NEW YORK, Oct. 6, 2020 /PRNewswire/ -- As consumer trends change overtime, many businesses have been forced to adapt accordingly. In recent years, one of the biggest demands in the consumer industry is more efficient payment systems. Traditionally, customers purchased products or goods at retail locations. However, with the rise of e-commerce, and now with the damage inflicted on retailers by the pandemic, online shopping has become highly popular among consumers. With the emergence of online platforms, digital payment solutions have rapidly evolved throughout recent years. Typically, most payment providers are advancing their systems to send or receive funds quicker while providing top-line security. Payment technology is also expected to continue its growth as providers look for different and more innovative approaches. Overall, the digital payment industry is expected to accelerate with the proliferation of smartphones and more initiatives being taken to implement payment systems, and to provide improved customer service at point-of-service terminals. In fact, mobile payments are quickly gaining prominence with the continued growth of online shopping. Coro Global Inc. (OTC: CGLO), PayPal Holdings, Inc. (NASDAQ: PYPL), Square, Inc. (NASDAQ: SQ), Bottomline Technologies (de), Inc. (NASDAQ: EPAY), Adyen N.V. (OTC: ADYEY)
The industry is mainly being fueled by the changing demographic trends across the world. Specifically, millennials are responsible for the broad adoption of digital payment solutions. As a generation that is heavily influenced by technology, their daily habits are intertwined around their phones, computers, and the internet. "What remains key is consumer choice. Smartphones have democratized how companies innovate and placed the consumer back at the heart of the development process. People want a frictionless experience, taking the path of least resistance, just as long as they can remain secure," said Bill Gajda, Global Head, Innovation & Strategic Partnerships at Visa. "Millennials will continue to drive mobile money management and payments. More than nine in ten (91%) predict that they will be using their mobile devices for financial purposes in three years' time, far above the national average of 72%."
Coro Global Inc. (OTCQB: CGLO) announced last month, "an alliance with Dillon Gage, the world leader in physical precious metals trading and technology, to support the operations of its mobile payment app CORO, which allows customers to easily exchange, send and save gold as well as U.S. dollars.
CORO customers can instantly exchange U.S. dollars for gold on the app, as well as save gold and send it to other CORO customers. Customers' gold accounts are matched by their equivalent in physical gold, which is audited and securely stored by the International Depository Services Group, a wholly-owned subsidiary of Dillon Gage.
CORO has just been released in the Apple App and Google Play stores to residents of Florida, Arizona, Arkansas, Alaska, Delaware, Idaho, Montana, Massachusetts, South Carolina, and Wisconsin. The company is planning to release CORO in additional U.S. states over the coming months.
'It's extremely important for our customers to know that the amount of gold they see on their screen represents a tangible amount of physical gold in an independent vault,' said J. Mark Goode, CEO of Coro Global Inc. 'Given today's economic uncertainty, we support the use of gold as money, which is physical, and historically resilient.'
The security of customers' personal data and their money has always been important to Coro and its partners. With more than 40 years of experience serving precious metals dealers, financial institutions, banks, and brokerage houses around the globe, International Depository Services Group is well positioned to insure, audit and verify all of the physical gold purchased by CORO customers.
'We believe that gold should be accessible to everyone,' said Mark Furmanek, COO of Dillon Gage. 'We're proud to bring our innovative experience to help support CORO's mission of democratizing access to gold.'"
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PayPal Holdings, Inc. (NASDAQ: PYPL) and Mastercard announced last month that they are continuing the global expansion of the popular PayPal Business Debit Mastercard. The debit card makes it easier for small businesses to have instant access to their PayPal funds and gives them unlimited 0.5% cash back1 on all their eligible spending. The PayPal Business Debit Mastercard is now available in five new European countries - Austria, France, Ireland, Italy and Spain - in addition to its existing availability in Germany, the United Kingdom and United States. Mastercard is the one of the most widely accepted cards in the world, meaning PayPal's business customers can now spend money held in their PayPal account at over 52 million Mastercard acceptance locations worldwide2. The debit card has no monthly fees, no foreign exchange fees and a flat ATM withdrawal charge of just €2 worldwide.
Square, Inc. (NASDAQ: SQ) reported last month the launch of two new features that enable Square Payroll customers and their employees to more easily and effectively manage their cash flow: On-Demand Pay for employees, and Instant Payments for employers. The new offerings, which leverage Square's Seller and Cash App ecosystems, represent a major milestone in providing employees and employers more flexibility and control over their money. "The traditional payroll process is slow and rigid, creating cash flow constraints for employees and businesses alike. This is even more pronounced now given the current economic conditions," said Caroline Hollis, GM of Square Payroll. "Because businesses still run payroll on a fixed schedule, employees are paid days or weeks after they've worked. We created On-Demand Pay for employees so they can access their earnings when they need them, as soon as their shift has ended. For employers, it can take up to four days for payroll funds to move from their bank account to their team. With Instant Payments, employers can now fund their payroll instantly, getting money to their team faster."
Bottomline Technologies (de), Inc. (NASDAQ: EPAY) announced back in August the launch of Pay Direct. This new Open Banking payment initiation service gives companies a more efficient and cost-effective way to receive online payment from customers. With the introduction of Open Banking, innovative financial applications are coming to market, and Bottomline's Pay Direct is one of them. As an alternative to the raft of payment methods available for making an online purchase, Pay Direct gives merchants and customers a new, convenient and pennywise way to pay and get paid. As an Open Banking payment initiation service, Pay Direct enables online businesses to receive funds directly from the payer's bank account via Faster Payments. Using Pay Direct, the payer initiates the payment from their trusted bank application whilst remaining in the business's online journey, ensuring a consistent brand and user experience. This way of processing an online payment offers an attractive alternative for merchants looking to reduce card fees, benefit from quicker settlement and improve reconciliation.
Adyen N.V. (OTC: ADYEY) announced earlier in September that it has been selected by Modernizing Medicine Retail Solutions, Inc., to offer point-of-sale (POS) and online payments on its platform, known as modmed® Pay. The Modernizing Medicine® group of companies is a health information technology leader providing integrated suites of solutions for specialty medical practices. President and COO Joe Harpaz of Modernizing Medicine stated: "As a provider of modern cloud platforms, we needed a payments platform that could fully integrate into our entire suite of cloud software offerings and scale with the size of our customer base. Adyen was the clear choice. As a tech company, they understand how to support mission critical healthcare platforms and support the different methods of payments integration our customers require. We are pleased with the support and technology, which has enabled us to deliver a seamlessly integrated payments experience for medical practices."
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