NEW YORK, December 21, 2018 — Payment solutions are becoming increasingly popular amongst both consumers and businesses. Payment solutions are offering a much more convenient method to send or receive monetary transactions between two parties. Additionally, new technologies are being integrated into payment solutions, such as blockchain and cryptocurrency. As technology continues to advance, industry leaders are reshaping the payments industry with innovative and convenient solutions. According to data compiled by Capgemini and BNP Paribas, the global non-cash transaction market grew by 10.1% from 2015 to 2016. The research now projects that the market will grow at a CAGR of 12.7% until 2021. The market is predominately being driven by developing markets such as Russia, India and China. Notably, developing markets are projected to grow at a CAGR of 21.6% over the next five years. The market is expected to be led by Asia’s CAGR of 28.8%, while already developed regions are projected to grow by approximately 7%. Glance Technologies Inc. (OTC: GLNNF), Square, Inc. (NYSE: SQ), Starbucks Corporation (NASDAQ: SBUX), Sony Corporation (NYSE: SNE), TD Ameritrade Holding Corporation (NASDAQ: AMTD)
The integration of cryptocurrency and blockchain technology is becoming prominent in the digital payment industry. According to Infoholic Research LLP, the global cryptocurrency and blockchain market is projected to reach USD 42.16 Billion by 2022. Furthermore, it is expected to grow at a CAGR of 35.2%. The market is gaining traction due to the widespread acceptance of the technology. Specifically, players in sectors like BFSI, retail, media, healthcare and others are adopting cryptocurrency to be used as a form of payment. Cryptocurrencies offer a much more secure payment process while also processing the transactions much faster, which has made it highly attractive to businesses that deal with large volume of payment transactions. “I can anticipate the day when every store will accept payment in a cryptocurrency,” said Stephen Pair, Chief Executive Officer and Co-Founder of BitPay. “It became clear that payment systems and traditional currencies were ripe for disruption by technology, the same way that email disrupted the Post Office.”
Glance Technologies Inc. (OTCQB: GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). Earlier yesterday, the Company announced breaking news that, “it has filed a provisional patent application with the United States Patent and Trademark Office directed at methods, systems and techniques for cryptographic token transfers.
This patent application is for a foundational technology to lower costs and improve speed and efficiency of cryptocurrency transactions, even where the value of the transaction may be relatively small, as well as to facilitate converting between cryptocurrencies whose transactions are recorded on different blockchains. It also facilitates storing information of different sensitivity levels on differently permissioned blockchains, which can be useful when privacy is important.
Desmond Griffin, CEO of Glance, says ‘some of the current barriers to adopting cryptocurrencies for everyday payments are high costs per transaction for small value transactions, slow speed of execution when trying to pay in real time, and potential disclosure of more information than may be desired from a user. This patent application proposes various technological solutions that can be used to solve these problems. The aim for Glance is to make cryptocurrency payments practical for day-to-day payment situations.’
Glance believes that blockchain and cryptocurrencies are fundamentally transformative technologies, providing significant opportunities for the early pioneers in this space. In addition to facilitating cryptocurrency transactions, the technology described in this patent application is applicable to the Glance Coin loyalty reward token that will allow Glance merchants to reward and provide deals and incentives to customers.