PALM BEACH, Florida, April 27, 2017 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
The mobile payment market continues to be one of the more interesting sectors as it continues its steady growth and acceptability with more consumers around the globe adapting to mobile payment conveniences. Development and expansion opportunities for mobile payment technologies continues to advance for companies such as: Glance Technologies Inc. (OTC: GLNNF) (CSE: GET.CN), PayPal Holdings, Inc. (NASDAQ: PYPL), Square, Inc. (NYSE: SQ), Alibaba Group (NYSE: BABA), Global Payments Inc. (NYSE: GPN).
Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET.CN) is pleased to announce that it has entered into a letter of intent to create an app that will target international Chinese students visiting and residing in North America with a company that founds and finances businesses targeted to Chinese residents in Canada, with its principal shareholder also the largest shareholder and a director of the newest tier 1 bank in Canada.
The parties plan to incorporate a new company which will purchase a license from Glance Technologies to use the Glance Pay payment system into a new mobile payment platform to cater to the growing population of international Chinese students visiting and residing in Canada. Glance Technologies will provide development work to the new company and will be a significant owner of it. The joint venture partner will be responsible for raising sufficient financing for the new venture to create, develop, market and operate the new venture. The new application will be available in Mandarin and English. Read this and more news for Glance Technologies at: http://marketnewsupdates.com/news/glnnf.html
Given the exponential growth and integrated adoption of mobile payments in recent years in China and the rise of behemoth mobile payment service giants, such as Alipay, Tenpay, and China Union, it is clear that the ability to pay through mobile applications has become commonplace for Chinese consumers and this is moving beyond China and into spending at overseas destinations, such as Canada and the US. Alipay, China's top mobile payment service of over 450 million users worldwide recently surpassed a record high of a billion transactions, of which 71% of these transactions were conducted on a mobile device.
This growth coupled with the acknowledgment of Canada as a fast-growing tourist destination for Chinese visitors, contributing over $1 billion annually to the Canadian economy, and ranked at the 7th most popular academic destination for Chinese students, opens an entirely new market share for Glance to provide its integrated payment technology via the Glance Pay app at Canadian restaurants, retail stores, and merchant services. Glance is looking to market and provide its innovative payment processing app to an increasing population of international Chinese students living and studying in Canada, so students looking for the same ease and convenience of mobile payments already found China can access a similar payment experience right here in Canada.
In other industry developments and recent happenings in the market:
Global technology platform and digital payments leader PayPal Holdings, Inc. (NASDAQ: PYPL) late yesterday announced first quarter results for the period ended March 31, 2017. Financial highlights for the first quarter include: Revenue growth of 17% to $2.975 billion, or 19% on a foreign currency neutral (FX-neutral) basis - GAAP operating margin down 150 basis points to 14.5% and non-GAAP operating margin expanded 50 basis points to 21.6% - GAAP earnings per diluted share (EPS) growth of 6% to $0.32, non-GAAP EPS growth of 19% to $0.44 - Operating cash flow of $751 million, free cash flow of $603 million - $517 million returned to stockholders through stock repurchases. Read the full report at: http://finance.yahoo.com/news/paypal-reports-first-quarter-2017-200500655.html
Square, Inc. (NYSE: SQ) will host an Investor Day in San Francisco on May 16, 2017, from 8:00 a.m. to 12:00 noon Pacific Time. Chief Executive Officer Jack Dorsey, Chief Financial Officer Sarah Friar, and other members of the senior management team will provide an overview of the company's purpose and strategy, financials, and key business and product initiatives. In-person attendance is by invitation only. A live webcast and replay of the event will be available on Square's Investor Relations website at square.com/investors.
Alibaba Group (NYSE: BABA) this week announced Gateway '17, an inaugural conference hosted by Alibaba to help U.S. businesses, farmers and entrepreneurs explore growth opportunities and reach millions of Chinese consumers. Gateway '17 will take place at the Cobo Center in Detroit, Michigan on June 20-21, 2017. Gateway '17 is expected to attract more than 1,000 businesses across the U.S. The event will include keynote speeches from leading entrepreneurs, including Jack Ma, Founder and Executive Chairman of Alibaba Group, as well as category breakout sessions, business solutions sessions and marketplace networking opportunities.
Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology services, recently introduced TouchNet® OneCard VIP™, its new vertically integrated platform for campus-wide transactions. This comprehensive solution represents new cloud-based campus ID software that simplifies student life, maintaining student access privileges and enabling payment transactions across colleges and universities. For school administrators, the new OneCard VIP approach enables real-time integration, transaction automation and centralized operations in a sophisticated, technology-driven payment software solution. The OneCard VIP manages access to facilities, meal plans and recreational events, tracks student activity and attendance, validates campus credentials and provides a single point of access to campus life.
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