NEW YORK, March 15, 2019
FinancialBuzz.com News Commentary
NEW YORK, March 15, 2019 /PRNewswire/ -- As consumer trends begin to change, many businesses are forced to adapt accordingly. One of the biggest demands in the consumer industry is more efficient payment systems. With the emergence of online platforms, digital payment solutions have rapidly evolved throughout recent years. Typically, most payment providers are advancing their systems to send or receive funds quicker while providing top-line security. Now, businesses that see heavy customer flow, such as retail, have begun transitioning into using digital systems. Payment technology is also expected to continue its growth as providers look for different and innovative approaches. And the digital payment industry is expected to accelerate with the proliferation of smartphones and more initiatives being taken to implement payment systems, as well as to provide improved customer service at point-of-service terminals. According to data compiled by MarketsAndMarkets research, the global digital payment market was valued at USD 38.00 Billion in 2018 and is projected to reach USD 86.76 Billion by 2023. Furthermore, the market is expected to exhibit a robust CAGR of 18% during the forecast period. Within the digital payments market, the solutions segment is expected to witness the largest growth and maintain its dominance. Digital payment solutions are also rapidly being propelled by the increase in customer-centric applications, expansion of the e-commerce industry, and increased focus on omnichannel payment mode. Glance Technologies Inc. (OTC: GLNNF) (CSE: GET), Square, Inc. (NYSE: SQ), First Data Corporation (NYSE: FDC), NCR Corporation (NYSE: NCR), EVO Payments, Inc. (NASDAQ: EVOP)
The industry is mainly being fueled by the changing demographic trends across the world. Specifically, millennials are responsible for the adoption of digital payment solutions. As a generation that is heavily influenced by technology, their daily habits are intertwined around their phones, computers, and the internet. According to Ikajo, a Netherlands-based payment provider, 98% of millennials or young adults between the ages of 18 and 34 have a smartphone and 97% of them are active on social media. The abundance of smartphones allows them to simply send a payment via their mobile device or a tap-to-pay method at physical stores. Ikajo also suggests that 65% of millennials have paid for products or services through their mobile devices, compared to 42% of the general population. As the technology continues to advance, new methods such as facial recognition and fingerprint scanners are being implemented payment solutions. "Over the next few years, we should see the digital payments industry become Millennial-friendly. It may result in quicker payments, simpler management, and enhanced client relationships," said Yuliia Mamonova, Business Development Specialist at Ikajo, "All in all, millennials are disrupting digital payments, and businesses have no choice but to evolve with them.
Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). Yesterday, the Company announced its, "upcoming Bar and Nightclub products. Glance plans to revolutionize the experience of ordering at bars and the paying of cover charges.
Anyone that has been to a bar or nightclub has experienced the frustration and pain of waiting in a mob of people surrounding a bar counter, trying to get to the front of the line, and then trying to get noticed by the bartenders. Bartenders often end up spending more of their time taking orders and dealing with payments than making drinks. Payment at a bar is often difficult and chaotic thus people commonly leave a credit card behind the bar to be charged at the end of the night; credit cards are often left behind and can be painful to recover for the customer. This can also result in bars experiencing significant chargebacks and fraud as there is no signature or PIN captured with the transaction.
"Glance has designed an elegant bar ordering and payment solution which enables bartenders to focus on providing the best service while making the experience fast, fair and easy for the customer," said Desmond Griffin Glance CEO, "With Glance's new feature set, customers will be able to skip the throng of people at the bar and enjoy time with their friends while they wait for their order without the stress of leaving their card behind."
In addition, at many establishments, the night begins for their customers by waiting in a long line to pay a cash cover charge to then get a stamp on their hand. Glance's upcoming cover charge feature accelerates and modernizes this process, enabling quick and easy cover charge payments, with tracking and upselling opportunities for establishments. These new products compliment Glance's previously announced Real-Time Bill and Order From Table features which are also applicable to bars.
Glance believes these new features will enable bars to get people into their establishments much quicker and can dramatically increase the volume of beverages that can be delivered with the same number of staff, while providing a much better experience to their customers. Glance has begun previewing this technology to bars and is very excited about the responses received to date. Glance expects to share more information about these new products in the near future.
About Glance Technologies Inc.: Glance Technologies is the owner of Glance Pay and Glance PayMe, a pair of complementary smartphone payment applications that enable merchants to provide their customers with quick secure payments, digital rewards, and better experiences. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging, custom rewards programs, digital receipts, and digital deals."
Square, Inc. (NYSE: SQ) revolutionized payments in 2009 with Square Reader, making it possible for anyone to accept card payments using a smartphone or a tablet computer. Recently, Square announced the launch of the Square In-App Payments Software Development Kit (SDK), enabling developers and sellers to process payments with Square within their consumer-facing mobile apps for the first time. With just a few lines of code, developers can easily and professionally build a fully PCI compliant, secure, and elegant Square-powered payments flow in their Android or iOS apps. With this SDK, developers leave the complexity of payments to Square and focus instead on providing a delightful buyer experience. The In-App Payments SDK is available for iOS, Android, and Flutter starting today in the United States, Canada, UK, Australia, and Japan. The SDK further establishes Square's omnichannel payments platform, making Square the only platform with first-party products that provide an end-to-end payments experience across in-person, web, and mobile app transactions. By using one platform for payments, developers and sellers minimize the complexity, security, and compliance of managing payments across channels. For sellers that also means a single, unified system for back-office reporting and the ability to see a holistic view of their buyers' behavior for easier customer service and loyalty. "With the introduction of in-app mobile payments to the Square platform, developers now have a complete, omnichannel payments solution for all their payment needs," said Carl Perry, Developer Lead at Square. "From software to hardware to services, Square offers a complete payments experience all in one cohesive open platform. Even better, developers and sellers can manage all their payments across in-store, mobile and online all in one place."
First Data Corporation (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and more than 3,700 financial institutions in more than 100 countries around the world. First Data recently announced that it will acquire Software Express, a Brazilian-based leader in EFT solutions. Founded in 1986, Software Express provides technology solutions to merchants of different sizes, including multi-acquirer EFT, multi-acquirer EFT POS, reconciliation, a payments gateway, and automated recurring payments, among other products. Software Express is a well-known EFT brand in Brazil, providing its solutions to more than 100,000 merchants. This acquisition will enhance the position of the two companies on several fronts, starting with becoming the combined leader in electronic payments transactions and supporting all sizes of retail clients, cards schemes, financial institutions and telecoms. Software Express will continue to independently support its clients under its brand. According to Gustavo Marin, Executive Vice President of First Data Latin America, the acquisition will be extremely positive for both companies. "This deal positions First Data as a provider of innovative and value-added solutions to retailers of all sizes, payments institutions and financial institutions. We will be able to expand the current Software Express portfolio within First Data's global platforms, and in 2019, the two companies expect to process more than 15 billion transactions in Brazil," said Gustavo.
NCR Corporation (NYSE: NCR) is a leading software- and services-led enterprise provider in the financial, retail, hospitality, telecom and technology industries. NCR Corporation recently announced newly integrated Equinox Luxe devices for NCR Connected Payments, a SaaS-based platform that provides a secure payment route for retailers, ensuring complete data and transmission security from PIN pad to processor. "NCR's Connected Payments, combined with the newly integrated Equinox Luxe devices, allows our Retail customers to interact with their consumers wherever they are – at the checkout, in aisles or on the move," said David Wilkinson, senior vice president and general manager Retail at NCR. "With our future-oriented Connected Payments solution retailers are able to make the best long-term technology and hardware investment decisions that align with and support their growth strategy."
EVO Payments, Inc. (NASDAQ: EVOP) is a leading payment technology and services provider. EVO Payments, Inc. recently announced that has formed a strategic relationship with Delego, a global leader in integrated payment solutions for merchants running SAP enterprise application software. Delego's cloud platform secures cardholder data and provides omnichannel payment integration with SAP, automating the order-to-cash process and dramatically reducing both PCI compliance efforts and enterprise security risk. With innovative e-commerce, accounts receivable and call center solutions, Delego enables best-in-class payments experiences across the enterprise. The relationship between EVO and Delego enables EVO to provide an SAP plugin to its B2B customers, thereby widening its integrated ERP offering. Furthermore, it brings together processing and B2B integration for both parties, simplifies B2B payments through the automation of receivables and streamlined payment workflow, and reduces costs. "We are excited about working with Delego and believe that together we have created a compelling integrated payments solution for the SAP market," said Brendan Tansill, EVO's President, North America. "Delego provides seamless integration between EVO and SAP and offers alternative payment and digital wallet enabling solutions that are differentiating in the SAP space."
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