Broad Consumer Access to Innovative Technologies Allows Digital Payments to Flourish

NEW YORK, June 6, 2019 /PRNewswire/ -- Following the rise of advanced technology, payment methods have changed monumentally as consumers are exposed to new digital alternatives to cash. Many consumers have adapted to the evolution of technology and have adopted digital payment solutions in order to pay for their purchases or to send monetary funds between one another. The first ever digital payment portal was introduced back in the 1990s, however, the early stages of these platforms were very difficult for users to navigate. The first platforms required specialized knowledge of data transfer protocols, which made it challenging to use, according to ePayments. Additionally, at the time, there were only a handful of platforms that consumers could choose from and providers only offered services such as micropayment systems and electronic alternatives to cash like e-money and digital cash. Nowadays, consumers can simply install an app on their smartphones or go on their computers to access a mobile banking platform. And most payment solution providers offer a variety of features which include new currencies, mobile payment apps, HTML payment buttons, and even security technology. Generally, the rise of the digital payments came into the spotlight once e-commerce began to take off. E-commerce became largely popular due to the fact that consumers could purchase products on their phones or computer from anywhere as opposed to stepping into a brick-and-mortar store. Now e-commerce sales are continuing to grow exponentially each year as consumers opt to shop online. According to eMarketer, global e-commerce sales totaled an estimated USD 2.8 Trillion in 2018. In 2019, total sales are expected to reach USD 3.5 Trillion, representing a 22% increase year-over-year. However, despite the substantial growth of the digital payments industry, consumer trends constantly change over the years. And now, consumers are beginning to demand faster and more secure platforms, prompting the acceleration of the real-time payments market. According to data compiled by Acumen Research and Consulting, the global real-time payment industry is expected to reach USD 40.2 Billion by the end of 2026 while witnessing a CAGR of 30.1%. Glance Technologies Inc. GLNNF GET, The Bank of New York Mellon Corporation BK, First Data Corporation FDC, Citizens Financial Group, Inc. CFG, Regions Financial Corporation RF

Real-time payment is a type of digital payment solution that allows for the quick transfer of funds through a secured payment gateway. The technological infrastructure real-time payments are built on allows for immediate transfers between a consumer and a vendor. Moreover, the technology also allows vendors and businesses to issue disbursements and refunds at a much faster rate. Additionally, real-time payment solutions are being adopted by various industries such as large e-commerce retailers, internet businesses, information technology companies, and the banking, financial services, and insurance (BFSI) industry. Overall, the improving accessibility and the rising acceptance of such solutions from corporations is further propelling the industry growth. Furthermore, the increasing proliferation of smartphones is expected to assist in driving the overall industry. And according to Transparency Market Research, the global smartphone market is expected to reach USD 1.50 Trillion by 2026 while the global smartphone volume is projected to reach 3.28 billion. However, the overall global smartphone industry faced a decline in 2018, largely due to the deceleration in cheaper smartphone models. On the other hand, premium smartphones that were priced USD 400 or more grew by 18% last year, according to Counterpoint Research. Premium smartphone manufacturers include major corporations such as Apple, Google, Samsung, and Huawei and most of their smartphones are built on a specific operating system such as Android or iOS. Notably, most operating systems offer their own variation of an app store where consumers can easily install a digital payment platform. Moreover, a small number of corporations manufacturers even offer their own payment platforms built into the smartphone. "Mobile payments have been gaining popularity, setting expectations for a bright future across the globe," said Viktoriya Trifonova, Insight Analyst at GlobalWebIndex. "Innovations in the mobile payments space are likely to continue as more countries worldwide develop single digital payments ecosystems. This holds large implications for driving growth in the fintech sector, with a high potential for disruption of traditional banking."

Glance Technologies Inc. GLNNF GET is also listed on the Canadian Securities Exchange under the ticker GET. Yesterday, the Company reported, "on the success of its Real-Time Bill™ feature.  Real-Time Bill™ enables users to view and self-pay their bill in real time directly from the Glance Pay® App. The app identifies the user's bill based on Quick Response (QR) codes or Near-field communication (NFC) tags at their table and integrates directly with the merchant's point of sale system.

Glance has now launched nine locations with Real-Time Bill™ and the results have been even better than expected. 'We are seeing a significant increase in the number of transactions processed through the Glance Pay® app at locations that have introduced Real-Time Bill™. In some cases we have seen increases of over 300% in the 30 days following the launch of Real-Time Bill™ as compared to the number of transactions processed in the 30 days prior using previous versions of our product" says CEO Desmond Griffin, "Customers appreciate not having to wait for a bill and the speed and convenience of paying with their phone, especially when they are in a hurry, or paying separately as part of a group.'

Carl McCreath, President, Steamworks Group of Companies had this to say about Real-Time Bill™: 'The increase in labour costs has been a very real problem for the restaurant industry. Glance has been a true partner to the Steamworks Group of Companies and has delivered through genuine service and innovation.  As we transitioned from Glance's PayByPhoto technology to Real Time Bill™, we have seen an even bigger increase in guest adoption, guest satisfaction and time savings for our servers.  Glance Pay® continues to make a positive impact on my bottom line'.

Glance's sales team is currently focused on converting more of its PayByPhoto locations to Real-Time Bill™ and signing up more customers for Real-Time Bill™.

More information about Glance Pay® can be found at: https://glancepay.com/restaurants-and-bars/

About Glance Technologies Inc: Glance Technologies is the owner of Glance Pay®, a smartphone application that enables merchants to provide their customers with quick secure payments, innovative ordering capabilities, digital rewards, and better experiences. Glance offers merchants targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging, custom rewards programs, digital receipts, and digital deals. For more information about Glance, please go to www.glance.tech."

For our latest "Buzz on the Street" Show featuring Glance Technologies Inc. recent corporate news, please head over to:  https://www.youtube.com/watch?v=17ryx_aF4AM

The Bank of New York Mellon Corporation BK is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. BNY Mellon and Bank of the West recently announced an agreement where BNY Mellon is providing Bank of the West extended capabilities to help deliver faster payments solutions for its commercial clients through connectivity to RTP® and Disbursements with Zelle®. Bank of the West plans to offer Account and Alias (email or mobile number) based RTP services for its commercial banking clients by leveraging BNY Mellon's immediate payments product suite. For Bank of the West, this collaboration enables the bank to maintain its competitive edge, demonstrate its commitment to innovation and position the bank to bring faster RTP to the market. As an Owner Bank of The Clearing House (TCH), Bank of the West is committed to launching RTP by next year. The bank is also an existing Zelle participant providing its retail clients value-added peer-to-peer services. Through this partnership, Bank of the West will now extend Zelle capabilities to its commercial clients offering them a convenient method for business to consumer disbursements. "This reseller agreement is part of our strategy to help banks accelerate payment innovation," said Tony Brady, Digital Platform Officer (DPO) for BNY Mellon's Treasury Services business. "In turn, banks can 'pay it forward' to their clients. It's part of the responsibility we take on as a leader in modernizing the global payment ecosystem."

First Data Corporation FDC is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and more than 3,700 financial institutions in more than 100 countries around the world. First Data recently unveiled Authorization Optimization, a digital commerce solution that drives efficiency and revenue by optimizing card-on-file transactions. The new solution applies intelligent transaction tools, including a robust rules engine and data science, helping merchants increase authorization rates for card-on-file transactions by as much as 10%. Authorization Optimization is designed for businesses with high volumes of digital payments. Examples include the burgeoning subscription economy, which relies heavily on recurring payments, and businesses like ride-sharing platforms that depend on customer-initiated digital transactions via stored payment information. "Nearly $15 billion in ecommerce revenue is missed annually, because merchants haven't had a reliable authorization optimization strategy," said Nandan Sheth, Head of Global Digital Commerce at First Data. "With our new Authorization Optimization solution, we're providing our enterprise clients with powerful back-end support, fueled by industry-leading data intelligence. This insightful intelligence is used to boost authorization rates, as well as helps merchants retain more customers through a deeper understanding of their portfolio."

Citizens Financial Group, Inc. CFG is one of the nation's oldest and largest financial institutions, with USD 161.3 Billion in assets as of March 31, 2019. Citizens Bank had recently announced that it is partnering with Priority Commercial Payments, a division of Alpharetta, GA-based Priority Technology Holdings, Inc., to offer a leading-edge business-to-business integrated payment service for its Commercial Banking clients. Citizens' new accessAP™ platform will automate the Accounts Payable process using multiple settlement types, such as virtual card, ACH, and dynamic discounting, and will deliver them to clients in a single payables experience. The easy-to-use web interface eliminates the need for costly, paper-based payments and drives electronic-based settlement options such as Commercial Card and ACH, which can offer revenue share from purchases which generate additional value for clients. Some key benefits for Commercial clients include improved A/P efficiency and control over payment timing; increased Days Payable Outstanding; optimized working capital; reduced fraud risk; increased cost savings; and additional card rebates – creating a new revenue stream. Some key benefits for clients' suppliers include improved cash flow; guaranteed payment; reduced Days Sales Outstanding; detailed remittance advice; and relief from PCI and regulatory requirements. "Our clients want to be able to accept and make payments using a range of payment types leveraging the latest technology to make these transactions seamless," said Michael Cummins, head of Treasury Solutions at Citizens Bank. "This is the latest in a series of significant investments we are making in our product offerings to advance Citizens' objective of becoming a best-in-class treasury management services provider."

Regions Financial Corporation RF, with USD 125 Billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. TSYS recently announced that it had signed a long-term contract extension with Regions Bank to continue providing processing services for the bank's consumer and small business credit card portfolios. As part of the new agreement, TSYS will also begin providing processing services for Regions' commercial credit card portfolio, and will support the bank's commercial ePayables offering through TSYS' Virtual Payment Precept (VPP) platform — a strategic virtual card payables solution for B2B payments. TSYS' VPP enables the generation of secure, virtual, single-use account information in real-time with more control over the account and transaction parameters. It reduces risk, improves operational efficiency and makes it easier for both accounts payable and accounts receivable to reconcile transactions. Virtual cards replace primary account numbers on physical purchasing cards, making them a flexible, secure payment method that allows businesses to place strict limits around what each virtual account number can be used for when making a purchase. "We have worked with TSYS for many years and are very familiar with the company's commitment to innovation and customer service, as we expand our relationship into the commercial card business," said Brett Couch, head of Regions Procurement and Corporate Real Estate. "We're excited to have new opportunities to grow that part of our business using TSYS' proven payables platform and drawing on their experience in the commercial card market."

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