Use Of Cash Has Decreased While Payment as a Service (PaaS) Platforms have Increased During Pandemic
FinancialNewsMedia.com News Commentary
Oct 26, 2020, 08:36 ET
PALM BEACH, Fla., Oct. 26, 2020 /PRNewswire/ -- The Payment as a Service (PaaS) is a service provided by a third party company that offers various merchants online services for accepting electronic payments by different payments method which include bank-based payments such as direct debit, credit card, real-time bank transfer and bank transfer based on online banking. It is the third party that allows the merchant to accept a wide variety of payments through a single channel, and this factor drives the growth for payment as a service market. The payment as a service provides high-quality customer experiences and services with quick and secure payment and thriving on secure and real-time transaction drive its growth in the market. Global standards for cross border payment remain the hurdle for its growth, but rising demand for payment as a service by merchant because of government initiatives for payments method and future need for integrated payment procedure gives an opportunity for growth in the market of payment as a service and expected in growth of payment as a service market. A report from Grand View Research projected that the global payments as a service market size is expected to reach USD 25.7 billion by 2027, expanding at a CAGR of 16.9%. Active Companies in the industry include NetCents Technology Inc. (CSE: NC) (OTCQB: NTTCF), Square, Inc. (NYSE: SQ), PayPal Holdings, Inc. (NASDAQ: PYPL), FIS® (NYSE: FIS), Visa Inc. (NYSE: V).
The Grand View report continued with: "Digital disruption in the money transfer ecosystem, combined with the rise in need for quick money transfer methods, has transformed the payment gateway model. As a result of digital money transfer methods, consumers now demand secure digital transaction processing systems to transfer money to their merchants and individuals. With the rising digital financial transactions, a need for secure cloud-based architecture has increased among platform providers. The cloud-based money transfer platforms allow industry participants to manage higher volumes of transactions at high speed and low cost."
Amidst the ongoing COVID-19, the cash transactions have drastically reduced. Thus, the pandemic has resulted in increasing mobile payments. As a result, consumers have adopted different digital and contactless payment technologies such as e-wallets for the transactions. Despite the virus outbreak, the consumers tend to buy essential needs such as groceries and medical supplies. Digital wallets play a crucial role for the sellers and the consumers. These wallets store the payee's information and eliminate the need to carry physical wallets and cash, hence reducing the outspread and driving the market.
NetCents Technology Inc. (CSE: NC) (OTCQB: NTTCF) (Frankfurt:26N) BREAKING NEWS: NetCents Technology Provides Update on NetCents Cryptocurrency Visa Card - Engages i2c Inc., leading technology platform to accelerate growth - NetCents Technology, a cryptocurrency payments company, is pleased to provide an update on the NetCents Cryptocurrency Credit Card. To give additional background: on August 10, 2020, the Company announced that it joined the Visa Fintech Fast Track Program – for the rollout of a Crypto-Backed Visa Card. The Company has engaged with i2c Inc. ("i2c") to be the backend provider that links directly into the Visa network.
"NetCents sets itself apart in the field of true payments innovators who turn big ideas into reality," said i2c EVP of Sales Kevin Fox, adding, "We couldn't be more pleased to have them as partners and to play a role in helping them bring their product visions to life." i2c, headquartered in Silicon Valley, has developed unique software that will accelerate NetCents' rollout of its Visa product. i2c is currently working with over 1,000 companies specialized in global payments and operates in over 200 Countries.
"i2c is providing technology to the biggest companies in the payments industry. They have developed thousands of software building blocks that can be configured to the many use cases we expect to have for our payment's ecosystem, stated Clayton Moore, Founder and CEO of NetCents Technology. "They are effectively – "fast-tracking" our fast track with Visa. Our relationship with i2c will facilitate the rollout of our Visa Card from the North American market to the global market in a seamless manner."
i2c has identified NetCents to be part of their upcoming "Visionary" Public Relations campaign that will help market NetCents to payments companies and merchants globally. To learn more about i2c, please visit: https://www.i2cinc.com/about/
NetCents is pleased to report that it has completed all the technical development needed for the Visa Program launch and is proceeding with the final certification phase during the week of October 26, 2020. It is expected that this process will take two weeks to complete. The Company is currently completing the work to receive Bank Compliance to issue a BIN number, which is required to launch the card.
The Company is targeting a November 15 launch for its virtual card product. Unfortunately, if that deadline slips, Visa has an internally imposed blackout period preventing the issuance of cards during the holidays so that the next launch date will be January 15, 2021. At that time, NetCents will be positioned to issue both virtual and physical Visa Cards.
In addition to the original card program functionality, NetCents is integrating Google Pay and Apple Pay to the program to allow users to add their NetCents Cryptocurrency Visa Card to their Google Pay and Apple Pay wallets, which will enable users to use the virtual card at retail locations. Read this in its entirety and more news for NetCents at: https://www.financialnewsmedia.com/news-nc/
Other recent developments in the fintech industry include:
Visa Inc. (NYSE: V) recently teamed up again with Shanghai Fashion Week (SHFW) to host the "Empower & Envision—future of Chinese fashion industry envisioned: empowering small and medium-sized businesses" (Empower & Envision) Forum and opening dinner as part of Shanghai Fashion Week Spring/Summer 2021. Through the cooperation with SHFW, Visa extends Where You Shop Matters, a global initiative launched recently to help small and micro businesses worldwide grow and go digital amid the COVID-19 pandemic, to the fashion industry. In addition, Visa joined hands with FARFETCH, a leading global online platform for fashion retail, to host a pop-up exhibition, providing young Chinese designers with access to more resources and options to go digital.
The impact of COVID-19 is being felt by economies worldwide, especially small and medium-sized enterprises. As a result, business is stagnating for young Chinese designers. In this season, Visa co-hosts the Empower & Envision Forum and opening dinner with SHFW to discuss how to empower emerging local designers with global resources and help them reach a global audience to connect with buyers. Influential fashion insiders and government stakeholders are invited to join the conversation, including Judy Liu, Managing Director for FARFETCH Greater China; Zhang Bin, General Manager for China Xintiandi; Wu Zhiqi, Director of the Office for the Promotion of Coordinated Development of Small and Medium-sized Enterprises, Shanghai Municipal Commission of Economy and Informatization; and eponymous fashion brand designers Feng Chen Wang and Xander Zhou.
New research released recently by FIS® (NYSE: FIS) shows that adoption and usage of real-time payments has accelerated amidst the COVID-19 pandemic and the real-time rails are now offering capabilities that extend beyond instant payments. FIS' seventh annual Flavors of Fast report highlights key findings about real-time payments networks across the globe can be read in its entirety by clicking here
PayPal Holdings, Inc. (NASDAQ: PYPL) recently announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
Mainstream adoption of cryptocurrencies has traditionally been hindered by their limited utility as an instrument of exchange due to volatility, cost and speed to transact. However, the promise of advanced technological platforms offers the possibility of mainstreaming digital currencies. According to a survey by the Bank for International Settlements, one in 10 central banks – representing approximately one-fifth of the world's population – expect to issue their own digital currencies within the next three years.
Square, Inc. (NYSE: SQ) recently announced that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company's purpose. The investment represents approximately one percent of Square's total assets as of the end of the second quarter of 2020.
"We believe that bitcoin has the potential to be a more ubiquitous currency in the future," said Square's Chief Financial Officer, Amrita Ahuja. "As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey."
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