Mobile Payment Market Growth
According to Allied Market Research, the mobile payment market is expected to reach a market size of USD 4,574 Billion by 2023, while growing at a compound annual growth rate of 33.8%. The increase in penetration of smartphones and the growth in the mobile commerce industry are the main factors that drive the growth of the market. Smartphone penetration rates in Canada, Chinaand India have increased rapidly over the past few years due to the proliferation of 3G and 4G connectivity. Increasing use of mobile payments in e-commerce also drives the market. Mobile purchases accounted for 35% of overall e-commerce worldwide in 2016. Glance Technologies Inc. (OTC: GLNNF), Square Inc. (NYSE: SQ), Fiserv Inc. (NASDAQ: FISV), PayPal Holdings Inc. (NASDAQ: PYPL), Total System Services Inc. (NYSE: TSS)
From a transaction type perspective, the mobile payment market can be divided into short message service (SMS), near-field communication, and wireless application protocol (WAP). The SMS payment is the most popular mobile payment method as customers use it to buy food, drinks and for taxi service. Based on application, the market is divided into entertainment, energy & utilities, healthcare, retail, hospitality & transportation and others. Retail holds the largest shares in the market in 2016, while hospitality & transportation segment is expected to have the highest growth rate during the forecast years.
Glance Technologies Inc. (OTCQB: GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). On July 5th, the Company announced that it, “has added four new Vancouver locations to the Glance Pay network with the trial signing of Glance Pay at the Steamworks Group of Companies.
Glance Pay users can currently enjoy the app’s convenience, security and rewards at Rogue Kitchen & Wetbar Convention Centre and Gastown locations, with the additional Rogue location on West Broadway and its sister location, Steamworks Brewpub.
“We had previously tried out a mobile payments platform and we’ve been researching several of them as well, but Glance Pay stood out as the solution for us,” says Carl McCreath, President of Restaurant operations for Steamworks. “The chance to give our customers a leading-edge payment solution, while also enhancing our operational efficiency, that was a clear win for keeping ahead of the competition.”
For more than 20 years, Steamworks has been standing out from the pack thanks to both its innovative brewing and its elegant, enthralling dining experiences. Inspired by the historic steam heating system it discovered at its Gastown Steamworks Brewpub location, Steamworks built its name and reputation by unlocking the flavor of steam-powered brewing, creating its distinct, flavourful and award-winning taste in the process.
“At Glance, we are so proud of the amazing restaurant and merchant partners we have because it means giving our users more options for unbeatable dining and shopping experiences,” says Desmond Griffin, Chief Executive Officer of Glance Technologies. “Welcoming Rogue Kitchen & Wetbar and Steamworks Brewpub to our network means four more top-quality, traffic-heavy locations for our users to enjoy, and four more that can benefit from the operational advantages of Glance Pay mobile payments.”
The Glance Pay mobile payments platform has quickly become a leading choice for merchants in restaurants and retail (and more) thanks to its compelling competitive advantages in customer service and satisfaction. With approximately 500 signed locations across Canada and the United States, Glance Pay is a high-security platform offering exclusive deals and rewards for users, while rewarding merchants with faster, more flexible transactions, as well as new tools, insights and advantages.”
For more additional publications on Glance Technologies Inc. Please view here: https://business.financialpost.com/sponsored/business-sponsored/glance-technologies-set-to-disrupt-loyalty-program-universe-with-blockchain-based-rewards
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. Square’s point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financing; engage customers, and grow sales. In June, the Company announced updates to its second quarter and full year 2018 guidance to reflect the impact of its acquisition of Weebly, Inc. Square is raising its guidance for total net revenue and Adjusted Revenue to reflect the contribution from Weebly. Total net revenue reflects the impact of the deferred revenue adjustment related to the purchase accounting of the acquisition.
Fiserv Inc. (NASDAQ: FISV) is a leading global provider of financial services technology solution. Last month, the Company and VyStar Credit Union announced that VyStar has become the first Fiserv client to implement an enhanced mobile banking platform that includes new alerting and card control functionality for its debit card users. The VyStar Mobile Banking App, powered by Fiserv, now includes a companion Card Controls App integrated via a single sign-on (SSO). In the 90 days since VyStar updated its Mobile Banking App, more than 15,000 members have downloaded the new Card Controls App and registered their debit card. The feature that has proven most appealing is the ability to receive push alerts for transactions. Transaction approval rates remain high, and member reviews have been very favorable.
PayPal Holdings Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. Recently, the Company announced Uber and Venmo are partnering to deliver a seamless new payment experience available with Uber and Uber Eats. More than six Million payments on Venmo mentioned “Uber” in their description over the past year, making a seamless connection between the two apps a natural fit. Uber customers in the United States ordering rides and food will soon be able to pay with their Venmo balance, linked bank account, credit card or debit card so they can easily split the cost with friends and family in the Venmo app, for no additional fee. Users can also share their purchases in their Venmo feed with custom emojis that are exclusive to the partnership, with Uber as the first company to have a branded emoji in the app.
Total System Services Inc. (NYSE: TSS) is a leading global payments solutions provider serving issuers, merchants and consumers. Recently, the Company announced that it has acquired iMobile3, a provider of private-labeled, small business solutions within the payments industry. iMobile3 offers unique and customizable payment solutions including award-winning mobile and tablet point-of-sale products, integrated with value-added services. The iMobile3 Marketplace is a fully customizable suite of applications curated specifically for every partner. All partners and merchants have the ability to offer and utilize the value-added, revenue-driving solutions they want, such as digital marketing and business analytics. iMobile3 is a leading provider of products and valued added technology services to the payments industry.
