According to a research report by eMarketer, mobile payments in the U.S are growing at a rapid pace. The report estimates the value of US proximity mobile payment transactions will total $49.29 billion in 2017 or up 78.1% from last year. The growth rate of online payments market is projected to remain in double digits through the forecast period of 2021, at which point it will slow down to 23.9%. That year, eMarketer estimates that US consumers will use their mobile phones to pay for $189.97 billion worth of goods and services at a physical point of sale (POS). Glance Technologies Inc (OTC: GLNNF), PayPal Holdings Inc. (NASDAQ: PYPL), Square, Inc. (NYSE: SQ), Verifone Systems Inc. (NYSE: PAY), Total System Services, Inc. (NYSE: TSS).
The report indicates that Americans are not likely to use their phones to pay for expensive items. eMarketer claims that new data shows that US consumers are using their phones at the POS to pay for coffee, fast food and other low-value, high-frequency purchases at a growing rate. "The average annual spend per proximity mobile payment user in the US will reach $1,026 in 2017, surpassing $1,000 for the first time. That figure will continue to grow through 2021, when it will reach $2,646," according to eMarketer.
Glance Technologies Inc (OTCQB: GLNNF) also listed on the Canadian Stock Exchange under the Ticker 'GET'. Yesterday the company announced breaking news, "It has signed its first restaurant in the United States, Ta'cul Mexican Cocina, located in California, to use the Glance Pay mobile payment app. Glance also announces that it has set up its United States head office in Silicon Valley."
"Our US expansion is key to our strategy of signing large North American restaurant chains," says Glance CEO, Desmond Griffin. "Silicon Valley is an ideal location for us to access the world's premier high tech ecosystem as we continue to develop our technology."
"Mobile payment is a game changer. We see people of all ages use their mobile phones in restaurants to take pictures of food to share on social media. Customers will love the convenience of paying for their bill with their mobile phone and collecting loyalty points. San Diego is ready," says German Feuchte, owner of Ta'cul Mexican Cocina.
The US restaurant market is estimated to generate over $780 billion in sales annually. Over 230 restaurant locations are signed to use the Glance Pay app in Canada, which is now live in 4 provinces across Canada.
In August 2017, Glance announced a warrant exercise program incentivizing warrant holders to exercise their warrants prior to September 29, 2017 for potential proceeds of up to $1,968,000 through the warrant exercise program, plus additional funds that may be raised by the exercise of other outstanding options and warrants that are not part of the acceleration program. The proceeds of these warrant exercises are being used to fund Glance Pay's expansion, including its US expansion. Since the announcement, Glance has received over $1,450,000 in proceeds from the exercise of incentive options, warrants, and broker warrants and options."
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. The company recently announced that PayPal's customers in the U.S. can now earn cash back on every purchase online and in stores with the launch of the new PayPal Cashback Mastercard issued by Synchrony Bank. The PayPal Cashback Mastercard, designed exclusively for PayPal members, offers cardholders 2% cash back every day, on every purchase - everywhere Mastercard is accepted.
Square, Inc. (NYSE: SQ) enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. Square's point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financing; engage customers; and grow sales. Square Cash is an easy way for businesses and individuals to send and receive money, and Caviar is a food ordering service for popular restaurants. Earlier this year, the company announced that it has launched in the UK, making it easier than ever for millions of small and medium-sized businesses across Britain to take card payments and run their business. The UK marks the fifth country where Square is available, joining existing markets Canada, Japan, Australia and the U.S.
Verifone Systems Inc. (NYSE: PAY) is transforming everyday transactions into opportunities for connected commerce. The company is connecting payment devices to the cloud-merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. On August 22, 2017, the company announced that Shufersal has selected Verifone for a full-scale payment-as-a-service relationship. Shufersal will be the first merchant in the country to implement Verifone's suite of commerce-enabled payment solutions that include a complete upgrade to local EMV requirements, access to third-party apps in the Merchant Marketplace, and state-of-the-art gateway services for an omni-channel view of consumer transactions both online and instore.
Total System Services, Inc. (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum - from issuer processing and merchant acquiring to prepaid program management. Recently, the company announced that it has signed a software licensing and services agreement with UAE leading financial institution, Mashreq Bank. TSYS will provide Mashreq with its core PRIMESM Issuer and Acquirer payments platform - and surrounding modules and services - to enhance the bank's customer-centric experiences for its cardholders and merchants.
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Editor's Insight: The interesting fact about the mobile payment trend is that consumers are using it for "coffee, fast food and other low-value, high-frequency purchases". This is the vending and micro market operator's niche, so mobile payment acceptance should be a priority for operators.