PALM BEACH, Fla., May 25, 2021 /PRNewswire/ -- Mobile payment services offer the customers an instant money transfer and a secured substitute for the cash-based transaction. The increasing availability of high-speed mobile data networks along with increasing adoption of smartphones is boosting the adoption of payment solutions. The digitalization of payment services and growing e-commerce businesses are contributing to the growing market trends. The digital generation, i.e. generation Z, is likely to create vast opportunities for the payment industry. The key players of market are offering rewards, redeem points, loyalty points, and among others to attract the customer for paying through mobile is likely to drive the market. Mobile payment is the preferred medium for paying or receiving payments, as it offers high-speed and hassle-free services. This in turn attracts all types of companies to offer their goods and services via mobile platform. Telecommunication providers, groceries, retailers are now gradually launching their mobile apps through which customers can shop online from anywhere. A report from Allied Market Research said that the global mobile payment market size was valued at $1.48 trillion in 2019, and is projected to reach $12.06 trillion by 2027, growing at a CAGR of 30.1% from 2020 to 2027. Active stocks in the markets this week include Square, Inc. (NYSE: SQ), Lynx Global Digital Finance Corporation (OTCPK: CNONF) (CSE: LYNX), Sea Limited (NYSE: SE), StoneCo Ltd. (NASDAQ: STNE), Silvergate Capital Corporation (NYSE: SI).
The Allied Market Research report added: "The mobile web payments segment is expected to garner a significant share during the forecast period. Mobile web payments mode of payment is the most popular and preferred method of making mobile payment as users only need a smartphone which drives the growth of the market in this segment. However, the near field communication segment is expected to witness growth at the highest rate during the forecast period, owing to varied features such as higher security, faster transaction processing and growing demand among the end users. Rise in penetration of smartphones across the globe and increase in the m-commerce industry in emerging countries are the major factors driving the growth of the market. In addition, upsurge in adoption of mobile payment services in emerging countries fuels the growth of the market. Furthermore, rising data breaches and security issues in Mobile Payment hampers the growth of the market. Furthermore, growth in usage of NFC, RFID and host card emulation technology in Mobile Payment and rise in demand for fast and hassle-free transaction services is expected to provide lucrative opportunity for the market."
Lynx Global Digital Finance Corporation (OTCPK: CNONF) (CSE: LYNX) BREAKING NEWS: Lynx Global integrates its Philippines, Singapore and Australia Operations into a unified payment platform - Lynx Global Digital Finance Corporation ("Lynx" or the "Company") is pleased to announce that it is taking the first key steps in creating a unified payments platform across Southeast Asia and Oceania by integrating the operations of companies in which it has recently acquired a controlling interest: Vasu International Payment Solutions Inc. ("Vasu"), Payright Pte. Ltd. ("Payright"), Arkin Technologies Pty. Ltd. ("Arkin"), and Direct Agent 5 ("DA5").
The DA5 digital wallet and mobile app will now be integrated into the product offerings of Arkin and Payright. The DA5 mobile app for Android and iOS offers a large suite of financial technology services to its users; these services range from sending and receiving funds, bill payment, and cash in and cash out at any of DA5's 2000+ locations in the Philippines. The DA5 app was designed with over 15 years of experience and historical remittance cash flow data in the local Philippine market, combined with a strong practical knowledge of what is required to digitize cash in the region to provide everyone access to the financial services they require for economic growth. By connecting to the DA5 mobile app, Arkin customers in Australia can easily send remittance payments to family in the Philippines in one single network. Additionally, DA5 is integrating to Right Choice Payments Pte. Ltd. ("Right Choice"), Payright's licensed Major Payment Institution partner in Singapore, which will further connect all of Lynx's operations into a single payment platform.
"This is a major building block in our strategy to construct a single digital payment platform that any business, local or international can connect to and access multiple payment options across multiple countries in the region," stated Mike Penner, President & CEO, Lynx. "By successfully linking the Philippines, Australia and Singapore together we will now be able to add new revenue streams in each of these markets, creating new growth opportunities"
Another example of the power of Lynx's strategy and technology layer is that the DA5 app will also be powering cryptocurrency transactions in Australia where Arkin is a licensed Cryptocurrency Exchange Services Provider. DA5 currently has an application with Banko Sentral Pilipinas (the central bank of the Philippines) for a Virtual Currency Exchange license which, if successful, will expand the Company's cryptocurrency services even more.
"In my 14 years of experience in financial technology and payments across Asia and the Middle East, I have not seen a solution that has the vision and capability to meet the local, regional and international requirements for digitizing finance like what is being achieved at DA5. We are excited to be able to deploy our resources, partnerships and family of operating companies to scaling this solution across the region," added Chris Aldaba, President, Asia, Lynx Global. CONTINUED… Read this full Press Release and more for Lynx Global at: https://www.financialnewsmedia.com/news-lynx
Other recent developments in the markets include:
Square, Inc. (NYSE: SQ) the globally trusted software, payments, and hardware solution for businesses of all sizes, recently launched in Ireland. Following a successful Early Access Programme, now all merchants and enterprises across Ireland can access Square's innovative ecosystem with the tools they need to start, run, grow, and adapt their businesses.
Brian Nolan from Gerard's Deli & Mingles Ice Cream, said: "We've been using Square's suite of products across channels for two of our locations and are now looking to roll this out for all 10 of our businesses in Ireland. Having a point-of-sale system with integrated payments and omnichannel solutions has revolutionised the way we're able to run our multi-location business, making it an easy and seamless process. We're pleased we were able to switch to Square during lockdown and feel much more confident in our ability to grow, ensuring we never miss a sale, as we look towards the future."
Ireland marks the first time Square has launched with a full stack of integrated business tools in a new market. Square's suite of products are designed to seamlessly work with each other to save businesses time and money, reduce inefficiencies from managing multiple systems, and help sellers grow their businesses in the future. Additionally, Square offers fair, transparent, and merchant-friendly pricing for business software and payment processing without requiring long-term contracts or extra fees. Square takes care of fraud prevention, dispute management, security, and compliance at no additional cost. Businesses can access their funds as soon as the next working day and only pay a transaction fee when they accept a card or mobile payment.
Sea Limited (NYSE: SE) recently announced its financial results for the first quarter ended March 31, 2021 - First Quarter 2021 Highlights Were: Group-Total GAAP revenue was US$1.8 billion, up 146.7% year-on-year; Total gross profit was US$645.4 million, up 212.1% year-on-year; and Total adjusted EBITDA was US$88.1 million compared to US$(69.9) million for the first quarter of 2020. -Digital Entertainment; Bookings were US$1.1 billion, up 117.4% year-on-year; Adjusted EBITDA was US$717.3 million, up 140.4% year-on-year; Adjusted EBITDA represented 64.4% of bookings for the first quarter of 2021, compared to 58.2% for the first quarter of 2020; GAAP revenue was US$781.3 million, up 111.4% year-on-year; Quarterly active users ("QAUs") reached 648.8 million, an increase of 61.4% year-on-year; Quarterly paying users grew by 123.5% year-on-year to 79.8 million, and represented 12.3% of QAUs for the first quarter compared to 8.9% for the same period in 2020; Average bookings per user were US$1.7, compared to US$1.3 for the first quarter of 2020; and Our self-developed global hit game, Free Fire, continued to be the highest grossing mobile game in Latin America, Southeast Asia and India for the first quarter of 2021, according to App Annie. Free Fire has maintained this leading position for the past seven consecutive quarters in Latin America and Southeast Asia, and two consecutive quarters in India. -E-commerce: GAAP revenue was US$922.3 million, up 250.4% year-on-year; GAAP revenue included US$715.9 million of GAAP marketplace revenue, up 285.0% year-on-year, and US$206.4 million of GAAP product revenue, up 167.1% year-on-year; Gross orders totaled 1.1 billion, an increase of 153.0% year-on-year; and Gross merchandise value ("GMV") was US$12.6 billion, an increase of 103.2% year-on-year.
StoneCo Ltd. (NASDAQ: STNE) a leading provider of financial technology solutions that empower merchants to conduct commerce seamlessly across multiple channels, recently announced that it has signed a definitive investment agreement with Banco Inter (B3: BIDI3, BIDI4, BIDI11) ("Banco Inter"), a leading and fast-growing digital bank in Brazil.
Overview of Banco Inter - Banco Inter is a leading digital bank in Brazil, acting as a service platform aiming to simplify people's lives. Banco Inter has large user base (10.2 mm users as per March 31, 2021) and proven track record in product and services deployment, offering a complete suite of products and services to individuals (banking, marketplace, credit, insurance, investments).
Silvergate Capital Corporation (NYSE: SI) and its wholly-owned subsidiary, Silvergate Bank ("Bank"), recently announced financial results for the three months ended March 31, 2021. First Quarter 2021 Highlights Were: Net income for the quarter was $12.7 million, or $0.55 per diluted share, compared to net income of $9.1 million, or $0.47 per diluted share, for the fourth quarter of 2020, and net income of $4.4 million, or $0.23 per diluted share, for the first quarter of 2020; The Silvergate Exchange Network ("SEN") handled 166,772 transactions in the first quarter of 2021, an increase of 84%, compared to 90,763 transactions in the fourth quarter of 2020, and an increase of 431% compared to 31,405 transactions in the first quarter of 2020; The SEN handled $166.5 billion of U.S. dollar transfers in the first quarter of 2021, an increase of 181% compared to $59.2 billion in the fourth quarter of 2020, and an increase of 858% compared to $17.4 billion in the first quarter of 2020; Digital currency customer related fee income for the quarter was $7.1 million, compared to $3.8 million for the fourth quarter of 2020, and $1.7 million for the first quarter of 2020; Digital currency customers grew to 1,104 at March 31, 2021, compared to 969 at December 31, 2020, and 850 at March 31, 2020; Digital currency customer deposits grew by $1.8 billion to $6.8 billion as of March 31, 2021, compared to $5.0 billion as of December 31, 2020; and Completed two equity offerings, which resulted in the issuance of a total of 5,860,858 shares of Class A common stock for aggregate gross proceeds of $441.1 million and net proceeds of $423.5 million after deducting underwriting discounts and offering expenses.
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