The Global Mobile Payment Market is on the Rise
NEW YORK, October 16, 2017 /PRNewswire/ — According to a research report published by Transparency Market Research, the global Mobile Payment Technology (MPT) market is expected to be worth US$1,773.17 billion by the end of 2024 and growing at a CAGR of 20.5%.
The report indicates that currently, the MPT market is expanding at a higher rate due to the increasing adoption of smart phones and tablets across emerging economies. These developing regions, such as Asia Pacific, the Middle East and Africa are showing strong support for adopting payment technologies as governments are initiating cashless economies.
Analysts anticipate that Asia Pacific will lead the pack in the coming years as it is slated to account for a share of 42.5% in the global market by the end of 2024. Glance Technologies Inc. (OTC: GLNNF), Alibaba Group Holding Ltd. (NYSE: BABA), PayPal Holdings Inc. (NASDAQ: PYPL), Square, Inc. (NYSE: SQ), Tencent Holding Ltd. (OTC: TCEHY).
In the Asia Pacific region, China plays an important role
“The Payment and Clearing Association of China reveals that the transaction volume of non-banking payments grew to almost RMB 100 trillion ($15 trillion) in 2016, increasing twofold from 2015. The number of third-party mobile payment users increased to 469 million in 2016, which is about 70% of China’s mobile user base,” Forbes reported.
Glance Technologies Inc. (OTCQB: GLNNF) also listed on the Canadian Stock Exchange under the Ticker ‘GET’. Just earlier today the company announced headline breaking news, “Glance Technologies Announces Definite Agreement to Receive $1 Million in Licensing Fees for a Mobile Payment App Tailored for Asians in North America,” that, “further to the letter of intent announced on April 26, 2017, it has now entered into a definitive agreement with Euro Asia Pay Holdings Inc. to license its existing mobile payment system to create an app tailored for residents, students and tourists in North America from Asia and Europe.”
“I have watched the mobile payments industry grow and evolve in Asia, North America and globally. Of all my ventures, I’m most excited about this one. There is no question that mobile payments are the future, they are already dominant in China and it is only a matter of time until the rest of the world follows,” says Morris Chen, Euro Asia Pay Holdings Director.
Glance Pay is positioned to provide payment services that are similar to the ones in China and Europe using its Glance Pay Anywhere technology, which allows users to initiate and send payments to merchants from any location. Alipay, and WeChat Pay together hold a commanding 90% of the market in China, leaving Apple Pay struggling to make inroads. This creates an opportunity to provide the alternative for visitors and new residents from China in Canada and the US.
“Visitors and new residents from the Asia Pacific region are already accustomed to mobile payments, which are overtaking cash and credit cards abroad, and we believe the trend is set to accelerate in Canada and the US as well. We believe we are well positioned to serve this growing market,” says Desmond Griffin, CEO of Glance.
Alibaba Group Holding Ltd. (NYSE: BABA) enable businesses to transform the way they market, sell and operate. The company provides the fundamental technology infrastructure and marketing reach to help merchants, brands and other businesses to leverage the power of the Internet to engage with their users and customers. In addition, the company have a profit-sharing interest in Ant Financial Services, the financial services group that operates mainly through Alipay, the leading third-party online payment platform in China. Launched in 2004, Alipay currently has over 520 million active users and over 400 financial institution partners. Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app.
PayPal Holdings Inc. (NASDAQ: PYPL) is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. The company’s open digital payments platform gives PayPal’s 210 million active account holders the confidence to connect and transact in new and powerful ways, whether they are online, on a mobile device, in an app, or in person. On July 26, 2017, the company PayPal and Bank of America announced a strategic partnership that will soon enable Bank of America customers to transact with PayPal in stores and seamlessly link their Bank of America cards into PayPal. The agreement will take effect immediately, with new experiences available to Bank of America customers in the first half of 2018 that will make it even easier for them to shop how, where and when they choose by leveraging the power and convenience of PayPal’s platform.
Square, Inc. (NYSE: SQ) creates tools that help sellers start, run, and grow their businesses. The company enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. On September 28, 2017, the company announced a strategic partnership with Eventbrite, in which Square will drive Eventbrite’s payments systems, including online, mobile, and in-person transactions. Additionally, to support Eventbrite’s vision to power the world’s largest platform for live experiences, Square has invested $25 million in the company. Eventbrite is the world’s leading event technology platform. The company has processed more than $8 billion in gross ticket sales since inception and powers nearly three million events each year.
Tencent Holding Ltd. (OTC: TCEHY) provides social platforms and digital content services under the “Connection” Strategy. Tencent’s leading Internet platforms in China – QQ (Instant Messenger), Weixin/WeChat, QQ.com, QQ Games, Qzone, and Tenpay – have brought together China’s largest Internet community, to meet the various needs of Internet users including communication, information, entertainment, financial services and others. Tenpay, an integrated payment platform launched by Tencent to meet the needs of its 1.1 billion QQ users, has grown into one of China’s leading online payment platform. Tenpay commits to provide airlines, logistics, insurance, games, B2C business and other industries with professional and secure online payment solutions. The company’s products include both Tenpay Online Payment & PC WeChat Payment.
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