The Technological Advances in the Contactless Payments Market

NEW YORK, March 16, 2017 /PRNewswire/ --

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The contactless payment solutions industry has changed significantly over the years as technological advances have become more sophisticated and user friendly. The industry has gained a much wider customer base and according to a recent research by MarketsandMarkets, 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 forecasted period. Contactless payment solutions help organizations and individuals to ensure secure payments with increased convenience, while enhancing operational efficiency. Payment Data Systems, Inc. (NASDAQ: PYDS), PayPal Holdings Inc. (NASDAQ: PYPL), Visa Inc. (NYSE: V), MasterCard Inc. (NYSE: MA), Discover Financial Services (NYSE: DFS)

The report also indicates that due to the increasing integration of contactless payment technologies in smartphones, the demand for contactless payment solutions have grown tremendously across the globe. The contactless payment market is broadly used by many industries including, telecommunication, energy and utilities, transportation and logistics, healthcare, hospitality, and retail. The healthcare sector is the fastest-growing vertical in this market as hospitals are installing contactless readers for the convenience of doctors and patients.

Payment Data Systems, Inc. (NASDAQ: PYDS) integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. On March 13^th, the company announced that it has entered into a non-binding Letter of Intent to acquire Singular Payments, LLC.

Singular Payments is a Fintech payments provider that relies upon innovative technology to process payments for merchants in healthcare and other niche verticals nationwide. Singular is primarily focused on custom software integrations of their flat rate payment processing offerings and their proprietary, simple-to-use electronic bill presentment and payment (EBPP) platform which allows merchants to streamline the costly and labor intensive process of invoicing and collection. Singular's success in sales and marketing has occurred through its team's vast experience in the payments industry and its innovation in delivering a simple, flat rate pricing model which saves merchants both time and money when accepting credit and debit payments."

Louis Hoch, President and CEO of Payment Data Systems stated, "I believe this important acquisition will quickly accelerate the growth potential of our company and broaden our revenue streams. We intend to leverage the proven sales channel and technology that Vaden and his team have built to better position us for the future. We are thrilled to welcome Vaden and his team to the PDS family. We believe this transaction is in alignment with our growth strategy and should provide enhanced value to our shareholders."

Technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants, PayPal Holdings Inc. (NASDAQ: PYPL) has recently partnered with open source B2B e-commerce platform, Oro Inc. The two companies have created a fully-integrated payments solution that streamlines workflows for Oro's B2B clients so they can provide their customers a seamless way to pay for, track and receive goods and services. "Having been the market leader in B2C payments for more than a decade, we are now seeing a growing adoption rate of PayPal by B2B businesses," said Jason Smith, head of PayPal Global Channel Partners. "As the industry's first e-commerce platform built specifically for B2B companies, OroCommerce has both the expertise and resources we need to help us deliver greater value and provide better payment experience for our B2B merchants."

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. The company operates one of the world's most advanced processing networks, VisaNet, that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa's innovations enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products.

Technology company in the global payments industry, MasterCard Inc. (NYSE: MA) operates one of the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard allows user to make payments by creating a range of payment solutions and services through MasterCard, Maestro and Cirrus. The Company's consumer credit and charge offers a range of programs that enable issuers to provide consumers with cards allowing users to defer payment.

Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home equity loans, checking and savings accounts and certificates of deposit through its direct banking business. It operates the Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories.

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