FinancialBuzz.com News Commentary

Payment gateways are becoming increasingly popular as online transactions become more abundant. Payment gateways help authorize and authenticate online transactions between a business and a bank. Gateways offers consumers a much more secure transaction, preventing fraudulent incidents. Primarily, the e-commerce market growth is rapidly accelerating, due to the large influx of online shoppers. According to data compiled by Imarc Group, the global payment gateways market reached USD 10 Billion in 2017 and is projected to reach USD 16 Billion by 2023. Furthermore, the market is expected to grow at a CAGR of 8.1% during the forecast period, from 2018 to 2023. The market will continue to grow as more and more businesses adopt payment gateways to help restructure and drive revenue growth. GreenBox Pos LLC , GreenSky, Inc., Net 1 UEPS Technologies, Inc. , Pareteum Corporation  MoneyGram International, Inc.

Payment gateways are also being accelerated by the large number of smartphone users. Over 95% of Americans own a cellphone device of some kind, while 77% of those owners have a smartphone, according to research conducted by Pew Research Center. Many smartphones already offer users a type of payment applications. Consumers can easily send or receive transactions at anytime and anywhere on their mobile devices. “Even as the entire financial industry changes rapidly, nowhere has the change been as evident as in the payments segment. Around the world, banks, consumers, and businesses are making a shift in the way they exchange value,” said Kapronasia in a report. “Technological advances such as more affordable smartphones and the growing footprint and speed of mobile telecommunications networks have enabled this shift as have social-economic factors.”

Also Read: Datametrex Identifies Fake News on Equalization Payments

GreenBox Pos LLC  earlier this month, the Company announced breaking news that, “TrustEscrow, a real-time partner payment module, is now live. The new technology is a plug-in to GRBX’s robust TrustGateway system and is an essential part of the Company’s scalability plan. TrustEscrow allows GRBX to meet the demand for the Company’s services as the number of clients, partners, and agents soar. The new toolkit allows agents submitting accounts to GreenBox to get paid in real-time for each transaction.

“Current industry standards for agent residual payments are 30-60 days in arrears. Bringing residual payments from 30-60 days out to true real-time payment gives GreenBox a massive competitive advantage,” stated Ken Haller, GreenBox’s Senior Vice President of Payment Systems. “Clients, partners, and agents are the core of our business. They are a pillar to our sales force and we just injected them with the cashflow needed to continue bringing on new accounts. The days of waiting for residual settlements are over – everyone will be paid instantly and securely through our blockchain technology.”

About GreenBox POS, LLC: GreenBox POS  is a groundbreaking technology company that builds customized payment solutions for a multitude of industries. The company has developed the fastest and safest way to send and process money using Blockchain technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX. GRBX is based in California with offices in Seattle, WA; Las Vegas, NV; Vancouver, BC, Canada; and HQ in San Diego, CA.”

Also Read: LeanData Launches Time-Based Routing to Accelerate the Lead-To-Revenue Cycle for Enterprises

GreenSky, Inc. is a leading technology company Powering Commerce at the Point of Sale℠ for a growing ecosystem of merchants, consumers and banks. GreenSky, Inc. and American Express recently announced a strategic alliance to bring enhanced digital payments and financing capabilities to help merchants grow their businesses and give consumers greater flexibility in financing their purchases. The multi-faceted collaboration will enable eligible US merchants within the American Express network and the customers they serve to access GreenSky’s proprietary point-of-sale financing solutions. Using GreenSky’s platform and technology, home improvement and elective healthcare merchants that accept American Express will be able to drive incremental sales by providing qualifying customers with options to finance large purchases in a paperless environment. Customers apply for installment loan financing via GreenSky’s mobile app, online or over the phone, and typically receive a decision and transact within 60 seconds. GreenSky will also have access to American Express vPayment, a virtual payments solution, in order to facilitate purchases via virtual account numbers delivered to approved customers. “We’re excited to work with American Express, a global leader in the payments industry that is known for its commitment to providing exceptional value to its customers. We’ve long admired American Express and all that the brand stands for,” said David Zalik, Chief Executive Officer and Chairman of GreenSky. “Combining our industry-leading technology platform with the security and backing of American Express will allow us to continue innovating to meet evolving customer needs.”

Net 1 UEPS Technologies, Inc. is a leading provider of transaction processing services, financial inclusion products and services and secure payment technology. Net 1 UEPS Technologies, Inc. recently announced that it had entered into a strategic relationship with Zapper, the leading South African QR payments technology company with more than a million customers. Zapper’s QR technology and payment platform is one of the most advanced and complete QR payment offerings, and it has operations currently in South Africa, the United Kingdom and the United States. Net1 and Zapper will partner to launch ZappGroup Africa, a company focused on deploying a universal white-label QR payment solution. “We intend to change the face of payments across Africa through innovative payment solutions,” said Herman Kotze, Chief Executive Officer of Net1. “Traditional banks have struggled to service the unbanked population due to limited infrastructure and the high cost of providing last mile connectivity. By leveraging Net1’s existing technologies together with Zapper’s mobile solutions, we can address the needs of 70% of Africa’s population currently underserved by financial institutions. QR payments have transformed China’s payments landscape over the past five years, and we believe our joint efforts will have a similar effect across Africa.”

Also Read: LaterPay Powers Salon and Pueblo Pulp with Inaugural US Partnerships

Pareteum Corporation  mission is to connect “every person and everything.” Pareteum Corporation announced earlier this year that an established provider of multi-level marketing plans has chosen the Pareteum Global Cloud Service Platform to extend their connectivity options. Pareteum’s Global Cloud Service Platform (GCSP), paired with its Insights Engine and Ethereum Blockchain application capabilities, will enable Parateum’s newest customer to expand their services and reach larger target audiences. The Company’s customer currently offers multi-level marketing and advertising-sponsored mobile services to subscribers. Those subscribers receive remuneration in the form of cryptocurrency settlements that can be applied toward the purchase of added connectivity and usage for their devices. Pareteum’s Insights Engine will collect, analyze, and, via Predictive Analytics, deliver actionable intelligence and reports to more effectively target new subscribers. Pareteum’s GCSP will also provide software services to meter, rate, provision new customers, deliver bills, and collect payments, as an integrated solution for the Company’s customer’s business operations. Hal Turner, Pareteum’s Executive Chairman and Principal Executive Officer, said, “Pareteum consistently executes on promises made by simply doing what we said we would do. Our new client will now use our artificial intelligent Insights Engine, along with our advanced, software based, computer API applications, for payment services that utilize blockchain, as well as digital payments and settlements. This leading-edge software solution, tailored for the specific uses of our client, means trustful and secure payment system transactions among advertisers, subscribers and our client.”

MoneyGram International, Inc. is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. MoneyGram recently announced that its award-winning MoneyGram.com platform is now available in seven new countries. Customers in Estonia, Finland, Latvia, Lithuania, Malta, Slovakia and Switzerland can send money anytime to over two billion bank accounts and mobile wallets or to any MoneyGram location in more than 200 countries and territories. The Company’s investment in digital services is showing tangible results. Online and mobile transactions have increased 16% year-over-year and digital accounts for 16% of total money transfer revenue. “Throughout 2018 we have successfully delivered on our strategy to expand our digital services internationally. We have increased the availability of MoneyGram.com from three markets to 24 markets in just 10 months. We will continue to build and deploy our digital services to offer our customers more choice and to ensure we are well positioned to compete in today’s competitive industry,” said Alex Holmes, MoneyGram’s Chairman and Chief Executive Officer.