(MENAFNEditorial) LOS ANGELES, November 30, 2017 /PRNewswire/ --
If you haven't already, now is a great time to delve into the world of Fintech. The revolution is gaining ground and opportunities are emerging almost daily.
Companies on the leading edge of adaptive technology to improve Financial Technology are on the rise including Square (NYSE: SQ), PayPal Holdings Inc. (NASDAQ: PYPL), Vantiv, Inc. (NYSE: ) and GlancePay (CSE: GET) (OTC: GLNNF).
Some of the leaders in fintech are looking for solutions to existing problems, while still others are simply so new as to be disruptors that could become the currencies of tomorrow. Confused by the crypto currency fervor? Don't understand payment processing? You are not alone.
There's a few key things to know as you jump in.
For companies creating innovation, we hit on a few that stand out on a market wide search fintech.
One of the newest players is a Canadian company that's been dubbed the "next PayPal" for its ability to bring simple, patented technology to mobile payment processing. GlancePay, (CSE: ) (OTC: ) launched just a year ago, but it's already the No. 1 mobile payment app in Canada.
Other Fintech performers that are leading the move into financial technology are the innovator Square (NYSE: SQ), which offers credit card processing and now loans for small to medium businesses, PayPal (NASDAQ: ) that handles online payment processing, and Vantiv, Inc. (NYSE: VNTV), a credit card processor better known to retailers in the U.S.
Still a little fuzzy on Fintech? Here are somethings you'll want to know:
5 Things You Need to Know About Fintech
1. What is Fintech?
Fintech is the abbreviated term for "financial technology", and it refers to basically any technology used in finance. This could include anything from Bitcoin to computer programs and other tech that enables banking and finance.
2. What Does it Mean for the Economy?
Fintech has shown to benefit the economy in a number of ways. It's making it easier than ever for consumers to conduct businesses, plus they can do their business faster. Fintech opens up doors for innovation, new careers, and a whole new way to look at consumers through better-than-ever data analytics.
3. How is it Disrupting Finance?
Fintech is bringing finance into the next generation with faster payment and transfer processing, and it's also unveiling never-before-seen banking bots that make consumer finance easier than ever.
New innovations in fintech help people who are using digital wallets as opposed to banks, meaning that fintech reaches across the aisle to help non-bankers.
4. What to Watch Out For
What's coming next in fintech? There will be new ways to pay for goods, borrow money, and transfer money. Today's consumers demand sleek, streamlined ways to handle their money, and fintech is going to deliver.
5. What it Means for You
Fintech means more financial choices and control over how you handle your money. Banks, as we know them, could become a thing of the past, and your money will be safer. Expect automated bots to be more involved in your finances than a teller or advisor.
THE PAYMENT PROCESS SIMPLIFIED
Companies that want to succeed in fintech must simplifying traditional financial systems and approaches.
Newcomer GlancePay, for instance, has found its entry point in the space by doing just that in the restaurant mobile pay segment.
GlancePay offers a streamlined payment platform giving customers the ability to pay their restaurant bill instantly with their mobile device. It means removes waiting on waiters and waitresses or even credit card machines. GlancePay is also a single app for all restaurants.
The app knows where you are using patented GPS technology. If GPS isn't available, it can determine your location using a photo of your location. Similar to the way Google has mapped the world, GlancePay has built a proprietary global database of locations.
GlancePay allows customers to pay their bill instantly with their mobile device. But it also takes the mobile pay app experience much further than say Apple Pay, which is available only to iPhone owners, and has failed so far to gain widespread usage.
It also helps you choose nearby restaurants, and soon, it will also enable ordering from your table, for pickup or for delivery.
Those who have used the system really love it.
HEADING INTO CRYPTO AND GROWTH MARKETS
Along with its technology in the restaurant sector, GlancePay is already diversifying into two other potentially massive markets: Cannabis commerce and Crypto currencies.
Through its newly established CannaPay service, GET plans to offer turnkey solutions for the emerging marijuana market in Canada. The Canadian government has declared that pot will be legalized in mid 2018. Deloitte estimates this sector could be worth a whopping.
With no single providers offering mobile and payment options for the industry, GlancePay could be a leading provider.
GlancePay is also working to provide multiple payment channels from Bitcoin to Litecoin to Ethereum, and others. The company has just announced appointments of two major influencers in the Blockchain sector to its advisory board.
NEW MARKETS MEAN OPPORTUNITY
Fintech covers a wide array of financial technology, ranging from digital wallets to new and better ways to transfer money. Be prepared - the world of fintech is changing quickly thanks to consumers who demand smarter ways to handle their money.
Despite huge activity over the past few years covering the most needed areas in the finance industry, the fintech space is not even close to being saturated. Creativity will be key to introducing differentiated products to compete with established ones.
Mobile payment technology is one of the fastest-growing markets in the world, and GlancePay is filling a gap not addressed by the other processing players. It's easy to see how these smaller companies can become major market disrupters.
GlancePay in certainly on a whirlwind pace. Since 2016, the company has signed on 160+ merchants and is positioned to skyrocket in the best retail months of the year.
It is already the number 1 mobile payment app in Canada with a 90% increase in revenues in Q3 2017, up from Q2 2017 and a 55,784% increase in revenues in Q3 2017 compared to Q3 2016.
Most of us can start getting on board with by putting a close watch on the Fintech sector and its innovators. Look for GlancePay to join the list of elite companies making the mobile sector one of the most attractive.
POTENTIAL COMPARABLES
Square Inc. (NYSE: )
Originally a simple payment processor aiming to offer merchants hardware that accepted plastic at the point-of-sale, Square has been transformed and continued to innovate in the payment and merchant processing space. The company has introduced software that allowed Square vendors to process EMV chip-embedded cards faster and introducing platforms that are specific to different merchants' needs, like Square for Retail. It has also been very successful with Square Capital program offers small- and medium-sized businesses microloans not often available for these businesses and Instant Deposit service that allows its clients to receive funds instantly upon swiping a customer's credit or debit card. Square also acquired Caviar to service the restaurant segment in 2014. Square reported annual revenue growth of 39% for 2016.
PayPal Holdings (NASDAQ: )
In 2014, mobile commerce accounted for a little more than 11% of the $303 billion domestic e-commerce total. It's expected that could balloon to 45% of e-commerce, or about $284 billion, by 2020. PayPal appears to be better-positioned than any other company (at the moment) to capitalize on this trend. Last year, PayPal facilitated more than $100 billion of total payment volume originating from mobile devices. That figure is expected to go up significantly in 2017 thanks to growth from features like PayPal's One Touch feature. When the company reported its first quarter, over 53 million consumers had opted into the program and more than 5 million merchants accepted it at checkout.
Vantiv (NYSE: )
Vantiv, Inc., through its subsidiary, Vantiv Holding, LLC, provides electronic payment processing services to merchants and financial institutions in the United States. It operates in two segments, Merchant Services and Financial Institution Services. The Merchant Services segment offers merchant acquiring and payment processing services, such as authorization and settlement, customer service, chargeback and retrieval processing, and interchange management to merchants, and regional and small-to-mid sized businesses. The Financial Institution Services segment offers card issuer processing, payment network processing, fraud protection, card production, prepaid program management, automated teller machine driving, portfolio optimization, data analytics, and card program marketing, as well as network gateway and switching services. Vantiv, Inc. was incorporated in 2009 and is headquartered in Cincinnati, Ohio.
For a more in-depth look into GET you can view the in-depth report at USA News Group:
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