New Payment Platforms May Eliminate Merchant Account Provider's Swipe Fees

New Payment Platforms May Eliminate Merchant Account Provider's Swipe Fees

FinancialNewsMedia.com News Commentary

PR Newswire

PALM BEACH, Florida, March 7, 2019

PALM BEACH, Florida, March 7, 2019 /PRNewswire/ -- A recent article on the Bloomberg website appears to have caught the attention of many investors. It was concerned with all the myriad of options on how consumers can pay for what they've bought. The old stand-by credit cards were followed by debit cards and now all sorts of apps and cryptocurrencies have and are entering the playing field every day! The article entitled: "Retailers Embrace Payment Apps to Sidestep $90 Billion in Swipe Fees" said: "Retailers have been trying for years to escape the clutches of the credit-card companies, which this year will levy more than $90 billion in swipe fees on an industry already struggling to navigate the shift online. Some believe the answer lies in payment apps. While shoppers have largely shunned mobile payments offered by third-party providers like Apple Inc., retailers are trying to persuade customers to embrace the technology by dangling discounts and other perks. Several chains, including Walmart Inc., Starbucks Corp. and Kohl's Corp., have had some success by baking the apps into their loyalty programs—and more than half of companies surveyed recently by the National Retail Federation said they've implemented "branded digital wallets" or are considering it.  Active Companies in the industry include NetCents Technology Inc. (CSE:NC) (OTC:NTTCF), Fiserv, Inc. (NASDAQ:FISV), PayPal Holdings, Inc. (NASDAQ: PYPL), Pareteum Corporation (NASDAQ: TEUM), HIVE Blockchain Technologies Ltd. (TSX-V: HIVE) (OTCQX: HVBTF).

Retailers are increasingly bypassing Visa and Mastercard by tapping into the Automated Clearing House network, which was set up by U.S. banks more than 40 years ago to replace checks and send money electronically between bank accounts around the country. Consumers and businesses now send nearly $50 trillion each year over the network, compared with the roughly $15 trillion sent over Visa's and Mastercard's networks.

NetCents Technology Inc. (CSE:NC) (OTCPK:NTTCF) (Frankfurt:26N) BREAKING NEWS:  NetCents Technology is pleased to announce that it has launched its Crypto Banking Stack (CBS), which are the rails that facilitate cryptocurrency accounts, transactions, and functionality into existing platforms for banks, financial institutions, and money service businesses (collectively "FIs").

The Company's Crypto Banking Stack will enable Financial Institutions to use their existing hardware and software to offer their clients access to a fully integrated cryptocurrency processing and transaction solution. The implementation will require only minor modifications to their legacy systems eliminating the need to develop and maintain their own in-house proprietary cryptocurrency processing technology. This allows for a low-cost crypto ready processing solution to be quickly implemented without the requirement for an extended and costly development cycle.

Once integrated through the CBS API, Financial Institutions will be able to offer their customers crypto banking services accessible via their current online bank profile. The crypto bank accounts will have the same functionality as standard checking and savings accounts. This includes the ability to add various crypto accounts/wallets, transfer, deposit, withdraw, make a payment, view transactions; and the ability to link their crypto bank account to their existing debit cards.

The Crypto Banking Stack will have the ability to provide account holders with the ability to convert and move balances between their crypto and fiat bank accounts. The cryptocurrencies which will be initially supported through the CBS are Bitcoin, Ether, Bitcoin Cash, and Litecoin. Read this and more news for NetCents athttps://www.financialnewsmedia.com/news-nc/   

Other recent developments in the tech industry include:

PayPal Holdings, Inc. (NASDAQ: PYPL), a Global technology platform and digital payments leader, recently announced fourth quarter and full year results for the period ended December 31, 2018.  In 2018 we set new benchmarks for the company for revenue, net new active accounts and engagement across our platform. We launched new products, strengthened existing relationships, and entered into new strategic partnerships with some of the biggest and most influential global brands in technology, retail, and finance. We greatly expanded our global reach, serving 267 million customer accounts, including 21 million merchant accounts. We believe 2019 will be another strong year for us, and we intend to build on our strengths to extend our leadership as the leading open digital payments platform." said Dan Schulman, President and CEO of PayPal.

Pareteum Corporation (NASDAQ: TEUM), a rapidly growing global cloud software communications platform company with a mission to connect every person and every(thing)™, this week announced twenty new customers have executed 3-year contracts during February 2019, valued at $30 million in the company's expanding 36-month contractual revenue backlog (36MCRB). These new customer transactions geographically span Europe, Middle East, Africa, US and Asia, and include software communications platform service offerings including those from the company's recent acquisitions of iPass and Artilium.  

Executive Chairman and Principal Executive Officer of Pareteum, Hal Turner commented: "These new customers have chosen Pareteum because we solve real problems and add immediate value to their operations.  This is our "Power of ONE TEUM" – by bringing together Pareteum, Artilium, and iPass, we are delivering innovative, easy to use products and services that are the leading edge of this industry. This is how we "reimagine communications" everyday.

HIVE Blockchain Technologies Ltd. (TSX-V: HIVE) (OTCQX: HVBTF) recently announced its results for the third quarter ended December 31, 2018. "The cryptocurrency ecosystem continues to undergo significant volatility amid continually evolving regulatory review and fluctuations in price," said Frank Holmes, Interim Executive Chairman of HIVE. "However, HIVE has remained committed to deploying infrastructure assets and diversifying our business mix to commence mining of new coins. We continue to accumulate Ethereum and Ethereum Classic and in the third quarter began adding Bitcoin to our coin inventory. In the quarter we more than doubled our mining capacity, negotiated improved financial terms with our largest partner and added an additional 100 Petahashes ("PH") of capacity at a significantly lower cost than prior deployments."

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, this week announced that HealthCare First Credit Union and Portland Local 8 Federal Credit Union will move from their current core processing providers to Fiserv to prepare for future institutional needs and member expectations. Both credit unions cited the Fiserv technology ecosystem and commitment to continued platform investment as key motivators in their decision to partner with Fiserv for ASP core processing and multiple integrated solutions, from online banking to bill payment to loan origination and accounting. Plans to enhance back-office efficiencies and simplify vendor relationships also played a large role in the institutions' decisions.

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