Extensive Mobile Device Usage is Set to Drive the Global Mobile Payments Market Growth
FinancialBuzz.com News Commentary
NEW YORK, December 18, 2018
NEW YORK, December 18, 2018 /PRNewswire/ --
The rapid growth of the Internet and mobile devices has caused a major disruption in the mobile payments market. Mobile devices allow users to simply access payment platforms in order to make payments or send transactions between one another. Advancements made in technology have transformed mobile phones into not just communication devices, but also monetary transferring devices. According to data compiled by Mordor Intelligence, the global mobile payments market was valued at USD 718.49 Billion in 2017 and is expected to reach USD 2.73 Trillion by 2023. Additionally, the market is projected to grow at a CAGR of 24.5% during the forecast period. With the rate at which the global economy is growing and the increasing penetration of smartphone devices, the mobile payments market will continue to experience robust growth. GreenBox Pos LLC (OTC: GRBX), EVO Payments, Inc. (NASDAQ: EVOP), NCR Corporation (NYSE: NCR), On Deck Capital, Inc. (NYSE: ONDK), Qiwi plc (NASDAQ: QIWI)
E-commerce growth has also contributed heavily to the mobile payments market. According to the E-Commerce Foundation, the e-commerce industry made USD 1.84 Trillion in revenue, with most sales coming from mobile devices. More than 25% of consumers have purchased a product online through e-commerce platforms. The growth in the e-commerce market has prompted many businesses, especially retailers, to adopt a form of digital payment for its consumers. "With the rising popularity of ecommerce and mobile payment options, it's no wonder that retail companies are now switching over to the digital world as their main storefront," said Shin Park, author at the Mobile Payments Conference, "Now we can see the shift starting from e-commerce on the desktop to mobile. Countless companies are seeing most of their customers coming to their sites through mobile devices."
GreenBox Pos LLC (OTC: GRBX) earlier last week, the Company announced breaking news that, "it has begun the process of applying to NASDAQ in order to upgrade GRBX shares to the senior exchange. The Company hired a consulting group to assist and advise on the process through successful completion. The consulting contract is a success-based compensation endeavor, as the parties demonstrate mutual trust and value. GreenBox began its journey to NASDAQ after filing its financial results for Q3/2018.
'This is a great step forward for GreenBox,' said Ben Errez, Executive Vice President and Chairman of GreenBox. 'Following the business accomplishments for Q3/2018 and setup for Q4/2018 and beyond, this move is designed to add liquidity, shareholder value, and a share price reflecting the true value of the Company and its business model. The process will take a few months to complete, and we plan on being a proud member of the NASDAQ exchange in Q2/2019, making the stock available to much broader audience of qualified investors.'
About GreenBox POS, LLC: GreenBox POS ("GRBX") is a groundbreaking technology company that builds customized payment solutions for a multitude of industries. The company has developed the fastest and safest way to send and process money using Blockchain technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX. GRBX is based in California with offices in Seattle, WA; Las Vegas, NV; Vancouver, BC, Canada; and HQ in San Diego, CA."
PayPal Holdings, Inc. (NASDAQ: PYPL), fueled by a fundamental belief that having access to financial services creates opportunity, is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. PayPal Holdings, Inc. recently announced that it had completed its acquisition of Hyperwallet for approximately USD 400 Million. This transaction will strengthen PayPal's payout capabilities and enhance PayPal's ability to provide an integrated suite of payment solutions to ecommerce platforms and marketplaces around the world. "Ecommerce platforms and marketplaces have been focused on creating frictionless experiences for sellers to accept payments from buyers - an area where PayPal and Braintree have really innovated, powering many of the world's largest and most noteworthy marketplaces," said Bill Ready, Chief Operating Officer, PayPal. "We look forward to working with Brent and the Hyperwallet team to strengthen our platform with advanced payout capabilities as we build on our aspiration to serve the digital economy with a full operating system for commerce."
Square, Inc. (NYSE: SQ) creates tools that help sellers start, run, and grow their businesses. Square enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. Square, Inc. recently announced the launch of Square Installments, providing sellers with access to a powerful tool for growing sales that has traditionally only been available to larger businesses. This new payment method gives their customers the freedom to pay for a large purchase by splitting it into easy, fixed monthly payments. Rooted in Square's mission to help small businesses never miss a sale, Square Installments is another way the company is expanding access to financial services for businesses and individuals. For most sellers, providing a payment option like Square Installments to their customers has not been possible. Existing offerings have prohibitive minimum sales requirements and getting set up is time consuming and labor intensive. In a survey of Square sellers, nearly half indicated the number one reason for not offering a flexible payment option was the long and complicated setup1. In contrast, Square Installments is seamless for sellers, taking just minutes to get started and has no sales volume minimums. "We're focused on removing the complexity associated with financial products, enabling more businesses to access incredible tools that can help them grow," said Jacqueline Reses, Head of Square Capital. "Square Installments delivers simple and quick financing to customers seeking greater flexibility as they make purchasing decisions."
EVO Payments, Inc. (NASDAQ: EVOP) is a leading payment technology and services provider. EVO Payments, Inc. recently announced a strategic relationship between eService Sp. z o. o., an EVO subsidiary, and POSNET Sp. z o.o., a leading POS solutions provider in the Polish market, to offer a state-of-the-art POS solution to businesses in Poland. Under the terms of the new relationship, eService's payment application will be installed on POSNET's innovative "Pospay" device. Pospay is the first mobile-operated device in Poland to integrate the functions of a payment terminal, a cash register, and a printer, ultimately making payment processing more efficient, safe, and compliant with Poland's fiscal reporting rules. "eService immediately stood out as the obvious payment solutions provider with whom to launch our new Pospay device. The company's high quality service and leading market position in Poland make eService a great strategic partner for us, and we are confident they will help facilitate the success of Pospay," stated Robert Abramczuk, President, Management Board, POSNET.
NCR Corporation (NYSE: NCR) is a leader in banking and commerce solutions, powering incredible experiences that make life easier. NCR Corporation recently announced that Urban Eatz in Richardson, Texas, was the first NCR customer to use JetPay payment processing through their NCR point of sale (POS) software. Only days after completing the acquisition of JetPay, NCR has integrated the payment processing engine into its Aloha software platform for restaurants. NCR announced the acquisition of JetPay, a provider of payment processing services, on October 22nd, 2018. Following the successful completion of the acquisition, NCR integrated the cloud-based JetPay payments platform into its enterprise POS solutions, expanding its portfolio for the retail and hospitality industries. "We're excited to be able to offer a unique end-to-end payment solution to retail and restaurant businesses that will simplify and improve our clients' experience," said Paul Langenbahn, Executive Vice President and president of the NCR Commerce Group. "By offering an integrated payment processing solution we create value for our clients, including small- and medium-sized businesses that prefer close relationships with vendors that understand their business and can provide the solutions they need."
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