PALM BEACH, Florida, May 21, 2019 /PRNewswire/ -- New merchant processing and point of sale platforms have been introduced into the market at a rapid rate over the last few years, and mobile payments such as contactless near field communication (NFC), are evolving almost daily and will have an impact on the cryptocurrency payment platforms. An industry article said: "Society as a whole is using less of the physical monetary medium, and more businesses are adapting by accepting credit and debit cards. The payments market is changing from cash to checks, from cards to online payments to payments using mobile devices. Businesses that didn't accept credit cards a few years ago are now embracing the change to speed up the payments cycle and maintain or grow their customer base. Now you can even pay your rent, taxes, and monthly bills via credit cards. It's predicted that by 2025, 75% of all transactions will be made without cash. Mobile payment applications and mobile banking are increasing in popularity, which is indicative of consumers' willingness to use smart devices and cards. Payments are now evolving at a rapid pace with new providers, new platforms, and new payment tools launching on a near daily basis.This shift precipitates a need for retailers to adapt toward fast, simple and secure mobile payments."
Active Companies from around the market with current developments this week include: Nxt-ID, Inc. (NASDAQ: NXTD), PayPal Holdings, Inc. (NASDAQ: PYPL), Marathon Patent Group, Inc. (NASDAQ: MARA), Worldpay, Inc. (NYSE: WP), Pareteum Corporation (NASDAQ: TEUM).
Another article spoke to the future of cryptocurrency in this sphere, saying: "This system has lots of solid benefits, such as: lower transaction costs, speed of payment, removal of national boundaries, protection against fraudulent payment and chargebacks, etc. Merchants will sell with confidence knowing their payments are securely received and validated by blockchain, the supporting technology for cryptocurrencies, and they will be settled in fiat currency equivalent. Buyers will buy with same confidence knowing their payments is securely recorded in blockchain's immutable records, which is open to authorized parties to verify anytime. Given the enormous growth and increasing popularity of cryptocurrencies—around 1385 different cryptocurrencies are trading with a daily volume of over $71B and a market cap of over $770B as reported by CoinMarketCap — it is evidently clear that such payment solution will immediately attract huge adoption."
Nxt-ID, Inc. (NASDAQ: NXTD) BREAKING NEWS: Fit Pay, Inc., a wholly owned subsidiary of Nxt-ID, Inc. issues a media alert for featuring a new product video and updated Frequently Asked Questions (FAQs) for Flipä. Flip is a contactless payment device that enables Bitcoin holders to exchange their cryptocurrency into U.S. dollars and use that value to make contactless purchases at millions of retail locations. Watch the video: https://www.youtube.com/watch?v=Q_f6y0E4hXk&feature=youtu.be
Flip FAQ's: -- Where does Flip Work? Flip works at retail locations with supported contactless payment terminals.
How does Flip work? - Flip exchanges your Bitcoin value into US dollars, which are then used to fund a prepaid-payment device. The near field communication (NFC) device can then be used at a contactless payment point of sale terminal. Simply tap your Flip to pay.
The Company previously announced in April 2019 that it commenced shipments of confirmed pre-orders of Flip and expects to ramp up full production and marketing of Flip in the first half of 2019. Flip's near field communication (NFC) antenna allows it to transact payments at any retail point of sale location that accepts supported contactless payments. Read the full product FAQ: https://www.fliptopay.com/#FAQ
In the industry developments and happenings in the market this week include:
PayPal Holdings, Inc. (NASDAQ: PYPL) - PayPal Canada recently announced it is the official payments partner for the 2019 season of the Nissan Micra Cup presented by JD Promotion & Competition Inc., in collaboration with Nissan Canada. This will allow motorsport fans to save time and purchase tickets for the two 2019 Nissan Micra Cup races taking place at Canadian Tire Motorsport Park (May and August) online through PayPal.
"With Canadians racing to purchase their tickets for this exciting competition, we're thrilled to team up with the Nissan Micra Cup Race Series to offer fans a better ticket buying experience for the 2019 season," said Paul Parisi , president, PayPal Canada. "The automotive industry is an important vertical for PayPal. With the North American automotive e-commerce market expected to reach $16B this year, we're proud to support this industry and enable fans to speed through ticket purchases with PayPal."
Marathon Patent Group, Inc. (NASDAQ: MARA) recently announced its operating results for the three months ended March 31, 2019, as published in its Form 10-Q filed today with the Securities and Exchange Commission. Merrick Okamoto, Chief Executive Officer, stated, "We're pleased to show significant financial improvement on a year over year basis including significant reductions in our operating costs, While recent improvements in the price of Bitcoin are clearly beneficial to our ongoing mining operations and should benefit our financial performance in our Q2, we continue to seek potential acquisition opportunities that we deem to offer the best opportunity for appreciation for our shareholders." Read the full reporting at https://finance.yahoo.com/news/marathon-patent-group-announces-first-123000704.html
Worldpay, Inc. (NYSE: WP) is releasing FraudSight a new solution designed to prevent fraud and optimize approval rates potentially boosting revenue across all channels. Capitalizing on the power of machine learning that looks at billions of transactions, FraudSight makes transaction validity decisions for merchants of all sizes based on a matrix of data points and strategies.
Fraud poses an ever-growing threat to merchants as worldwide card fraud losses reached $28.8 billion in 2018 according to The Nilson Report. That sum is projected to reach $42.3 billion by 2026, with most of that loss stemming from card not present (CNP) transactions, where the merchant often carries more liability.
Pareteum Corporation (NASDAQ: TEUM), a rapidly growing global cloud software communications platform company with a mission to connect every person and every(thing)TM, recently announced that it closed more than 20 new sales transactions in April 2019, with a combined contract value of $70 million.
"We continue to drive growth through our sales efforts as our addressable markets expand and our cloud-based SaaS products and solutions are able to deliver new requirements in an increasingly connected world," said Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum. "At Pareteum, we believe we are 'all in sales' and we are pleased with another strong monthly performance."
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