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E-commerce Growth is Set to Expand the Mobile-wallet Market

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E-commerce Growth is Set to Expand the Mobile-wallet Market

FinancialBuzz.com News Commentary

PR Newswire

NEW YORK, August 24, 2018 /PRNewswire/ --

According to a report published by Zion Market Research, the global mobile-wallet market was valued at about USD 594 Billion in 2016 and is expected to reach 3,142.17 Billion by 2022 while growing at a compound annual growth rate (CAGR) of 32% during the forecast years. Mobile-wallet is a payment solution that allows anyone to send money and receive payment using a smartphone, tablet or smart watch. The increasing penetration of smartphones worldwide and rapid growth of e-commerce are expected to drive the growth of the mobile-wallet market. Mobile payments are now adopted by various businesses, as the technology helps reduce operation cost, augment safety from thefts and improve end-user satisfaction. Glance Technologies Inc. (OTC:GLNNF), PayPal Holdings Inc. (NASDAQ:PYPL), HSBC Holdings plc (NYSE:HSBC), Total System Services Inc. (NYSE:TSS), Worldpay Inc. (NYSE:WP)

Based on products, the mobile-wallet market can be segmented into near field communications (NFC) and remote payment. The remote mobile-wallet segment is expected to dominate the market due to its global payment availability. NFC products will have the fastest growth rate owing to the increasing penetration of NFC-enabled smartphones across all the regions. Based on application, the market is segmented into retail payments, vending machines, public transportation, restaurants and others. Increasing demand for online shopping is expected to drive the growth of retail payments segment.

Glance Technologies Inc. (OTCQB:GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE:GET). Yesterday, the Company announced breaking news that, "it is accepting select merchants for the trial of its upcoming beta release of Glance PayMe™, the new downloadable app for accepting payments in Glance's payment ecosystem. Information can be found on its newly launched Glance PayMe™ website at https://glancepayme.com/

The beta launch of Glance PayMe™ will be an important step as Glance refines its strategy towards targeting new market segments in the freelance or "gig" economy, in addition to its current merchant base within the "Full-Serve" & "Quick-Serve" restaurant sector.

According to the report "Freelancing in America: 2017" from Upwork, the most comprehensive measure of the U.S. independent workforce, it is estimated that 57.3 Million of Americans are freelancing (36% of the U.S. workforce) and contribute approximately USD 1.4 Trillion annually to the economy, an increase of almost 30% since the previous year.1

Glance PayMe™ will allow merchants to very quickly download an app to accept Credit Card and Visa/Mastercard Debit payments from Glance Pay users directly to their own mobile devices, with world-class built-in fraud-protection and loyalty rewards without the need for additional hardware. Once the Glance PayMe™ App passes the beta stage, Glance intends to progress to predominantly digital online sales, targeting markets in a number of geographies with minimal overhead.

'We are gearing up for a concerted sales and marketing campaign for Glance PayMe™' says Glance Technologies CEO Desmond Griffin, 'we are thrilled to begin introducing the world to Glance PayMe™ and believe that this will change our sales dynamics to allow us to take advantage of online marketing and help enable viral adoption.'

Upon full release, Glance PayMe™ will empower users and merchants - from retail and restaurants, to bookkeepers, website and app developers, part-time yoga instructors and freelancers of all kinds - to access a full suite of mobile payment solutions with no additional hardware required and a quick, simple setup process.

Glance will provide further updates on Glance PayMe™ as well as other exciting innovations that it has been working on throughout the remainder of 2018."

PayPal Holdings Inc. (NASDAQ:PYPL) 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 agreed to acquire Hyperwallet, a leading global payout platform, for USD 400 Million in cash, subject to certain adjustments. The acquisition of Hyperwallet enhances PayPal's payout capabilities, improving the Company's ability to provide an integrated suite of payment solutions to ecommerce platforms and marketplaces around the world. "Ecommerce platforms and marketplaces are leveling the retail playing field by connecting buyers who have specific needs with groups of sellers that can meet them," said Bill Ready, Chief Operating Officer, PayPal. "Merchants and service providers who use these platforms want quick, efficient, flexible and secure access to their earnings, whenever and wherever they need them. By acquiring Hyperwallet, we will strengthen our ability to provide an integrated end-to-end solution to help ecommerce platforms and marketplaces - however large or small - leverage world-class payout capabilities in over 200 markets."

HSBC Holdings plc (NYSE:HSBC), the parent company of HSBC Group, is headquartered in London. HSBC and ING Bank recently announced they have successfully executed a live trade finance transaction for international food and agriculture conglomerate Cargill, using R3's Corda scalable blockchain platform. The transaction demonstrates that blockchain as a solution to trade digitization, is commercially and operationally viable. Conventional exchanges for paper-based documentation related to letters of credit usually take between 5-10 days. This exchange was done in 24 hours. The Letter of Credit transaction was an end-to-end trade between a buyer and a seller and their respective banking partners, completed on a single shared application rather than multiple systems. "What this means for businesses is that trade finance transactions have been made simpler, faster, more transparent and more secure," said Vivek Ramachandran, HSBC's head of growth and innovation. "The need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous. The quick turnaround could mean unlocking liquidity for businesses."

Total System Services Inc. (NYSE:TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum - from issuer processing and merchant acquiring to prepaid program management. TSYS recently announced that it has signed an agreement with CreditShop LLC, a consumer finance company, to support its new credit card program. CreditShop recently introduced the new Mercury Mastercard to complement its existing personal loan products. In addition to card processing services, TSYS will also provide card production, fraud and risk management, and customer service support. "It's always exciting to provide innovative products and services to new customers looking to expand their businesses," said Allen Pettis, Executive Vice President and Chief Customer Officer, Issuer Solutions, TSYS. "With our experience in the credit card industry, and our reputation of outstanding customer service, we know that we can help CreditShop achieve their goal of providing better card products to underserved consumers."

Worldpay Inc. (NYSE:WP) is a leading payments technology company with unique capability to power global integrated omni-commerce. Worldpay Inc. announced recently announced that it has agreed to extend its exclusive relationship with CRS Texas for four years. The two companies, which have maintained a highly successful partnership over the past 10 years, are invested in continuing to strengthen their relationship and expand their reach. Building on what is already a powerful and vital foundation, the continued, exclusive partnership between Worldpay and CRS Texas will bring the winning hardware and software solutions to more merchant locations, ultimately enabling seamless purchases for consumers and steady growth for merchants. "We're excited to continue to partner with CRS Texas in the next stage of their growth and, with The CapStreet Group's interest and investment in CRS Texas, we see great things in the future," said Matt Downs, Head of Integrated Payments Channel Partnerships at Worldpay. "We believe that combining CRS Texas's innovative service and sales model with Worldpay's superior payment process products ensures winning outcomes for both parties."

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