FinancialBuzz.com: Developments in the Payment Technology Market

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Mar 02, 2017, 08:50 ET

NEW YORK, March 2, 2017 /PRNewswire/ --

The contactless payment market is estimated to grow from USD 6.70 Billion in 2016 to USD 17.56 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period, according to a research by Markets and Markets. Contactless payment solutions help the organizations and individuals to ensure secure payments which increase the convenience, enhance the operational efficiency, and technology integration, and also create competitive differentiation in the rapidly evolving cashless society. The report indicates that with the "increasing integration of contactless payment technology in mobile handsets and smart phones, the demand for contactless payment solutions has grown tremendously across all the countries. During the forecast period, the market is expected to grow at a swift pace. Presently, Europe is the largest market for contactless payment solutions and services." Glance Technologies Inc. (OTC: GLNNF) (CSE: GET.CN), PayPal Holdings Inc. (NASDAQ: PYPL), Square Inc. (NYSE: SQ), The Western Union Company (NYSE: WU), Global Payments Inc. (NYSE: GPN)

By type, Transparency Market Research explains, the mobile payment technologies market is segmented into proximity payments and remote payments. The market for proximity payment technology is further cross-segmented into near field communication (NFC) and QR code payments. Whilst, the remote payment technology market is segmented into SMS-based, USSD/STK, direct operator billing (credit/debit cards) and digital wallets. The mobile payment technology market is segmented into money transfers & payments, travel and ticketing, airtime transfers & top-ups, merchandise and coupons, and others.

Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET.CN) describes itself as, "a streamlined payment system that allows customers to pay their restaurant bill instantly with their mobile device and that combines in app messaging with social media marketing. Glance Pay revolutionizes how smartphone users choose where to dine, settle their restaurant bills, access their payment records and interact with their favourite restaurants." Today the company just announced that it, "is pleased to announce its entry into the quick serve restaurant market through a unique and exciting innovation to its Glance Pay platform, opening up another massive market for its payment technology.

Quick serve restaurants within Canada, and soon to be available across North America, can now take advantage of the Glance Pay mobile payment solution which incorporates lightning fast mobile payment, automatic rewards, a real-time customer feedback system, and multiple in-app targeted marketing solutions.

Glance Pay's mobile payment solution has seen fantastic adoption in bringing fast and convenient payment directly to a consumer smartphone. Quick-service restaurants are geared to continue rapid growth as more consumers show preference for convenient dining that is lighter on the wallet and offers a greater variety of dining options and cuisine.

PayPal Holdings Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. The company's open digital payments platform gives PayPal's nearly 200 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. Through a combination of technological innovation and strategic partnerships, PayPal creates better ways to manage and move money, and offers choice and flexibility when sending payments, paying or getting paid. Available in more than 200 markets around the world, the PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.

Square Inc. (NYSE: SQ) announced the acquisition of OrderAhead's pickup business, a convenient service that allows anyone to save time and discover local restaurants by quickly ordering food for takeout straight from their phone. "OrderAhead's expertise in improving the restaurant ordering process for busy diners and businesses is a great fit for Caviar and our commitment to helping restaurants grow," said Gokul Rajaram, Caviar Lead at Square. "This addition will accelerate Caviar pickup and give more food ordering options to diners across the country." Square creates tools that help sellers of all sizes start, run, and grow their businesses.

The Western Union Company (NYSE: WU) is a leader in global payment services. Together with Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 550,000 agent locations in 200 countries and territories and over 100,000 ATMs and kiosks, and included the capability to send money to billions of accounts. In 2016, The Western Union Company completed 268 million consumer-to-consumer transactions worldwide, moving $80 billion of principal between consumers, and 523 million business payments.

Global Payments Inc. (NYSE: GPN) is a leading worldwide provider of payment technology services that delivers innovative solutions driven by customer needs globally. Global Payments technologies, partnerships and employee expertise enables the company to provide a broad range of products and services that allow their customers to accept all payment types across a variety of distribution channels in many markets around the world.

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