Digital Payments Market expected to hit 726 Billion by 2020
NEW YORK, Jan. 31, 2018 /PRNewswire/ - The company's latest application update responds to global market demand from Enterprises and Retail businesses integrating and marketing private or affinity card scheme programs with the need for integrated secure payment applications on popular OS. The company introduced today new features including a card emulation module with a feature rich suite of options including card create or integrate, customer registration, ekyc, multi-currency top-up & card-to-card transfers to name a few.
The payment industry for decades has been limited by choice of card management platforms, also limiting both issuers and processors with scalable solutions to deploy and meet the build-outs wanted by Retailers and Global Enterprises. The new card emulator module allows for Financial Institutions and Global enterprises the flexibility of open resources, and the ability to integrate existing card solution APIs or create and covert to their own virtual card schemes.
CEO Massimo Barone stated "We are excited about the timing of this new release as we are heading into major trade events including Seamless Asia in Bangkok, Mobile World Congress in Barcelona & the National Restaurant Association show in Chicago all this first half of the year. The importance of introducing a card emulator creates significant opportunities with financial institutions and global enterprises because of the need to support customer requirement build-outs for existing and new projects. Furthermore, with the addition of many new Cryptocurrencies our ability to support the exchange of private schemes and process multiple currencies is imperative to the company's success."
Digital payments expected to hit 726 billion transactions by 2020 — but cash isn't going anywhere yet
Emerging markets are expected to grow at a rate three times that of developed economies in terms of digital transaction volumes.
Digital payments in developing markets grew 21.6 percent between 2014 and 2015, compared to a 6.8 percent rise in mature markets.
Non-cash payments in Asian emerging markets are projected to grow by almost a third (30.9 percent), led by powerhouses China and India.
"Expansion in emerging Asia was due to impressive growth across all geographies as increased adoption of mobile payments and wallets generated a proliferation of card use," the authors of the study wrote.
Digital invoicing, virtual payment cards and cloud-based accounting are also seeing popular use in emerging Asian economies.
About the GenoPay application
The Genopay application layer is an extended mWallet module of Genorocity.com offering QR code frictionless payment, card registration and fulfilment, integrated international payment host gateway into the Genorocity.com platform. The module is developed entirely on a card emulator management solution allowing Enterprises the ability to add multiple private, membership, identification and affinity card schemes to the host. This feature rich ecosystem allows for easy integration with EMV POS, ePOS, mPOS, Ecommerce & Mobility solutions.
About SmartCard Marketing Systems, Inc.
SmartCard Marketing, Inc. (SMKG:OTC) is a Fintech Mobility solutions provider to the global payments industry delivering a cloud-based agnostic platform to Issuing & Acquiring banks, telecoms & enterprises. The company offers proprietary industry applications for payment acceptance. The brands include; Genorocity.com, a coupon & incentive management platform, Check21SAAS.com a Remote Check Deposit solution, Mtickets.events a mobile ticketing & events management solution, Emphasispay.com a payment ecosystem for alternative payment solutions & Articul8te.com its most recent offering for Social-media, Task & Content management. For more information, go to www.smartcardmarketingsystems.com
SOURCE SmartCard Marketing Systems Inc (SMKG)