Market Overview

Contactless Payment Popularity is on the Rise

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Contactless Payment Popularity is on the Rise

FinancialBuzz.com News Commentary

PR Newswire

NEW YORK, June 19, 2018 /PRNewswire/ -- According to data published by MarketsandMarkets, the contactless payment market size is expected to grow from USD 6.70 Billion in 2016 to USD 17.56 Billion by 2021, and at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period. The report specifies that major drivers for this market include a reduction in queuing and transaction time, increased convenience in making low-value payments, ease of technology integration with existing cards, increased average transaction value, better customer insights, improved service delivery and increased revenue opportunity. Glance Technologies Inc. (OTC:GLNNF), VeriFone Systems Inc (NYSE:PAY), Fiserv, Inc. (NASDAQ:FISV), Square, Inc. (NYSE:SQ), First Data Corporation (NYSE:FDC)

PayPal is an example of a company benefiting from the increasing popularity of contactless payments. The Wall Street Journal indicates that "Payment volume totaled USD 132 Billion, up nearly one-third from the same period a year ago. A fifth of that volume came from cross-border trade. PayPal Chief Executive Dan Schulman said on a conference call that around half of all active sellers on Alibaba Group Holding Ltd's AliExpress now accept PayPal and that merchants in India are able to offer PayPal as a payment option to consumers around the world."

Glance Technologies Inc. (OTCQB:GLNNF) also listed on the Canadian Securities Exchange under the Ticker (CSE:GET). Earlier today the company announced, "the publication of its Glance Coin Whitepaper (the "Whitepaper") which outlines its plans for a blockchain-based rewards platform utilizing smart contracts intended to enable merchants to reward, incentivize, and provide deals to their customers using a cryptocurrency token. These reward tokens are intended to allow users to accumulate rewards to spend when the user chooses within a larger decentralized platform.

"The Whitepaper is an essential step forward in our development of a blockchain platform for rewards and payments," said Desmond Griffin, Glance's Chief Executive Officer. "We hope that by rewarding Glance users with our token, we will enable everyday individuals to easily get involved in cryptocurrency and hopefully encourage widespread adoption."

For more information on Glance's plan for a new fiat/crypto currency payment and decentralized loyalty platform please read our full Whitepaper at: glancecoin.io  

Fully integrated and decentralized loyalty marketplace - In the Whitepaper, Glance describes its plan to develop a decentralized loyalty platform (the "Platform") that will be fully integrated with both the Glance Pay mobile payments platform and Glance's own crypto-token, GC.

The Platform will enable users of Glance's mobile payment solutions to easily, seamlessly and safely make and accept payments in fiat- and non-security crypto-tokens, engage with merchants on the network, and enjoy valuable rewards through programs tailored for the mutual benefit of merchants and consumers. For users of the Glance Pay mobile payments app, the Platform will provide frictionless payments and valuable rewards. Glance Pay users will be equipped with a set of digital wallets to manage their transactions. One wallet would be for use within the decentralized loyalty platform, while the other would be for use externally, empowering the user to hold, buy or sell cryptocurrencies while also offering fee-based token storage services. Glance believes blockchain and cryptocurrencies are fundamentally transformative technologies and represent significant opportunities for the early pioneers in this space. According to Coinschedule.com, over $3.7 billion USD was invested in cryptocurrency initial coin offerings in 2017. Glance believes the large influx of investment in these technologies should accelerate the advance of fundamental blockchain platform technology, applications and widespread adoption of the technology in the next few years. This announcement and the Whitepaper do not constitute an offer to sell securities, nor do they constitute a solicitation of offers to buy any securities by any person in any jurisdiction. Glance may amend, supplement or issue subsequent versions of the Whitepaper as development of Glance Coin progresses."

VeriFone Systems Inc (NYSE:PAY) is transforming everyday transactions into new and engaging opportunities for merchants and consumers at the last inch of payments and commerce. The Company announced it has implemented AES DUKPT with its end-to-end encryption solution, VeriShield Total Protect, its Engage family of payment devices, and Carbon 8 & 10. Co-designed by Verifone, AES DUKPT is a new security key management standard that was approved as an American National Standard in October 2017 by the Accredited Standards Committee X9. It incorporates the AES cryptographic algorithm to encrypt transaction data with greater security and processing speed than Triple Data Encryption Standard DUKPT the former standard that is widely deployed by the financial services industry. Joachim Vance, Verifone's Chief Security Architect and AES DUKPT co-designer said, "Cybercriminals are developing new, highly-innovative methods of attack at speeds that outpace the rapid, ongoing evolution underway in payments and commerce…supporting AES DUKPT at both the hardware- and software-level demonstrates 'crypto-agility' in our solutions—vastly strengthening the ability to protect merchants and customers' sensitive transaction data as security threats and standards change."

Fiserv, Inc. (NASDAQ:FISV) enables clients worldwide to create and deliver financial services experiences in step with the way people live and work today. Fiserv announced today that Dollar Bank will update its digital banking and payment capabilities with a focus on the customer experience. One of the first financial institutions in the United States to offer online banking, Dollar Bank will build on its history of digital innovation with the implementation of Architect™ from Fiserv. The bank will also add integrated bill payment, person-to-person payment, and money transfer capabilities. "The ability to deliver a customized digital experience was an important consideration for us. We currently have a proprietary digital banking platform, and with Fiserv technology we will continue to have that flexibility and ability to differentiate. Our goal is to be as close to state of the art as possible," said Joseph Toth, Executive Vice President and Chief Operating Officer, Dollar Bank.

Square, Inc. (NYSE: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. The Company recently launched Square for Restaurants, a fully integrated point of sale that matches the pace, complexity, and specific needs of today's restaurants. Square for Restaurants is Square's most sophisticated software solution yet, enabling fast, accurate operations for both the front and back of the house. It's cloud-based and customizable for however a restaurant is run, letting managers easily update menus and floor layouts remotely across multiple terminals and locations. Businesses using Caviar and Square for Restaurants will also be able to see delivery and pickup orders directly within their point of sale — speeding up operations, reducing incorrect orders, eliminating the clutter of excess tablets, and giving restaurants an omnichannel view of their sales and diner base. Square for Restaurants rounds out the company's vertical point-of-sale offerings, which include Square for Retail and Square Appointments for service-based businesses.

First Data Corporation (NYSE:FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and 4,000 financial institutions in more than 100 countries around the world. The Company announced late last year the successful completion of its acquisition of BluePay Holdings, Inc. from BluePay's current owners including TA Associates and BluePay management. BluePay is a provider of technology-enabled payment processing for merchants in the U.S. and Canada and was one of First Data's largest distribution partners with a strong focus on software-enabled payments and Card-Not-Present transactions. It processes approximately USD 19 Billion of annual sales volume for more than 77,000 merchants and is integrated into more than 450 software platforms. BluePay offers software integration solutions that complement those offered through First Data's CardConnect business. "The addition of BluePay's integrated Card-Not-Present solutions to CardConnect's cutting-edge ISV product suite affords First Data a unique and comprehensive offering in the high-growth integrated payments space," said First Data Chairman and CEO, Frank Bisignano. "Importantly, this acquisition will also allow us to enhance our service offerings to our JV alliances and other distribution partners."

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