Mobile Payments Market is Projected to Grow

NEW YORK, September 20, 2024 /PRNewswire/ —

A research report by Allied Market Research (AMR) forecasts that the global Mobile Payments Market is expected to garner $3,388 billion by 2022 and grow at a CAGR of 33.4% from 2016 - 2022. According to the research, increased penetration of smartphones, growth in m-commerce industry, change in lifestyles, and the need for quick and easy transactions are the major factors that drive the growth of the mobile payment market. The Asia-Pacific region is expected to be the fastest growing during the forecast period. By segment, mobile payments using mobile wallets/bank cards are anticipated to witness the highest growth rate. Glance Technologies Inc (OTC: GLNNF), Global Payments Inc. (NYSE: GPN), Fiserv, Inc. (NASDAQ: FISV), Visa Inc. (NYSE: V), Alibaba Group Holding Limited (NYSE: BABA).

“Adoption and spread of mobile payment has resulted into the entry of leading companies such as Apple, Google, and MCX into the competitive landscape. These market players have launched new generation of transactional applications that not only streamline business process but also provide for greater transaction savings. With the growing number of end-users, focus would drift towards the security and speed of the transaction in the coming years,” states Yogiata Sharma, Research Analyst, Consumer Goods Research at AMR.

Glance Technologies Inc (OTCQB: GLNNF) also listed on the Canadian Stock Exchange under the Ticker ‘GET’. Just earlier today the company announced breaking news, “It has filed a provisional patent with the United States Patent and Trademark Office for its latest invention which allows orders and payments initiated from traditional websites on any platform to be secured via mobile devices utilizing Glance’s robust anti-fraud technology. This advancement enables lower fraud for merchants and more security for consumers, while allowing the convenience of ordering and initiating transactions from the web from desktop computers or any other connected device.

This will be the third patent application filed by Glance in a series of applications designed to protect Glance’s proprietary mobile payment system technology including its anti-fraud technology. The patent application, once converted into an international Patent Cooperation Treaty (PCT) application and pursued in key jurisdictions throughout the world, is designed to provide significant commercial protection for Glance’s technologies. Glance anticipates that it will continue to file additional patent applications as it continues to develop its innovative technology.

According to Chargeback: E-commerce lost nearly $7 billion to chargebacks in 2016. By 2020, ecommerce chargeback losses are expected to balloon to $31 billion. Card not present (CNP) accounts for 60% to 70% of all card fraud in many developed countries. Merchants in the United States are overwhelmingly targeted by fraudsters. In September 2014, the US experienced 52% of total attack volume, with the United Kingdom, China, and the Netherlands experiencing 9%, 8%, and 6% of attack volume, respectively.

Mobile devices offer a much broader array of security technology compared to desktops or laptops, creating a far superior security method of payment. As mobile devices continue their rapid technological advancement, new mobile technologies can be utilized to help even further secure transactions.

“With the ever increasing rate of e-commerce fraud, we believe online merchants will prefer a more secure transaction. Most customers ordering online via their desktop or laptop already have their smartphone sitting right next to them allowing them to verify, secure, and transmit payments all from Glance Pay. We are taking advantage of the incredible array of technology on mobile devices and our own proprietary anti-fraud technology to help solve the problem of online payment fraud,” says Glance CEO Desmond Griffin, “Mobile payments are the future for internet payment security and, with our incredible anti-fraud track record and recent provisional patent filing, we believe we are well positioned for this future.”

Global Payments Inc. (NYSE: GPN) is a leading worldwide provider of payment technology services that delivers innovative solutions driven by customer needs globally. Recently, the company announced that it completed the previously announced acquisition of the communities and sports divisions of ACTIVE Network from Vista Equity Partners. For the third quarter of calendar 2017, the company expects ACTIVE Network to contribute revenue in a range of approximately $13 million to $14 millionand have no impact on earnings per share.

Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences that are in step with the way people live and work today. On August 21, 2024, the company announced it has acquired Dovetail Group Limited, a leading provider of bank payments and liquidity management solutions. This acquisition further enables Fiserv to help financial institutions around the world transform their payments infrastructure to meet the evolving needs of wholesale, commercial and retail customers. Through this acquisition, Fiserv will combine Dovetail’s real-time payments platform, modular services and configurable business processing rules with its market-leading payment capabilities, enabling financial institutions to unify discrete solutions into a fully integrated payments infrastructure. This enhanced platform will provide intelligent, data-driven payment processing and deliver the flexibility to integrate new capabilities and payment types at the speed of payments evolution.

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. On August 31, 2024, the company announced it is enabling payments on the new Garmin vívoactive 3 smartwatch, allowing consumers with active lifestyles to pay with the flick of their wrist instead of stashing their cards or cash in their socks while exercising. The Garmin vívoactive 3 is the first wearable from Garmin to feature Garmin Pay, an early NFC-based product to utilize the Visa Ready for Tokenization program, via TSP* program partner Fit Pay, Inc. The Visa Ready for Tokenization program gives partners access to Visa’s broad network of tools and services - including the Visa Token Service - to speed up and simplify the process for embedding secure payments in connected or mobile devices.

Alibaba Group Holding Limited (NYSE: BABA) is the largest online and mobile commerce company in the world in terms of gross merchandise volume. Alibaba Group’s major businesses include Ant Financial Services Group. Alipay is a third-party payment platform under Ant Financial. Launched in 2004, Alipay is the world’s leading third-party payment platform. As of June 2016, Alipay has over 450 million registered users and over 200 financial institution partners, offering payment services for around 10 million small and micro merchants, with its service offerings ever expanding. Thanks to its expanded range of consumption scenarios and product innovation, Alipay has become an open platform integrating various consumption scenarios and industries like payment, lifestyle services, civil services, social networking, wealth management, insurance and public welfare.

About FinancialBuzz.com

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.