NEW YORK, Feb. 18, 2021
NEW YORK, Feb. 18, 2021 /PRNewswire/ -- The financial industry is rapidly becoming more and more reliant on new technology. With the emergence of online platforms, digital payment solutions have rapidly evolved throughout recent years. Typically, most payment providers look to advance their systems to send or receive funds quicker while providing top-line security. Most payment solution providers also offer a variety of features which include new currencies, mobile payment apps, HTML payment buttons, and even security technology. Real-time payments are a type of digital payment solution that allows for the quick transfer of funds through a secured payment gateway. The technological infrastructure that real-time payments are built on allows for immediate transfers between a consumer and a vendor. And, according to data presented by Finaria.it, the global digital payments industry is expected to hit a value of USD 6.6 Trillion in 2021, a 40% increase in two years. XTM, Inc. (CSE: PAID) (OTC: XTMIF), Synchrony Financial (NYSE: SYF), Global Payments Inc. (NYSE: GPN), StoneCo Ltd. (NASDAQ: STNE), PayPal Holdings, Inc. (NASDAQ: PYPL).
The fintech industry has been propagating for years, but its expansion rate grew dramatically due to the pandemic. According to a report by Forbes, "Many organizations realized they lacked the visibility, flexibility, and agility they needed to adjust to the new remote, work-from-home model. With no one going to go to the office to physically collect checks or reconcile payments, companies suddenly had to urgently and quickly implement a digital payments transformation."
XTM, Inc. (CSE: PAID) (OTC: XTMIF) announced yesterday breaking news that, "it has signed a Letter of Intent ("LOI") with Harlo Entertainment ("HARLO"), one of the largest hospitality and entertainment groups in North America.
Harlo Entertainment has in excess of $250M in assets under management with a focus on investments in the hospitality, entertainment, lifestyle, and technology industries. As part of the terms of the LOI, XTM will work with Harlo to roll-out its hospitality-focused Today mobile app and payout solution to meet the requirements of all of its Harlo Entertainment properties http://www.harloentertainment.com/investments.
'We look forward to working with this innovative fintech company XTM, to provide our employees with instant access to their earnings with a free and elegant user experience,' commented Mike Kimel, Chairman and Co-Founder, Harlo Entertainment. 'The hard-working employees of our companies are the life blood of our business. We are committed to empowering them with tools that create a fair work environment and financial inclusion for the benefit of all.'
'Harlo Entertainment represents top-shelf brands that we are thrilled to add to our growing customer base,' said Marilyn Schaffer, CEO. 'This is a strategic partnership for a number of reasons; one that will grow into a significant opportunity for XTM. We believe we can deliver tremendous value to the Harlo team and we are further committed to serving-up some quick wins that will provide value additions for all.'
Synchrony Financial (NYSE: SYF) reported in November that it has expanded its financing platform with new digital capabilities that make it faster and easier for partners to leverage technology at the point of sale and grow their business. Synchrony Multisource Financing™ offers additional lending sources within the Synchrony Business Center enabling more consumer financing possibilities. Synchrony has also enhanced its patent-pending dApply capabilities to allow rapid integration of digital credit applications into a partner's business.
Global Payments Inc. (NYSE: GPN) announced on September 1st, that TSYS, its Issuer Solutions business, has renewed its agreement with Wells Fargo, the fourth largest bank in the U.S. "We continue to benefit from the flexibility and power of TSYS' innovative payments solutions, along with the support of Global Payments, as we look to further simplify, streamline and digitize the overall experience for our commercial card customers," said Mary Mazzochi, Senior Vice President and Manager, Commercial Card Product Suite, Wells Fargo. "We have had a great relationship with Wells Fargo for many years, and this agreement provides further validation of our market leading technologies, products and services for commercial payments that clients have come to expect from our company," said Gaylon Jowers, President, TSYS Issuer Solutions and Senior Executive Vice President, Global Payments.
StoneCo Ltd. (NASDAQ: STNE) announced on January 14th, that it has completed the issuance of R$580 million in FIDC ("Fundo de Investimento em Direitos Creditórios") quotas, raising R$493 million in third-party capital for its credit solution for SMBs in Brazil. This is an important milestone for Stone, which advances on its strategic roadmap to become a full financial platform for SMBs. This type of transaction will enable Stone to scale further its credit solution while limiting the credit risk exposure.
PayPal Holdings, Inc. (NASDAQ: PYPL) announced on December 9th, launched QR code payments in iZettle's point of sale app, allowing small businesses across the UK - from retailers to florists and cafes - to accept safe and secure touch-free payments from customers. The roll-out marks the first time UK merchants can accept PayPal QR Code payments in-store via a point of sale solution. "Small businesses need access to commerce tools that help them sell securely and meet their customers wherever they are – in-store, online and in-between." Jacob de Geer, Vice President of Small Business Products and iZettle, PayPal, comments. "By bringing together our best-in-class point of sale product with our new touch-free payment method we can help small businesses offer an innovative in-store payment experience while navigating this new normal."
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