Numerous Perks Help Propagate Advanced Digital Payment Systems

Numerous Perks Help Propagate Advanced Digital Payment Systems

PR Newswire

NEW YORK, March 10, 2020 News Commentary

NEW YORK, March 10, 2020 /PRNewswire/ -- The advent of next-generation systems such as e-wallets and payment banks are projected to help accelerate the digital revolution in the payment, financial and banking services. In addition, various non-banking institutions are now focusing on leveraging innovative technology to improve user experience and provide better digital payment options. For example, non-banking institutions such as, Inc. and Alibaba are offering payment solutions and services to their customers. And among the tech trends that were very beneficial to digital payment sector are the Internet of Things (IoT), cloud computing, tokenization, biometrics, and ubiquitous connectivity, all of which are expected to shape the way consumers transact in the future. Based on the mode of payment, the market is further segmented into bank cards, digital currencies, digital wallets, net banking, Point of Sales (POS), and others. However, it is the POS segment which has dominated the market in recent years, owing to its high efficiency, ease of use, and increased accuracy. In response to the technological developments and to the demand for quick digital payment infrastructure, numerous countries around the world are now making progressive changes in their regulatory framework favoring digital economy. And the global digital payments market size is expected to reach USD 132.5 Billion by 2025 while registering a CAGR of 17.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. Perk Labs Inc. (OTC: PKLBF) (CSE: PERK), Alibaba Group Holding Limited (NYSE: BABA), Square, Inc. (NASDAQ: SQ), PayPal Holdings, Inc. (NASDAQ: PYPL), NCR Corporation (NYSE: NCR)

As for banking, the segment is continually transforming itself in response to new technology, regulation, and operating models. An important recent example is the rise of banking as a service (BaaS). According to a report by McKinsey & Company, using BaaS service providers - banks, insurers, money managers, payments specialists, and the like – gives the ability to connect to a cloud-based platform on which the end-to-end value chain for a banking product or service could be managed. For example, to avoid the upfront investment and lead time required to develop a proprietary lending solution, the bank can integrate a BaaS lending platform. "The digital bank can quickly integrate its applications with the platform operated by the BaaS provider via an API, which frees the bank to focus more time, energy, and resources on its partnership, marketing, and distribution strategy. Thus, the BaaS solution speeds time to market and limits technology development costs," McKinsey explains. The same principle applies for stores, and customers are responding positively. Blackhawk Network conducted new research to explore how U.S. consumers want to pay at POS to provide retailers with greater clarity on how to close the gap of digital and physical shopping experiences. According to the survey, seven in ten shoppers said they are interested in adding cash to an app or digital wallet while in-store.

Perk Labs Inc. (OTCQB: PKLBF) (CSE: PERK) is also listed on the Canadian Securities Exchange under the ticker (CSE: PERK). Earlier last week, the Company announced that, "Perk Hero has signed an agreement with Alipay to enable Alipay users to make payments on the Company's payment platform and will be harmonizing its QR codes to enable Alipay payment at Perk Hero merchants.

'This arrangement will appeal to Chinese visitors who would like to use Alipay as their preferred payment method while travelling and living abroad,' said the Company's CEO Jonathan Hoyles. 'It will also add value to our merchants, who will be better positioned to benefit from a massive, new base of Alipay users who represent increased foot traffic, spending power and revenue. It's a great win-win.'

'We are looking forward to enabling more of our valued users to use Alipay QR codes at Perk Hero merchants in Canada. This provides a familiar method of payment for Chinese users in Canada, connecting them with valued local merchants,' said Steve Yulei Wang, General Manager, Alipay, North America.

In 2013, Alipay overtook PayPal as the world's largest mobile payment platform, with 900 million Alipay users as of June 2019, many of whom are part of a rapidly growing Chinese middle class that enjoys shopping, dining out and visiting tourist attractions. This translates to millions of Chinese Alipay users visiting Canada and the U.S. each year as tourists, students and migrants.

In 2018, Destination Canada reported that China was Canada's largest source of tourist arrivals from the Asia-Pacific region, the second-largest long-haul market and largest for spend. Canada welcomed a record 737,000 Chinese tourists in 2018, surpassing the 700,000 mark for the first time, and doubling the number of annual travelers since 2013, with an average annual growth rate of 16%.

In the U.S., in 2018 there were 2.9 million visitors from China, according to the country's National Travel and Tourism Office. Experts say the tourism industry must do more to keep up with changing needs of Chinese travelers.

Chinese tourists - particularly younger ones - are increasingly planning trips using apps rather than booking tours through traditional agencies and they have also enthusiastically adopted smartphone-based payment systems. By the same token, statistics show older Chinese tourists drive mobile payments on holiday overseas. According to tourism experts, destinations should invest in these technologies now if they want to continue attracting Chinese tourists. (South China Morning Post)

'Alipay will help our merchants to leverage this new and ever expanding global marketing channel and Super App,' said Hoyles. 'Through Alipay, our merchants can market to Chinese tourists and visitors living abroad, boosting exposure of their businesses amongst Alipay's extensive user base.'

About Perk Labs: Perk Labs Inc. is the owner of Perk Hero, a digital loyalty management platform that enables merchants to provide their customers with digital rewards and a more engaging and convenient customer experience. For more information about Perk Labs, please visit

For our latest "Buzz on the Street" Show featuring Perk Labs Inc. recent corporate news, please head over to:

Alibaba Group Holding Limited (NYSE: BABA) announced back in February its financial results for the quarter ended December 31st, 2019. In the report, Alibaba revealed that its annual 11.11 Global Shopping Festival in the quarter was another record-breaking event, generating RMB268.4 billion (US$38.4 billion) in GMV (Gross Merchandise Volume) settled through Alipay on our retail marketplaces and consumer services platforms, up 26% year-over-year. During this year's festival, we continued to drive consumer value by offering savings and wider product assortment from high quality merchants. Alipay is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group. "We are leveraging our relationship with Ant Financial and other assets in the Alibaba Digital Economy to further benefit our local consumer services business. In the quarter ended December 31, 2019, acquired 48% of its new customers from the Alipay app," Alibaba reported.

Square, Inc. (NASDAQ: SQ) announced last month the availability of Square for Retail on Square Register, enabling the point-of-sale solution optimized specifically for retailers to run on Square's end-to-end, integrated POS built for larger sellers. This new offering provides access to everything a retail seller needs to run their business in one, easy-to-use solution. "Square for Retail on Register has been an absolute game changer and has saved our business a lot of time and effort," said Hannah Richtman, owner of The Break, a vintage clothing store based in Brooklyn, New York. "Square for Retail makes it easy to run our business from anywhere and we love the smart design of Square Register. Transactions are even smoother now because the buyer-facing display removes friction from the customer experience. Square has helped us put our best foot forward with our community, regardless of whether they shop in person or online"

PayPal Holdings, Inc. (NASDAQ: PYPL) announced back in January that it had completed its acquisition of Honey Science Corporation for approximately USD 4 Billion in cash. This transaction will transform the shopping experience for PayPal's consumers while increasing sales and customer engagement for its merchants. "We're thrilled to complete this transformative transaction and to welcome the Honey team to the PayPal family," said Dan Schulman, President and CEO of PayPal. "The addition of Honey to our platform enables a significant step forward in our commitment to provide powerful services and tools for merchants and consumers, move beyond our core checkout proposition and significantly enhance the shopping experience for our 300 million consumers and merchants." Honey Co-founders George Ruan and Ryan Hudson will continue to lead the Honey team as part of PayPal's global consumer product and technology organization, reporting to Senior Vice President John Kunze.

NCR Corporation (NYSE: NCR) announced earlier this year that it was named the largest point-of-sale (POS) software vendor in the world, according to the RBR Global POS Software 2019 study. POS software is a key element of NCR's next generation retail store architecture that supports a retailers' entire enterprise. NCR addresses the retail POS software market with two strategic products: NCR R10 Enterprise software, which is used by some of the largest retail brands in the world and NCR Emerald, which recently launched in the United States and targets national and regional retailers. NCR Emerald is a complete, cloud-enabled solution for grocery retailers offering software, payments and services on a subscription with out of the box integration with self-checkout and loyalty management. "As the retail sector evolves, so too does NCR's technology. We are committed to helping our customers be successful in today's digital-first environment," said David Wilkinson, Senior Vice President and General Manager of Global Retail at NCR Corporation. "Our market-leading solutions reduce complexity and costs for retailers, making it easier to run their operations so they can focus on growth."

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