FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Glance Technologies Amends and Completes Transaction With Fobisuite and Announces Joint Venture With Kinect.”
Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) (FKT: GJT) announced it has amended and completed its previously announced transaction with Fobisuite Technologies Inc. and entered into a joint venture with Kinect Technology Inc. (“Kinect”).
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.
The way consumers pay for their purchases has shifted from traditional, physical money to digital payments and transactions. Now, the digital payment technology is becoming increasingly popular because of its convenience and security. By 2019, it is expected that 2.1 billion consumers will have used some sort of digital wallet, according to Braintree’s 2018 Global Payments Report. Moreover, the report suggests that digital currencies are also expected to overtake credit and debit cards and become the most popular e-commerce payment method as consumers are opting to choose digital payment platforms because they can send or receive transactions immediately through their mobile devices. In a survey with more than 2,000 Americans, the U.S. Bank National Association revealed that 50% of the respondents said they carry cash with them less than half the times they are out. Furthermore, the respondents said when they do bring cash, they typically carry less than USD 50.00 on hand while almost half of the group said they carry less than USD 20.00. Even though millennials are primarily driving the digital payments market, the industry has impacted many adults. The Pew Research Center discovered that about one-third, or 34%, of adults under the age of 50 make no purchases in a typical week using cash. As digital payments become more popular, many companies such as retailers and online businesses are working towards integrating a digital payment platform. According to data compiled by Mordor Intelligence, the global digital payments market was valued at USD 3.41 Trillion in 2018. By 2024, the market is projected to reach USD 7.64 Trillion, witnessing a CAGR of 13.7% during the forecast period from 2019 to 2024.
The digital payment industry owes its robust proliferation to the internet as consumers can access their bank accounts or wallets through their provider’s webpage or a mobile app. As of March 2019, 4.38 billion people around the world have access to the internet. However, the biggest concern over digitalization is the possibility of a cyber-attack, and it has even led government agencies to implement regulations in order to prevent such attacks. For instance, two new regulations related to cybersecurity, the European Union’s General Data Protection and New York Department of Financial Services, are already in place. Now, payment solution providers are focused on developing faster platforms while increasing their security software within the system for their consumers. “The incredible consumer response to digital and mobile banking solutions is changing the entire industry and diminishing the historic use of cash,” said Gareth Gaston, Executive Vice President of Omnichannel at U.S. Bank, “ATM withdrawals and branch visits are slowly declining, while mobile transactions are increasing dramatically year over year. It shows that the broad availability of free, easy-to-use and fast-acting technology is supplanting the need for cash.”
For more information, please visit: Glance Technologies Inc.
For more corporate news on Glance Technologies Inc., check out the Buzz on the Street
About Buzz on the Street: One of FinancialBuzz.com’s latest corporate and financial news shows, covering the latest trending stock market news. Buzz on the Street looks to become a leader in corporate video news dissemination. Buzz on the Street is 100% original content, brought to you by Financial Buzz Media.