FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Glance Technologies Previews Bar and Nightclub Features”.
Glance Technologies Inc. (OTCQB: GLNNF) (CSE: GET) announced its upcoming Bar and Nightclub products. Glance plans to revolutionize the experience of ordering at bars and the paying of cover charges.
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.
As consumer trends begin to change, many businesses are forced to adapt accordingly. One of the biggest demands in the consumer industry is more efficient payment systems. With the emergence of online platforms, digital payment solutions have rapidly evolved throughout recent years. Typically, most payment providers are advancing their systems to send or receive funds quicker while providing top-line security. Now, businesses that see heavy customer flow, such as retail, have begun transitioning into using digital systems. Payment technology is also expected to continue its growth as providers look for different and innovative approaches. And the digital payment industry is expected to accelerate with the proliferation of smartphones and more initiatives being taken to implement payment systems, as well as to provide improved customer service at point-of-service terminals. According to data compiled by MarketsAndMarkets research, the global digital payment market was valued at USD 38.00 Billion in 2018 and is projected to reach USD 86.76 Billion by 2023. Furthermore, the market is expected to exhibit a robust CAGR of 18% during the forecast period. Within the digital payments market, the solutions segment is expected to witness the largest growth and maintain its dominance. Digital payment solutions are also rapidly being propelled by the increase in customer-centric applications, expansion of the e-commerce industry, and increased focus on omnichannel payment mode.
The industry is mainly being fueled by the changing demographic trends across the world. Specifically, millennials are responsible for the adoption of digital payment solutions. As a generation that is heavily influenced by technology, their daily habits are intertwined around their phones, computers, and the internet. According to Ikajo, a Netherlands-based payment provider, 98% of millennials or young adults between the ages of 18 and 34 have a smartphone and 97% of them are active on social media. The abundance of smartphones allows them to simply send a payment via their mobile device or a tap-to-pay method at physical stores. Ikajo also suggests that 65% of millennials have paid for products or services through their mobile devices, compared to 42% of the general population. As the technology continues to advance, new methods such as facial recognition and fingerprint scanners are being implemented payment solutions. “Over the next few years, we should see the digital payments industry become Millennial-friendly. It may result in quicker payments, simpler management, and enhanced client relationships,” said Yuliia Mamonova, Business Development Specialist at Ikajo, “All in all, millennials are disrupting digital payments, and businesses have no choice but to evolve with them.
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