Payments by cash are slowly becoming obsolete as digital payment solutions become more ingrained in our society, allowing consumers to pay or transfer monetary funds between one or another through their computers and mobile devices. Moreover, digitization has also impacted the payment systems within brick-and-mortar retail stores and e-commerce sites. Now, retailers can quickly process payments while providing excellent security services to prevent theft. Furthermore, with the continued rise of digital payments, mobile payment solutions have become highly popular among consumers. Mobile payment solutions allow one to use an electronic device such as a phone, tablet, or laptop to transfer currency. Currently, smartphones, in particular, are driving the mobile payments market growth because of the numerous apps that offer payment services. With these apps, consumers can easily send or receive payments in the palm of their hands within seconds, and without having to worry about their account’s security. According to a report by Newzoo, the number of smartphone users is expected to pass 3.8 billion by 2021. Additionally, the widespread expansion of smartphones is also expected to help stimulate the mobile payments marketplace. According to data compiled by Transparency Market Research, the global mobile payments technologies market is expected to reach USD 50.56 Trillion by 2026 while registering a CAGR of 37.8% from 2018 to 2026. Glance Technologies Inc. (OTC: GLNNF) (CSE: GET), Bank of America Corporation (NYSE: BAC), ACI Worldwide, Inc. (NASDAQ: ACIW), NCR Corporation (NYSE: NCR), Overstock.com, Inc. (NASDAQ: OSTK)
Mobile payment solutions are much more optimal because they avoid having to use physical currency such as coins or cash. Consumers can simply connect their bank accounts to a mobile payment app on their smartphones and make purchases directly from their phone. However, consumer trends continue to change as technology becomes more advanced. Following a series of major cyber attacks in recent years, online and mobile security has become a top concern. Consumers want to know that their money, bank account, and even personal information will be safely stored and private from others. While there are hundreds of apps, consumers tend to gravitate towards ones they are familiar with or have the best marketing, giving larger corporations a nudge over their smaller competitors who do not get the same visibility. For instance, larger corporations offer top-of-the-line technology, while, on the other hand, smaller companies may be geared more towards pleasing and attracting a user base in the first place. “As online shopping and mobile payment technology make electronic payments more convenient, cash is the big loser,” said Jake Rheude, Director of Marketing & Business Development at Red Stag Fulfillment. “Cash isn’t likely to disappear any time soon, but e-commerce has helped put digital wallets squarely in the comfort zone for most consumers. Among millennials, electronic payment is a no-brainer, so someday, probably sooner than we expect, the only cash in your pocket will be virtual dollars in a digital wallet.”
Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). Earlier this week, the Company announced that it has, “amended and completed its previously announced transaction with Fobisuite Technologies Inc. and entered into a joint venture with Kinect Technology Inc. (“Kinect”).
Amended and Restated Agreement – Glance previously announced an agreement with Fobisuite which included the grant of a license from Glance and Fobisuite to a newly-created company Fobi Pay Technologies Inc. (“Fobi Pay”). The terms of that agreement were amended to substitute a new entity, Converge MobiSolutions Inc. (“Converge”), for Fobi Pay. As part of the amended agreement, Glance has entered into a license and distribution agreement with Converge pursuant to which Converge has the right to sell Glance’s technology. Converge has also entered into a separate license and distribution agreement pursuant to which it has the right to sell certain other technology that has been licensed to Kinect. As explained further below, Converge will be focused on marketing and selling technology to certain types of merchants such as casinos, hotels, restaurants and nightclubs and will target certain geographies including Las Vegas. Glance owns 49% of the common shares of Converge and Kinect owns the remaining 51% of Converge.
Fobisuite Transaction – Pursuant to the terms of the agreement with Fobisuite, Fobisuite has granted Glance a non-exclusive licence to use Fobisuite’s technology which allows for the digitization of receipts for data collection and the ability to customize and append receipts with advertisements, deals and coupons for merchants in the hospitality industry.
Fobisuite’s technology platform will allow us to bypass traditional integrations with POS systems to access order & payment information, especially improving our offering to both consumers and merchants in situations where integrations may not be feasible,’ says Glance CEO Desmond Griffin, ‘Additionally, this opens up further revenue opportunities from real-time targeted consumer advertising and increased data analytics. We believe this is complementary to our current Glance Pay platform and are excited to begin implementing this technology.’
The following are the material terms of the agreement between Glance and Fobisuite:
- Fobisuite has granted Glance a non-exclusive licence that will be for an initial term of ten years with perpetual subsequent one-year renewal terms. This device allows for the digitization of receipts for data collection and the ability to customize and append receipts with advertisements, deals and coupons for merchants in the hospitality industry.
- The remaining $250,000 and the 250,000 shares of Glance were released from escrow to Fobisuite on closing of the transaction.
- Glance has also entered into a marketing and business development agreement with Rob Anson, CEO of Fobisuite to grow the current Glance distribution network by making introductions to Fobisuite’s current technology partners. Pursuant to this agreement, Mr. Anson was granted incentive stock options. The stock options vest upon the achievement of certain performance business development milestones and are subject to the terms of the company’s stock option plan and regulatory approval.
Joint Venture with Kinect – Glance has also entered into a joint venture with Kinect to form Converge and granted it a license to sell Glance’s products. Converge will initially be focused on selling Glance’s products in destination cities around the world, commencing in Las Vegas and Hawaii, with an aim to increase market share in APAC Region. Glance will own 20,000,000 shares in Converge and Kinect will own 20,500,000 shares.
‘We have a vision for digitally transforming how cities and commerce intersect as we aim to bring together partners that share our passion for advanced digital technology, smart living, and connectivity in the community with tech-enabled, human-centric services to transform the physical world,’ says Kinect’s CEO, Reo Kobayashi, ‘We believe that collaborative efforts that work towards embracing technology and embedding it in the very infrastructure of cities is at the core of improving city experiences.’
Glance has also entered into an advisory agreement with Reo Kobayashi, CEO of Kinect, pursuant to which Mr. Kobayashi has been granted incentive stock options to purchase common shares of Glance.
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 better experiences. Glance offers targeted in-app marketing, geo-targeted digital coupons, customer feedback, in-merchant messaging, custom rewards programs, digital receipts, and digital deals.”
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Bank of America Corporation (NYSE: BAC) is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. Recently, Bank of America Merchant Services and First Data (NYSE: FDC) announced that Bank of America Merchant Services has integrated BlueSnap’s All-in-one Payment Platform. Bank of America Merchant Services is the first live integration since First Data and BlueSnap announced a partnership to introduce BlueSnap’s e-commerce solutions to First Data’s ecosystem of distribution partners. BlueSnap’s platform enables small and medium-sized businesses and Independent Software Vendors (ISV) alike to quickly facilitate e-commerce, without the complex integration of disparate applications such as shopping carts, e-wallets, payment types and fraud prevention. BlueSnap’s single platform and services are uniquely suited for growing businesses, and with access to First Data’s wide array of payment services, and Bank of America Merchant Services’ distribution capabilities, First Data will be able to deliver BlueSnap’s market-leading technology solution to more clients that are eager to expand their businesses. “We are excited to integrate BlueSnap’s All-in-one Payment Platform with our robust set of payment solutions,” said Bank of America Merchant Services Chief Executive Officer Tim Tynan. “With our scale and strength, powered by First Data’s global processing infrastructure, and BlueSnap’s e-commerce capabilities, we’re delivering an exceptional experience for clients and helping them grow their businesses.”
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 new mobile wallet payment and loyalty capabilities. Now part of ACI’s UP portfolio, the new capabilities allow consumers to view bills from their Apple Wallet or Google Pay and make payments from their smartphones. ACI unveiled these new capabilities in conjunction with its acquisition of Speedpay from Western Union. These new capabilities further strengthen ACI’s leadership position within the U.S. electronic bill pay and presentment (EBPP) market. “Today’s consumers expect a bill pay experience that is quick, easy and digitized, and with billing and payment among an organization’s most frequent and most important touchpoints, customer experience is paramount,” said Sanjay Gupta, Executive Vice President, ACI Worldwide. “As more consumers utilize mobile devices to view and pay bills, organizations must be able to present bills in a mobile-friendly way. The combination of ACI’s bill payments platform and Walletron’s next-generation mobile wallet billing technology delivers consumers a digital bill pay experience unmatched in the industry. We are excited to welcome the Walletron team as we shape the future of bill pay.”
NCR Corporation (NYSE: NCR) is a leading software- and services-led enterprise provider in the financial, retail, hospitality, telecom and technology industries. NCR Corporation recently unveiled its enhanced all-in-one point-of-sale (POS) solution, that integrates payment processing with sleek, Samsung designed Quantum™ tablets. The soon-to-be-released NCR Silver One™ further streamlines the entire payments process for small businesses – simplifying setup and delivering relevant transaction data to business owners so they can easily improve customer engagement. The advanced solution provides payments processing through JetPay, which NCR acquired last year. This removes the burden of selecting a payments processor from the small business owner. NCR Silver One also includes a comprehensive digital commerce suite to help small business owners take advantage of online commerce opportunities. “Today’s business owners need simple, reliable and cost-effective technology solutions that help them quickly recognize revenue in the brick-and-mortar and online ecosystem,” said Chris Poelma, President and General Manager of NCR Silver. “NCR Silver One makes this possible in an easy, customer-centric way.”
Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. Overstock.com, Inc. recently announced that its blockchain-meets-property rights subsidiary, Medici Land Governance, had signed its second Memorandum of Understanding (MOU) with an African nation to develop a blockchain-based platform to manage land governance and property rights. This latest MOU has been signed with the Rwanda Land Management and Use Authority (RLMUA) and the Rwanda Information Society Authority (RISA) to implement Medici Land Governance’s technology to move Rwanda to a paperless, secure, corruption-proof, blockchain-based system of land governance. Plans for the full scope of the project include developing a blockchain-based platform with mobile capabilities, including payments. The platform will accommodate streamlined regulations and data collection to assist government decisions around city planning and land use. The MOU will be in force for one year and includes options for six-month extensions up to a duration of two years. “We are encouraged by the prospect of working with Rwanda, which clearly understands the value of establishing the rights of land ownership as an essential incentive for bolstering agricultural productivity and sustained investment for long-term economic growth,” said Medici Land Governance Chief Executive Officer, Dr. Ali El Husseini. “At Medici Land Governance, we appreciate the clear objectives and strategic road map the Rwandan government has outlined toward economic empowerment. By using our expertise in blockchain, mobile apps, and other technologies, we can help Rwanda fulfill the goals of its major land reform efforts in standardizing land ownership on a digital, secure, user-friendly system that provides equal access for all people in a timely, responsive manner.”
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