FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Glance Technologies Reports on the Success of Real-Time Bill.”
Glance Technologies Inc. (CSE: GET) (OTCQB: GLNNF) (FKT: GJT) reported today on the success of its Real-Time Bill™ feature. Real-Time Bill™ enables users to view and self-pay their bill in real time directly from the Glance Pay® App. The app identifies the user’s bill based on Quick Response (QR) codes or Near-field communication (NFC) tags at their table and integrates directly with the merchant’s point of sale system.
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.
Payments by cash are slowly becoming obsolete as digital payment solutions become more ingrained in our society, allowing consumers to pay or transfer monetary funds between one or another through their computers and mobile devices. Moreover, digitization has also impacted the payment systems within brick-and-mortar retail stores and e-commerce sites. Now, retailers can quickly process payments while providing excellent security services to prevent theft. Furthermore, with the continued rise of digital payments, mobile payment solutions have become highly popular among consumers. Mobile payment solutions allow one to use an electronic device such as a phone, tablet, or laptop to transfer currency. Currently, smartphones, in particular, are driving the mobile payments market growth because of the numerous apps that offer payment services. With these apps, consumers can easily send or receive payments in the palm of their hands within seconds, and without having to worry about their account’s security. According to a report by Newzoo, the number of smartphone users is expected to pass 3.8 billion by 2021. Additionally, the widespread expansion of smartphones is also expected to help stimulate the mobile payments marketplace. According to data compiled by Transparency Market Research, the global mobile payments technologies market is expected to reach USD 50.56 Trillion by 2026 while registering a CAGR of 37.8% from 2018 to 2026.
Mobile payment solutions are much more optimal because they avoid having to use physical currency such as coins or cash. Consumers can simply connect their bank accounts to a mobile payment app on their smartphones and make purchases directly from their phone. However, consumer trends continue to change as technology becomes more advanced. Following a series of major cyber attacks in recent years, online and mobile security has become a top concern. Consumers want to know that their money, bank account, and even personal information will be safely stored and private from others. While there are hundreds of apps, consumers tend to gravitate towards ones they are familiar with or have the best marketing, giving larger corporations a nudge over their smaller competitors who do not get the same visibility. For instance, larger corporations offer top-of-the-line technology, while, on the other hand, smaller companies may be geared more towards pleasing and attracting a user base in the first place. “As online shopping and mobile payment technology make electronic payments more convenient, cash is the big loser,” said Jake Rheude, Director of Marketing & Business Development at Red Stag Fulfillment. “Cash isn’t likely to disappear any time soon, but e-commerce has helped put digital wallets squarely in the comfort zone for most consumers. Among millennials, electronic payment is a no-brainer, so someday, probably sooner than we expect, the only cash in your pocket will be virtual dollars in a digital wallet.”
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