Omnichannel Payment Mode Usage is Driving the Global Payment Solutions Market Growth

NEW YORK, December 12, 2018 /PRNewswire/ --

The adoption of digital payment solutions is rapidly growing among many businesses. As opposed to traditional methods of payment, digital platforms offer a much more convenient and secure method of payment between two parties. Specifically, businesses that engage directly with customers are depending on payment solutions to accelerate growth. Large players within the industry are also using digital payment solutions to help small and medium-sized businesses grow, helping increase their customer growth. According to data compiled by MarketsandMarkets research, the global digital payment market is projected to reach USD 86.76 Billion by 2023 while also growing at a CAGR of 18%. The market will also continue to expand due to the increased proliferation of smartphone devices and the need for improved customer service at POS terminals. Glance Technologies Inc. (OTC: GLNNF), eBay Inc. (NASDAQ: EBAY), Guidewire Software, Inc. (NYSE: GWRE), HSBC Holdings plc (NYSE: HSBC), iQIYI, Inc. (NASDAQ: IQ)

Furthermore, the solutions segment of the digital payment industry is expected to become the largest. The growing demand for digital payment solutions is attributable to the number of customer-centric applications, the expansion of e-commerce and increased focus on omnichannel payment modes. Earlier in 2018, Periscope by McKinsey launched a survey and found that 70% of the consumers are undertaking some form of online shopping. Online shopping is primarily being led by international countries like France and the U.K., as nearly 40% of shoppers rely on online methods. "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) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). Earlier last week, the Company announced that, "it has entered into a strategic alliance and referral agreement with Merchant Advance Capital Limited Partnership ("Merchant Advance Capital"). Merchant Advance Capital provides funding to small and medium-sized businesses by purchasing a specified percentage of future receivables.

David Gens, CEO of Merchant Advance Capital commented: "We are proud to be partnering with Glance, a company that shares our values of innovation and use of technology in providing financial services. Together, we can provide Canada's most convenient financing solutions."

Under the terms of the Strategic Alliance Agreement, Glance and Merchant Advance Capital will collaboratively market and promote each other's businesses through their respective marketing and sales channels. Under the terms of the Referral Agreement, Glance will be paid a fee for each transaction that Merchant Advance Capital closes from a Glance generated lead.

A significant emerging sector of the economy is made up of freelancers and small businesses. Glance recently launched its Glance PayMe mobile POS solution providing freelancers and small businesses with a secure, low-fee processing solution without long delays in getting paid. Small businesses often have difficulty obtaining funding from traditional banks. Through this new partnership, small businesses operating on the Glance platforms may now be eligible to receive financing in as little as one to three business days.

Desmond Griffin, CEO of Glance commented: "We see Merchant Advance Capital as the perfect partner for our new Glance PayMe application. We are impressed by their innovative approach to financing small business, the application of technology to their approval and risk management processes and ability to quickly approve an application. We think their product is an excellent solution that can help our Glance merchants overcome seasonality challenges and expand and grow their businesses."

Merchant Advance Capital is a national financial services company working with small and medium-sized businesses throughout Canada."

eBay Inc. (NASDAQ: EBAY) announced earlier this year that its intent to intermediate, or manage, the payments flow on its platform to simplify the end-to-end experience for buyers and sellers. The company recently has begun managing payments on its Marketplace platform in the US. The goal of managed payments is to drive significant benefits and efficiencies for eBay's hundreds of millions of global customers. In the new managed payments experience, Sellers will benefit from a simplified pricing structure, more predictable access to their funds, and better visibility into sales and payouts. eBay will continue to expand managed payments to buyers and sellers over time and expects to have transitioned a majority of its Marketplace customers to its new payments experience in 2021. "The introduction of eBay's new payments experience in the US marks a significant milestone in our managed payments journey," said Steve Fisher, Senior Vice President of Payments at eBay. "In less than eight months since announcing our initiative, we've moved rapidly to build our back-end payments platform, engage thoughtfully with our seller community to solicit their input and line up new forms of payment - all of which has led to the introduction of managed payments. Looking ahead to 2019, we will expand our new experience to more buyers and sellers in the US and begin rolling out our new payments experience outside the US."  

Guidewire Software, Inc. (NYSE: GWRE) delivers the software that Property and Casualty (P&C) insurers need to adapt and succeed in a time of rapid industry change. Guidewire Software, Inc., a provider of software products to Property and Casualty (P&C) insurers, recently announced that Prelude Software (Prelude), a leading provider of payment management technology, has joined Guidewire PartnerConnect(TM) as a Solution partner. In addition, Prelude's PayPilot(R)disbursement hub solution accelerator, which speeds the integration between PayPilot and Guidewire ClaimCenter(TM), has successfully completed the Ready for Guidewire accelerator validation process. The PayPilot disbursement hub solution enables insurers to better manage all aspects of their enterprise-wide disbursement processes, providing real-time lifecycle management of all outbound payments. With the PayPilot disbursement hub solution accelerator, insurers can automatically upload payment request and remittance information from ClaimCenter to PayPilot so that payments can be issued via the desired payment method. Also, the status of the payment can be synchronized back to ClaimCenter automatically via this accelerator, providing immediate visibility that helps Guidewire users provide excellent customer service. "We are pleased to welcome Prelude as a PartnerConnect Solution partner and admire their dedication to providing insurers with more control to drive efficiencies and best practices related to outbound payment processing," said Becky Mattick, Senior Director, Solution Alliances, Guidewire. "PayPilot provides our insurer clients the flexibility to quickly react to the marketplace's demands for alternative payment methods."

HSBC Holdings plc (NYSE: HSBC), the parent company of the HSBC Group, is headquartered in London. HSBC, one of the world's largest banks, joined SWIFT's global payments innovation (gpi) service earlier this year. SWIFT gpi dramatically increases the speed, transparency and traceability of cross-border payments for users, allowing banks to credit payments to end beneficiaries within minutes, many within seconds. SWIFT gpi enables banks' customers to track the status of a payment in real-time and provides an unprecedented level of visibility into each payment, including information about each bank in its path and any fees that have been deducted. "SWIFT continues to focus on delivering value to its members and the clients they serve. The organisation's ability to develop new services and functionality helps its members support the needs of their clients and prepares them for the opportunities and challenges of the future," said Diane S. Reyes, Group General Manager and Head of Global Liquidity and Cash Management at HSBC.

iQIYI, Inc. (NASDAQ: IQ) is an innovative market-leading online entertainment service in China. iQIYI Inc. recently announced the launch of its "Change Plus" online wallet in partnership with aiBank. The announcement further illustrates iQIYI's continuous efforts to improve user experience for its members and explore new growth opportunities by creatively integrating entertainment and financial services. iQIYI's "Change Plus" online wallet allows users to enjoy new membership benefits. Users who deposit a certain amount of money on iQIYI can enjoy all of iQIYI's VIP membership services and can deposit or withdraw their money at any time they want. They will be able to enjoy the benefits of VIP membership for as long as they keep money saved on "Change Plus". aiBank, jointly established by China CITIC Bank and Baidu, is the first financial institution to partner with iQIYI's "Change Plus" online wallet. With DNA combining Internet and finance, the inclusive financial service platform benefits from an in-depth understanding of users and financial products, providing financial services such as payment and savings to iQIYI users. Liu Wenfeng, Chief Technology Officer of iQIYI, said: "iQIYI's analysis of big data provides accurate insights into the behavior and preferences of consumers, helping integrate finance services with our entertainment platform and expand our user base to include high-net-worth members."

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