Digital Payment Market Value Grows With the Rise of Blockchain and Cryptocurrency

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Sep 19, 2018, 09:00 ET

NEW YORK, September 19, 2018 /PRNewswire/ --

According to a report published by Mordor Intelligence, the global digital payments market is projected to grow at a compound annual growth rate (CAGR) of 14.1% between 2018 and 2023. Consumer buying behavior is changing as digital payments provide consumers faster, safer and more convenient payment solutions, including bank cards, net banking, e-wallets and mobile in-store application. The increasing adoption of digital payment applications in different sectors, like retail, transportation, entertainment and media, banking and financial sector, help drive the market growth. Additionally, the growing popularity of smartphones and e-commerce encourages more technologically-driven payment methods and digital currencies, such as Bitcoins. Glance Technologies Inc. (OTC: GLNNF), PayPal Holdings, Inc. (NASDAQ: PYPL), Tencent Holding Ltd. (OTC: TCEHY), Overstock.com, Inc. (NASDAQ: OSTK), Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM)

Data compiled by Transparency Market Research suggests that the global cryptocurrency market is expected to grow at a CAGR of 31.3% to reach USD 6.7 Billion by 2025. The widespread acceptance of cryptocurrency in the payment system is a notable factor that drives the growth of the market. The rise of cryptocurrency is transforming the payment systems, with the help of blockchain technology. The benefit of using cryptocurrency including faster settlement, lower settlement expenses and disintermediating currency exchange systems.

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, "an upcoming new feature that will empower Glance Pay users to pay with Bitcoin.

The new feature, Pay With Bitcoin, will enable Glance Pay users to pair their cryptocurrency wallet with their Glance Pay account, and then purchase Glance Dollars with Bitcoin. Glance Dollars represent a credit that can be spent instantly at participating merchants within the Glance Pay ecosystem.

"We are committed to being at the forefront of payment technology as part of our long-term growth strategy," says Glance Technologies CEO Desmond Griffin. "This feature allows Glance users to unlock the value of their crypto assets for use in their everyday lives while seamlessly opening up a new cutting-edge payment method for merchants."

Pay With Bitcoin marks an important step forward as Glance advances its blockchain infrastructure. Bitcoin is the world's pre-eminent cryptocurrency, however, one of the problems with Bitcoin payments are that transactions can take hours to complete. Glance's new feature will solve this problem by enabling lightning-fast payments.

Historically, one of the barriers to adoption of cryptocurrency payments by merchants has been the cryptic and complicated process of setting up cryptocurrency wallets and managing them. Glance will allow merchants to receive payments in fiat without requiring any knowledge of how to use cryptocurrency.

Desmond Griffin will be discussing Glance's mobile payments platforms, including the new Pay with Bitcoin feature and Glance PayMe^[^TM^], this week at the Extraordinary Future conference in Vancouver."

PayPal Holdings, Inc. (NASDAQ: 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 agreed to acquire iZettle, the leading small business commerce platform in Europe and Latin America, for USD 2.2 Billion. The acquisition of iZettle significantly expands PayPal's in-store presence, strengthening PayPal's platform to help millions of small businesses around the world grow and thrive in an omnichannel retail environment. This combination brings together iZettle's in-store expertise, recognized brand and digital marketing strength with PayPal's global scale, mobile and online payments leadership, and trusted brand reputation. "Small businesses are the engine of the global economy and we are continuing to expand our platform to help them compete and win online, in-store and via mobile," said PayPal President and Chief Executive Officer Dan Schulman. "iZettle and PayPal are a strategic fit, with a shared mission, values and culture-and complementary product offerings and geographies. In today's digital world, consumers want to be able to buy when, where and how they want. With nearly half a million merchants on their platform, Jacob de Geer and his team add best-in-class capabilities and talent that will expand PayPal's market opportunity to be a global one-stop solution for omnichannel commerce."

Tencent Holding Ltd. (OTC: TCEHY) uses technology to enrich the lives of Internet users. Tencent Holdings Limited recently announced the unaudited consolidated results for the second quarter and first half year of 2018 ended June 30^th, 2018. Revenues increased by 30% year-on-year, driven primarily by payment-related services, digital content subscriptions and sales, social and others advertising, and smartphone games. Revenues from the Company's other businesses increased by 81% to RMB 17,496 Million for the second quarter of 2018 on a year-on-year basis, primarily benefiting from growth at the Company's payment related and cloud services. Mr. Ma Huateng, Chairman and Chief Executive Officer of Tencent, said, "During the second quarter of 2018, we deepened user engagement with increased daily active users and time spent across our social, games and media platforms. On our Mini Program platform, which we view as complementary to native Apps, we have built up a sizable developer ecosystem, a substantial user base, and a wide range of use cases, which increasingly contribute to our payment, advertising, and cloud services. While our mobile game revenue was impacted by transient factors, we saw healthy growth in the number of people playing our mobile games each day in China and overseas. Our video subscription counts more than doubled year-on-year, maintaining our industry-leading position in China. Looking forward, we remain committed to investing in new technologies and creating innovative products to make our users' lives simpler and better."

Overstock.com, Inc. (NASDAQ: 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. Medici Ventures recently announced that its portfolio company Bitsy.com has commenced the limited beta launch of a digital wallet service that creates a simple, secure, and convenient bridge between traditional fiat currencies and cryptocurrencies. Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. "Bitsy sets a new standard for cryptocurrency wallets. It is a game-changer because it gives users the freedom that bitcoin has always promised," said Patrick Byrne, Chief Executive Officer and Founder of Overstock.com. "This new Bitsy wallet has extraordinary advantage in convenience versus anything currently on the market. In addition to setting a new standard for cryptocurrency wallets, integrating with Bitsy will allow Overstock to take the next step in its cryptocurrency journey by allowing the company to offer bitcoin for sale directly from the retail website."

Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM) is the world's largest dedicated semiconductor foundry, providing the industry's leading process technology and foundry's largest portfolio of process-proven libraries, IPs, design tools and reference flows. TSMC recently announced its consolidated revenue of NT 233.28 Billion, net income of NT 72.29 Billion, and diluted earnings per share of NT 2.79 (USD 0.47 per ADR unit) for the second quarter ended June 30^th, 2018. Year-over-year, second-quarter revenue, net income and diluted EPS all increased 9.1%. Compared to first quarter 2018, second quarter results represented a 6.0% decrease in revenue and a 19.5% decrease in net income. All figures were prepared in accordance with TIFRS on a consolidated basis. "Our second quarter business was mainly impacted by the mobile product seasonality, while the continuing strong demand from cryptocurrency mining and a more favorable currency exchange rate moderated the mobile softness," said Lora Ho, SVP and Chief Financial Officer of TSMC. "Moving into third quarter 2018, we anticipate our business will benefit from new product launches using TSMC 7-nanometer technology while cryptocurrency mining demand will decrease from second quarter. Based on our current business outlook, management expects the overall performance for third quarter 2018 to be as follows"

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