk/3500 terminal, the first of its Telium Tetra solutions newly certified in the U.S., and is designed specifically to meet the needs of SMB customers. The solution offers a seamless and enhanced payment experience for customers and is PCI PTS 4.x certified, exceeding the industry standard for transaction devices from the Payment Card Industry Security Standards Council. The device provides customers with an intuitive applications menu and compact design, making it easy to handle while providing a small footprint. A first for the Company's U.S. business, Heartland has developed the entirety of the software solutions in the smart terminal, including APIs and end-to-end encryption support to ensure that customer transaction data is always protected. Heartland stands behind the card data encryption technology on the Desk/3500 with the Heartland SecureTM Breach Warranty. Tony Capucille, President, Global Payments US. Payments and Payroll business said, "We know that improving the customer experience at the point of sale is an important objective for SMBs. As demonstrated by being the first to market with Desk/3500, Heartland has the best solutions available to SMBs to create lasting customer experiences."
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