Growth of Digital Payment Market Attributed to Consumer Demand for Contactless Payment Methods

PALM BEACH, Fla., June 14, 2021 /PRNewswire/ -- One of the new industries that has gained during the pandemic is the digital payments market. Steady revenue growth of the digital payment market can be attributed to growing smartphone penetration and rising preference for m-commerce. Global smartphone penetration is predominantly surging every year, owing to its reduced pricing and increased trendy specifications that keep changing every year with better set of offerings for consumers each time. Easy access to Internet connectivity via smartphones has resulted in increased demand for m-commerce and digital payment by online customers. Also, the significance of m-commerce is strengthened by the fact that over 35% of the online customers visiting to popular e-commerce websites tend to use an app for their purchases instead of the web version. An increasing number of individuals have shown increased inclination to adopt digital payment options through smart devices, including smartphones and wearables. Digital payment options deliver convenient and faster payments as compared to cash payments.  According to a report from EMERGEN RESEARCH, The global digital payment market size is expected to reach USD 215.88 Billion at a steady CAGR of 13.3% in 2028.  Active stocks in the markets this week include Mastercard (NYSE: MA), Lynx Global Digital Finance Corporation (OTCPK: CNONF) (CSE: LYNX), Visa (NYSE: V), Fidelity National Information Services, Inc. (NYSE: FIS), Marqeta, Inc. (NASDAQ: MQ).

EMERGEN RESEARCH continued: "The swift and seamless checkout experience is a must from a customer's point of view. Digital payment gateway solutions provide seamless and fast checkout benefits to customers, thereby improving online shopping experience. According to a survey, about 40% of e-commerce customers do not make a purchase if they find a complex checkout option. Also, it has been found that impulse shoppers contribute to significant share of e-commerce sales, and thus offering an easy payment option will go a long way in boost e-commerce sales growth.  The growing adoption of enterprise digital wallets is closely related with increased focus on customer loyalty. Increased integration between loyalty programs and enterprise digital wallet allow large enterprises to analyze consumer spending behavior and buying preferences to market personalized offerings to customers. Also, better customer insights gathered from loyalty programs linked with digital wallets are beneficial in offsetting relative expenses associated with acquisition of new customers."

Lynx Global Digital Finance Corporation (OTCPK: CNONF) (CSE: LYNX) BREAKING N EWS : Lynx Global Announces DA5 Technology Integration with Telecom Giant PLDT Subsidiary PayMaya  – Lynx Global Digital Finance Corporation ("Lynx" or the "Company") today announces its subsidiary Direct Agent 5 Inc. ("DA5"), has launched a technology integration with PayMaya Philippines ("PayMaya"), a subsidiary of Voyager Innovations, the digital innovations company of PLDT and Smart.  As reported by FINTECHNEWS Philippines, "PLDT, a major telecom from the Philippines, alongside of KKR, a Global investment firm, Tencent, the China-based internet giant, and IFC, a member of the World Bank Group have acted as the principal investment group of Voyager Innovations ("Voyager")."

Since 2018, this investor group has invested $325 MM USD into Voyager to provide greater access to digital financial services across the Philippines through its financial technology arm, PayMaya. The funding of Voyager and is intended to support PayMaya as it pursues its mission to accelerate digital and financial inclusion in the Philippines and enable the wider Filipino population to participate in the digital economy.

 PayMaya was previously globally recognized as the World's Best Online Payments Solution at the 9th Emerging Payments Awards in London, UK.

Said Raymond Babst, CEO of DA5, "We are proud to have now partnered with PayMaya to offer to PayMaya and their huge customer base, the evolving services offered by way of the DA5 traditional, and digitally innovative set of payment solutions.  Together we now work towards our shared and mutual vision to provide seamless financial services and solutions to the majority of the Philippine populous that remains underbanked and underserved. This DA5 and PayMaya technology partnership now allows Filipinos throughout our Country of nearly 110M people to utilize DA5 directly to load funds to PayMaya."

These forms of joint initiatives are further in support of the goals of the Bangko Sentral ng Pilipinas ("The Philippines Central Bank"), to increase the share of digital payments to 50% of all retail transactions and expand financial inclusion to 70 percent of Filipino adults by 2023, as part of its recently released Digital Payments Transformation Roadmap 2020-2023.

As it relates specifically to the type of working relationship now shared between DA5 and PayMaya, stated Shailesh Baidwan, PayMaya President, at the inquirer.net. "This radical shift to cashless for the Philippines will only continue accelerating in 2021 as we offer more services and forge more enterprise partnerships that are relevant for many consumers."

PayMaya provides more than 35 million Filipinos with access to financial services through its consumer platforms. Customers can conveniently pay, add money, cash out, or remit through its over 250,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 39,000 partner agent touchpoints nationwide serves as last-mile digital financial hubs in communities, providing the unbanked and underserved with access to digital services. CONTINUED… Read this full Press Release and more for Lynx Global at: https://lynxglobal.io/ 

Other recent developments in the markets include:

Mastercard (NYSE: MA) recently announced it has completed its acquisition of Ekata, a leading provider of identity verification services that help businesses make more informed decisions during online account opening, payments and a variety of other digital interactions.

"We're delighted to welcome the Ekata team to Mastercard," said Ajay Bhalla, president, Cyber and Intelligence, Mastercard. "Our focus will now be on bringing our talented teams together and advancing our identity capabilities to create a safer, seamless way for consumers to prove who they say they are in the new digital economy. Central to all of this is the balance of a frictionless experience with the trust delivered through a relentless commitment to customer privacy, control and security."

Visa (NYSE: V) recently announced a global strategic partnership with Goldman Sachs Transaction Banking to help businesses – large to small – move money effortlessly around the world.

Through its implementation of Visa B2B Connect and Visa Direct Payouts solutions, Goldman Sachs will help its commercial and corporate banking clients simplify complexities and costs associated with existing systems and inefficient processes. These solutions will enhance Goldman's cross-border business-to-business (B2B) and business-to-consumer (B2C) payments program for high and low value payments. Goldman Sachs's corporate clients can move funds quickly and securely, have near real-time visibility into their payment status, obtain necessary reconciliation and compliance data, ultimately helping improve organizations' cash flow.

"There is an immediate need for modernization of global money movement to help businesses around the world simplify and enhance how they pay and get paid across borders," said Alan Koenigsberg, global head of new payment flows, Visa Business Solutions. "Visa's partnership with Goldman Sachs Transaction Banking is an important milestone in our efforts to break down traditional processes and silos and help spur innovation in this critical industry segment for the decades to come."

CEX.IO, a leading global cryptocurrency exchange, has selected financial technology leader Fidelity National Information Services, Inc. (NYSE: FIS) to provide card management and processing services for a new line of crypto-based consumer cards across Europe.

CEX.IO was looking for a proven technology platform to support its planned launch of debit cards for its cryptocurrency customers. The new line of consumer cards will tie traditional debit capabilities to modern cryptocurrency accounts, expanding our existing payment gateway and global acquiring relationship.

Marqeta, Inc. (NASDAQ: MQ) and Shakeplay, a Montreal-based financial technology platform that allows Canadians to buy and sell digital currency and pay their friends, announced recently that Shakeplay has partnered with Marqueta, the global modern card issuing platform, to power the launch of a new Visa prepaid card for Shakepay customers, issued by Marqeta's sponsoring financial institution Peoples Trust Company.

Shakepay was founded in 2015 and is a leading platform for buying and selling digital currencies in Canada. Shakepay reports facilitating more than $2 billion CAD in purchases and sales on its platform to date and serving more than 420,000 Canadians. According to Shakepay, it is one of the top 10 Canadian financial apps on Apple's App Store and has seen 10x year-over-year growth. Shakepay's multi-currency digital wallet allows its users to transact in Canadian dollars as well as Bitcoin and Ethereum and easily transfer balances and cash out. Its new prepaid card is a separate complementary product that will allow customers to spend Canadian dollars at physical and virtual merchants.

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