The Contactless Payments Market is Set to Grow Globally as Usage Increases

NEW YORK, November 8, 2018 /PRNewswire/ --

According to data compiled by TechSci Research, the global contactless payment market is projected to grow at a CAGR of 24% during the forecast period, from 2017 to 2022. The growth of the market is attributable to the increasing government initiatives for digital payment solutions, along with the rising number of mobile devices with internet capability. Many consumers are now opting to handle their transactions digitally, offering more convenience. Digital payment solutions also offer more security for users and the provider itself, allowing for safer and faster transactions. The large growth in the market is creditable to the retail market. The large growth in the market is creditable to the retail industry, which dominates the contactless payment solution market due to its increasing customer base and handling of large transaction volumes. Glance Technologies Inc. GLNNF, Square, Inc. SQ, PayPal Holdings, Inc. PYPL, Bank of America Corporation BAC, Overstock.com, Inc. OSTK

Banks are also playing a pivotal role within the payment solutions markets. Multiple banks are looking for, or already have integrated, a form of digital payment platform. Europe is largely leading the segment, as it is being mandated that every point of sale terminal has some form of contactless payment enabled. "Growing adoption of contactless payments solutions and services across various sectors is expected to grow immensely owing to its large benefits in terms of security, efficiency, convenience and time. Moreover, growing awareness among people about the contactless payment solutions would further steer the growth in contactless payment market across the globe in the coming years," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Glance Technologies Inc. GLNNF is also listed on the Canadian Securities Exchange under the ticker GET. Earlier today the company announced breaking news that, "it has officially launched Glance PayMe™, providing merchants with an unparalleled suite of payment options, including powerful anti-fraud technology and a robust loyalty rewards program - all managed via the merchant's own mobile device without the need of any extra hardware.

Available now to businesses, entrepreneurs and freelancers across North America, merchants across all industry verticals can get started with Glance PayMe™ immediately with a free download and a fast, easy setup using their iOS device of choice, enabling them to accept payments from Glance Pay users via:

• Quick Response ("QR") Code
• Bluetooth (automatically detecting nearby payments)
• Digital Invoices
• Pay by Photo

QR Code and Bluetooth payments provide merchants with extraordinarily fast, convenient and secure payment options from in-person customers, while digital invoicing enables merchants to keep digital records and accept payments from both in-person and remote customers. These payment options will be offered in addition to Glance's revolutionary payment-by-photo capability, giving merchants an unmatched set of payment options, as well as Glance's full array of features, including next-business day deposits, powerful anti-fraud technology, and a robust loyalty rewards program

Concurrently, the Company is launching a concerted digital marketing campaign across North America to promote Glance PayMe™ to merchants, freelancers and entrepreneurs, highlighting features including the app's full set of flexible methods to get paid on the spot, its built-in loyalty and rewards program, and its success in fighting fraud and chargebacks with Glance's signature security technology. According to the report "Freelancing in America: 2017" from Upwork, it is estimated that 57.3 million of Americans are freelancing (36 percent of the U.S. workforce) and contribute approximately $1.4 trillion annually to the economy, an increase of almost 30% since the previous year.

"We are proud to be providing the next step in the evolution of payment and reward systems, eliminating the need for clunky custom hardware like chip and PIN machines or outdated Point-of-Sale solutions thanks to our proven anti-fraud technology and versatile payment methods," says Desmond Griffin, CEO of Glance Technologies. "We are excited about the potential of a mobile POS system running solely on a user's existing mobile device."

"A significant emerging sector of the economy is made up of freelancers and small businesses, and their payment needs, until now, have not been met," says Sascha Williams, Glance Technologies COO. "The ability of Glance PayMe™ to deliver secure, low-fee processing for merchants without long delays in getting paid, makes Glance PayMe a mobile POS solution with wide appeal."

Following a period of successful beta testing, the Company has been receiving positive responses from users commenting on fast payments, next-day deposits of received funds and hearing first-hand how Glance PayMe™ fits their needs.

Glance notes that in China, popular mobile applications such as Alipay and WeChat, which support the ability to pay by QR Code like Glance PayMe™, have revolutionized commerce and mobile payment is now the predominant form of payment in China.

To learn more about Glance PayMe™ or to try it out for your business, visit http://www.glancepayme.com."

Square, Inc. 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. Yesterday the company reported third quarter of 2018. The company explained that they , "continued to drive strong revenue growth at scale.

Total net revenue was $882 million, up 51% year over year, and Adjusted Revenue was $431 million, up 68% year over year. Excluding the acquisitions of Weebly and Zesty, total net revenue and Adjusted Revenue grew 46% and 56% year over year, respectively, which represents an acceleration compared to the prior quarter. Gross Payment Volume (GPV) was $22.5 billion, up 29% year over year."

PayPal Holdings, Inc. PYPL, fueled by a fundamental belief that having access to financial services creates opportunity, is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. PayPal Holdings, Inc. recently announced that it has completed its acquisition of iZettle for approximately USD 2.2 Billion. This transaction builds on PayPal's strong set of products and services for small businesses and is intended to help accelerate growth and deliver a seamless commerce experience for merchants. iZettle, founded in Stockholm in 2010, is a financial technology company that revolutionized mobile payments with the world's first mini chip card reader and software for mobile devices. "We're thrilled to welcome the iZettle team to the PayPal family and are excited to expand the ways we serve our small business customers," said Bill Ready, Chief Operating Officer, PayPal. "iZettle brings a suite of products and services that allows merchants to meet their customers where they are - online, in store or via mobile. This is another step in our journey toward democratizing commerce tools to help businesses of all sizes thrive.

Bank of America Corporation BAC is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Recently, Bank of America Merrill Lynch was selected as the top financial innovator in North America by Global Finance, a monthly magazine for corporate leaders, bankers and investors. The publication also chose BofA Merrill's Intelligent Receivables as one of its 19 top financial innovations of the past year. The awards are part of Global Finance's The Innovators 2018 program. Intelligent Receivables is designed for large, complex companies seeking to reduce costs, decrease days-sales-outstanding, and improve cash forecasting and end-user experience. Clients who have used Intelligent Receivables have experienced up to three days' faster posting, with auto-posting rates up to 91 percent, compared to less than 20 percent for the majority of companies, according to industry data. The global solution is available to business clients in the United States, Canada, Mexico, Europe and several markets in the Asia Pacific region, and will launch in additional markets in the Asia Pacific region later this year. "BofAML is using artificial intelligence (AI) and incorporating it as part of its customer solutions," the magazine reads. "A product known as Intelligent Receivables is helping clients reconcile multiple payment channels. By combining AI, machine learning and optical character recognition, clients can improve straight-through reconciliation of incoming payments and post receivables significantly faster than before. Whether the technology is around blockchain, enhanced customer experiences or cybersecurity, the financial sector is trending toward faster, smarter and better systems that use AI and machine learning as the starting point."

Overstock.com, Inc. OSTK is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. Overstock.com, Inc. recently announced that its blockchain-meets-property rights subsidiary, Medici Land Governance, has signed its second Memorandum of Understanding (MOU) with an African nation to develop a blockchain-based platform to manage land governance and property rights. This latest MOU has been signed with the Rwanda Land Management and Use Authority (RLMUA) and the Rwanda Information Society Authority (RISA) to implement Medici Land Governance's technology to move Rwanda to a paperless, secure, corruption-proof, blockchain-based system of land governance. Plans for the full scope of the project include developing a blockchain-based platform with mobile capabilities, including payments. The platform will accommodate streamlined regulations and data collection to assist government decisions around city planning and land use. The MOU will be in force for one year and includes options for six-month extensions up to a duration of two years. "We are encouraged by the prospect of working with Rwanda, which clearly understands the value of establishing the rights of land ownership as an essential incentive for bolstering agricultural productivity and sustained investment for long-term economic growth," said Medici Land Governance Chief Executive Officer, Dr. Ali El Husseini. "At Medici Land Governance, we appreciate the clear objectives and strategic road map the Rwandan government has outlined toward economic empowerment. By using our expertise in blockchain, mobile apps, and other technologies, we can help Rwanda fulfill the goals of its major land reform efforts in standardizing land ownership on a digital, secure, user-friendly system that provides equal access for all people in a timely, responsive manner."

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia

Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com  

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For Glance Technologies Inc. financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com.

For further information:

Media Contact: info@financialbuzz.com

+1-877-601-1879

Url: http://www.FinancialBuzz.com

SOURCE FinancialBuzz.com