PALM BEACH, Florida, August 2, 2017 /PRNewswire/ --
The usage of mobile payments across the globe is growing at an impressive rate as industry leaders drastically improve technologies and consumers continue to embrace the convenience that different available platforms have to offer. Active tech companies in the industry include: Glance Technologies Inc. (OTC: GLNNF) (CSE: GET.CN), Alibaba Group Holding Limited (NYSE: BABA), PayPal Holdings Inc. (NASDAQ: PYPL), Global Payments Inc. (NYSE: GPN) and Square Inc. (NYSE: SQ).
Glance Technologies Inc. (OTCQB:GLNNF) (CSE:GET.CN) is pleased to announce a new version of Glance Pay Anywhere which allows users to initiate and send payments to merchants from anywhere. This new version, combined with its previously announced versions, now positions Glance Pay to be able to provide payment services that are similar to the ones exploding in China. Additionally, these features offer merchants similar capabilities to those that have been highly successful for companies like Square (market cap $10 Billion USD), but without requiring merchants to pay for custom hardware. Read this and more news for Glance Technologies at http://www.marketnewsupdates.com/news/glnnf.html.
According to a report released by the UN-based Better Than Cash Alliance, users sent $1.7 trillion in total payments through Alibaba's Alipay, Alibaba Group Holding Limited (NYSE: BABA), service last year, up from only $70 billion in 2012; Tencent's WeChat users sent about $1.2 trillion in 2016, up from $11.6 billion in 2012.
In China, users of AliPay and WeChat Pay generally indicate which merchant they want to pay (often by scanning a merchant's QR code) and then how much they would like to pay that merchant. The merchant receives the payment confirmation, usually via their mobile phone. Merchants may also request payment after a user has given the merchant their unique payment ID, usually via scanning a QR code from the user's screen. This new Glance Pay version means that users will similarly allow either consumers or merchants to initiate a payment, but uses micro location sensing technologies and/or image recognition instead QR codes, making the process that much easier. Additionally, Glance customers gain access to seek after automatic rewards, promotions, and special events, which builds a lasting relationship with their preferred merchants.
"Allowing users to easily and quickly send payments to any merchant on our platform from anywhere opens up payment situations similar to those that have taken China by storm," say Glance CEO, Desmond Griffin. "And by combining this with our previous enhancements for merchants to request and accept payments, this also positions us to address markets in which companies such as Square have had tremendous success. However, our merchants can be up and running very quickly without requiring custom costly and cumbersome hardware, merchants can just use their existing mobile phones or tablets, while still benefiting from our secure proprietary anti-fraud technology."
In other industry developments:
PayPal Holdings Inc. (NASDAQ: PYPL) closed up slightly on Tuesday at $59.34 with over 8.6 million shares traded by the market close. The company recently announced a strategic partnership with Bank of America (NYSE: BAC) that will soon enable Bank of America customers to transact with PayPal in stores and seamlessly link their Bank of America cards into PayPal. The agreement will take effect immediately, with new experiences available to Bank of America customers in the first half of 2018 that will make it even easier for them to shop how, where and when they choose by leveraging the power and convenience of PayPal's platform.
Global Payments Inc. (NYSE: GPN) closed up slightly on Tuesday at $95.51 with over 1 million shares traded by the market close. Global Payments Inc. provides payment solutions for credit cards, debit cards, electronic payments, and check-related services. It operates in three segments: North America, Europe, and Asia-Pacific. The company's services include authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, on-line reporting, industry compliance, and payment card industry security services. It also provides credit and debit card transaction processing services for various international card brands, including American Express, Discover Card, JCB, MasterCard, UnionPay International, and Visa; and non-traditional payment methods, as well as certain domestic debit networks, such as Interac in Canada.
Square Inc. (NYSE: SQ) closed up 1.75% on Tuesday at $26.81 with over 6.9 million shares traded by the market close and was also up slightly in after market trading. Square, Inc. develops and provides payment processing, point-of-sale (POS), financial, and marketing services worldwide. It provides Square Point of Sale, a POS application software that offers managed payments solutions and advanced software products, including Square Dashboard, a cloud-based reporting and analytics tool that provides sellers with real-time data and insights about sales, items, customers, and employees; Square Payroll, which empowers sellers to hire, onboard, and pay employees and the associated taxes; and customer engagement tools that help sellers to enhance their business through digital customer feedback, marketing, and loyalty programs.
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