Payment Gateways Come to the Fore as Consumer Demand Continues to Grow
NEW YORK, January 24, 2019 /PRNewswire/ --
FinancialBuzz.com News Commentary
The traditional method of paying is slowly fading as payment gateway's popularity continues to climb. As technology becomes more prevalent in everyday life, more and more consumers are opting to use digital payment solutions in order to pay for goods and services. Businesses and consumers are adopting payment solutions because they offer a more secure and quicker transaction than traditional methods. According to data compiled by Imarc Group, the global payment gateways market reach USD 10 Billion in 2017 and is expected to reach USD 16 Billion by 2023. Additionally, the industry is expected to grow at a CAGR of 8.1% throughout the forecast period from 2018 to 2023. The market is expected to continue its growth as more businesses adopt these digital solutions. The growing number of smartphones is also projected to propel the industry forward due to the quick and convenient processes that consumers are able to access. Glance Technologies Inc. (OTC: GLNNF), PayPal Holdings, Inc. (NASDAQ: PYPL), Fiserv, Inc. (NASDAQ: FISV), ACI Worldwide, Inc. (NASDAQ: ACIW), Evertec Inc. (NYSE: EVTC)
Payment processing options are increasingly becoming a necessity within the retail industry as retailers need to be able to accept debit and credit cards from customers. However, the emergence of digital solutions is reshaping the industry. Now, payment solutions are being integrated into other sub-sectors such as restaurants and even bodegas. Aside from accepting credit card payments, restaurants are now being challenged with transitioning into the digital era. Mobile payment solutions are being introduced into the restaurant business in an effort to quickly and even split the bill among a group, for instance. Joe Kleinwaechter, Vice President of Innovation and Design at Worldpay, "Companies like Starbucks have found great success in using an app as a form of payment," he says. "This not only encourages customers to download the restaurant's app, but it's a great way to reach customers with coupons, special offers and announcements, ultimately creating a stronger consumer connection."
Glance Technologies Inc. (OTCQB: GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). Just earlier today the company announced breaking news that, "it is demonstrating its upcoming "Order from Table™" feature to select restaurants and has secured initial launch locations for this feature. "Order from Table™" allows consumers to securely and conveniently order from their table and pay for their meal using the Glance Pay app on their phone. Users simply scan or tap a marker on their table and make their desired selections - the food and drink are then delivered to the table and users are free to leave when they choose.
"I believe the improvement in the experience of dining when you can order and pay from your table and simply leave whenever you are finished dining is astonishing" said Glance CEO Desmond Griffin. "You do not realize how inconvenient, time consuming, and frustrating the traditional process is of flagging a waiter to give your order, flagging a waiter for your bill, flagging a waiter to pay, and actually paying via a chip and pin or swipe and sign is until it goes away - the main frustrations of dining are removed which dramatically improves the experience. This is especially powerful in time-sensitive situations such as a meal before a meeting, flight, game or show."
Glance currently estimates that users can save an average of 10 to 25 minutes per visit in a full-serve restaurant environment, blurring the line between quick service and full service experiences. This technology will increasingly allow users to grab a quick bite for lunch at a full service restaurant during a busy lunch hour without having to worry about getting back to the office on time. In addition to providing a superior experience for their customers, this can also dramatically increase table turnover during peak times for restaurants, thus driving more revenue for the restaurant. Wait staff can also handle more tables and focus on providing better service, which is especially helpful for restaurants in markets experiencing significant minimum wage increases or staffing shortages.
"The continued innovations, such as Real Time Bill and Order from Table, that Glance's mobile payment solution brings to my restaurant group provides immense value to manage rising operational costs without sacrificing exceptional service. This is a game-changer," says Carl McCreath, President of Restaurant Operations, Steamworks Group of Companies.
This technology can also be applied to quick service restaurants, where rather than queueing up then ordering and paying at the counter, a user can simply sit down and order and pay from the table using Glance Pay and a restaurant staff member will run the food out to the user. This can be done without increasing the number of staff required at a quick serve location as staff do not need to spend time inputting orders and collecting payment at the counter. McDonald's has recently implemented a table service feature at some of their locations. However, Glance does not think it is practical for thousands of different restaurant brands in any given metropolitan area to each have their own app and expect users to sign up for and manage thousands of different apps. In markets like this, Glance believes there is an opportunity for one or a few companies to aggregate this market and become a platform for the service as has occurred in other industries such as taxi, parking, and social media.
About Glance Technologies Inc. - Glance Technologies is the owner of Glance Pay and Glance PayMe, a pair of complementary smartphone payment applications that enable merchants to provide their customers with quick secure payments, digital rewards, and a better customer experience. For more information about Glance, please go to www.glance.tech.
PayPal Holdings, Inc. (NASDAQ: PYPL), fueled by a fundamental belief that having access to financial services creates opportunity, is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. PayPal Holdings, Inc. recently announced its financial results and 2017 was a landmark year for the Company. PayPal had consistently strong and - in many cases - record-breaking results. In particular, the continued rise of mobile payments shows no signs of slowing. PayPal processed USD 155 Billion in mobile payments in 2017, a 55% increase over 2016. The move to mobile is one of the most important trends in global commerce. Consumers are spending more time on mobile and that's presented tremendous new opportunities for PayPal. As one of the largest mobile payment platforms, PayPal continues to innovate to make shopping and managing money on mobile phones easier than ever before through innovations like Venmo and One Touch, which is used by more than 80 million consumers globally, doubled from one year ago. "Given our experience this past year, we believe our future opportunities are expansive and compelling. We are riding powerful and accelerating tailwinds created by the digitization of cash and the mass adoption of mobile devices. We are actively positioning ourselves to take full advantage of these trends, and strategically moving our business into areas where we believe these transformations are creating the strongest opportunities." said Bill Ready, PayPal Chief Operating Officer.
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences in step with the way people live and work today. Fiserv and First Data Corporation recently announced that their boards of directors have unanimously approved a definitive merger agreement under which Fiserv will acquire First Data in an all-stock transaction. The transaction unites two premier companies to create one of the world's leading payments and financial technology providers, and an enhanced value proposition for its clients. This highly complementary combination will offer leading technology capabilities that enable a range of payments and financial services, including account processing and digital banking solutions; card issuer processing and network services; e-commerce; integrated payments; and the Clover™ cloud-based point-of-sale solution. The combined company will offer comprehensive distribution channels and have deep expertise in partnering with financial institutions, merchants and billers of all sizes, as well as software developers. "Through this transformative combination, we expect to redefine the manner in which people and institutions move money and information," said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. "We admire First Data for its excellence in merchant acquiring and global issuing services, and the tremendous progress they have made under Frank's leadership. We expect this combination to catalyze and support an enhanced value proposition for our collective clients and their customers."
ACI Worldwide, Inc. (NASDAQ: ACIW), the Universal Payments (UP) company, powers electronic payments for more than 5,100 organizations around the world. ACI Worldwide recently announced that Payments Network Malaysia Sdn Bhd (PayNet), the national payments network and central infrastructure provider, has implemented Malaysia's Real-Time Retail Payments Platform (RPP) using ACI's UP Real-Time Payments solution. The first service offered to the public under the platform is DuitNow, an instant credit transfer with a national addressing database that links mobile numbers and national ID numbers to account numbers. "ACI is proud to partner with PayNet to address the changing needs of the Malaysian payments ecosystem as it evolves and matures, positioning the country as a regional and global payments leader as the trend from cash-based transactions to cashless societies gathers pace," said Leslie Choo, Managing Director, Asia, ACI Worldwide. "The launch of DuitNow marks a significant milestone in Malaysia's real-time transformation - one that has required close collaboration not only between ACI and PayNet, but also with more than a dozen member banks that are bringing these new services to the public."
Evertec Inc. (NYSE: EVTC) is a leading technology and electronic transaction company, based in San Juan, Puerto Rico. Evertec continues to expand its payment solutions platform and recently launched two new products that make it easier for merchants to accept and process payments and manage their operations in a more efficient and integrated manner. "During the past five years, electronic transactions have increased exponentially both in number and complexity. Keeping up with this trend, we seek to provide businesses with solutions that allow them to more efficiently manage the growing complexity of their business processes offering their customer purchasing and digital payment experiences that are both seamless and convenient. Evertec takes care of the entire process of accepting and managing payments so that the merchants can focus on their main objective, which is to sell their products and services to continue growing their businesses", explained Guillermo Rospigliosi, Executive Vice President of Product, Marketing and Innovation.
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