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Increasing Millennial Presence in the Marketplace is Driving the Digital Payment Market Growth

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Payments by cash are slowly fading as the emergence of digital, or cashless payment options, are quickly being adopted by consumers. Industry leaders are heavily investing into digital payments because of their convenience and technology-supported infrastructure. Consumers can easily make payments on their mobile devices at anytime and anywhere. With the growth of the market, consumers now have many payment solutions to choose from, whether its bank cards, net banking, e-wallets or mobile in-store applications. Digital payments are also much more secure, especially now that tech companies are building software to improve security. According to data compiled by Mordor Intelligence, the global digital payments market was valued at USD 2.89 Trillion in 2017 and is expected to reach USD 6.49 Trillion by 2023. Additionally, the market is projected to grow at a CAGR of 13.7% during the forecast period from 2018 to 2023. The market is also being accelerated by the increasing adoption of mobile smart devices that support digital payment platforms, which is primarily being driven by millennials. Glance Technologies Inc. (OTC: GLNNF), PayPal Holdings, Inc. (NASDAQ: PYPL), Total System Services, Inc. (NYSE: TSS), Fiserv, Inc. (NASDAQ: FISV), Worldpay, Inc. (NYSE: WP)

Millennials currently account for approximately 27% of the global population. Technology is heavily integrated into their lives, as nearly 90% of millennials own or use a smartphone on a day-to-day basis. The group is identified to be heavily influenced by technology, while their buying habits are driven by instant gratification that smartphones, the internet and other modern conveniences provide. “What remains key is consumer choice. Smartphones have democratized how companies innovate and placed the consumer back at the heart of the development process. People want a frictionless experience, taking the path of least resistance, just as long as they can remain secure,” said Bill Gajda, Global Head, Innovation & Strategic Partnerships at Visa. “Millennials will continue to drive mobile money management and payments. More than nine in ten (91%) predict that they will be using their mobile devices for financial purposes in three years’ time, far above the national average of 72%.”

Glance Technologies Inc. (OTCQB: GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). Earlier last week, the Company announced that, “it has entered into a strategic alliance and referral agreement with Merchant Advance Capital Limited Partnership (“Merchant Advance Capital”). Merchant Advance Capital provides funding to small and medium-sized businesses by purchasing a specified percentage of future receivables.

David Gens, CEO of Merchant Advance Capital commented: ‘We are proud to be partnering with Glance, a company that shares our values of innovation and use of technology in providing financial services. Together, we can provide Canada’s most convenient financing solutions.’

Under the terms of the Strategic Alliance Agreement, Glance and Merchant Advance Capital will collaboratively market and promote each other’s businesses through their respective marketing and sales channels. Under the terms of the Referral Agreement, Glance will be paid a fee for each transaction that Merchant Advance Capital closes from a Glance generated lead.

A significant emerging sector of the economy is made up of freelancers and small businesses. Glance recently launched its Glance PayMe mobile POS solution providing freelancers and small businesses with a secure, low-fee processing solution without long delays in getting paid. Small businesses often have difficulty obtaining funding from traditional banks. Through this new partnership, small businesses operating on the Glance platforms may now be eligible to receive financing in as little as one to three business days.

Desmond Griffin, CEO of Glance commented: ‘We see Merchant Advance Capital as the perfect partner for our new Glance PayMe application. We are impressed by their innovative approach to financing small business, the application of technology to their approval and risk management processes and ability to quickly approve an application. We think their product is an excellent solution that can help our Glance merchants overcome seasonality challenges and expand and grow their businesses.’

Merchant Advance Capital is a national financial services company working with small and medium-sized businesses throughout Canada.”

PayPal Holdings, Inc. (NASDAQ: PYPL), fueled by a fundamental belief that having access to financial services creates opportunity, is committed to democratizing financial services and empowering people and businesses to join and thrive in the global economy. PayPal Holdings, Inc. recently announced that it has completed its acquisition of Hyperwallet for approximately USD 400 Million. This transaction will strengthen PayPal’s payout capabilities and enhance PayPal’s ability to provide an integrated suite of payment solutions to ecommerce platforms and marketplaces around the world. Ecommerce platforms and marketplaces have been focused on creating frictionless experiences for sellers to accept payments from buyers – an area where PayPal and Braintree have really innovated, powering many of the world’s largest and most noteworthy marketplaces,” said Bill Ready, Chief Operating Officer, PayPal. “We look forward to working with Brent and the Hyperwallet team to strengthen our platform with advanced payout capabilities as we build on our aspiration to serve the digital economy with a full operating system for commerce.”

Total System Services, Inc. (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum – for issuers, merchants and consumers. TSYS recently announced that it had signed a long-term contract extension with Regions Bank to continue providing processing services for the bank’s consumer and small business credit card portfolios. As part of the new agreement, TSYS will also begin providing processing services for Regions’ commercial credit card portfolio, and will support the bank’s commercial ePayables offering through TSYS’ Virtual Payment Precept (VPP) platform – a strategic virtual card payables solution for B2B payments. TSYS’ VPP enables the generation of secure, virtual, single-use account information in real-time with more control over account and transaction parameters. It reduces risk, improves operational efficiency and makes it easier for both accounts payable and accounts receivable to reconcile transactions. Virtual cards replace primary account numbers on physical purchasing cards, making them a flexible, secure payment method that allows businesses to place strict limits around what each virtual account number can be used for when making a purchase. “We have worked with TSYS for many years and are very familiar with the company’s commitment to innovation and customer service, as we expand our relationship into the commercial card business,” said Brett Couch, Head of Regions Procurement and Corporate Real Estate. “We’re excited to have new opportunities to grow that part of our business using TSYS’ proven payables platform and drawing on their experience in the commercial card market.”

Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences in step with the way people live and work today. Fiserv, Inc. and QuotePro recently announced that they are facilitating faster, next-day availability of funds and helping mitigate security concerns for businesses that accept payments in cash. QuotePro Kiosks are the latest generation of self-service machines that can provide a complete cashiering solution to businesses that accept payments via cash, check, credit and debit card. QuotePro data from more than 100 kiosks at businesses ranging from auto dealers to utilities and insurance companies, shows that when given a choice between cash, check, credit and debit card, 70% of consumers paying at these kiosks are choosing cash. “For many retail businesses, cash is the dominant form of payment and innovations in self-service and technology help reduce the burden of managing cash payments,” said Pat Korb, President, Financial & Risk Management Solutions, Fiserv. “Faster access to funds, reduced overhead and enhanced security are key benefits for businesses, and consumers appreciate the flexibility and convenience to pay in the way they prefer.”

Worldpay, Inc. (NYSE: WP) is a leading payments technology company with unique capability to power global omni-commerce. Worldpay, Inc. and Paysafe Group recently announced a new strategic partnership, with sights set on establishing an industry-leading standard in iGaming and Sports Betting digital payments acceptance and security in the United States (U.S.). The partnership will enable seamless transactions, reduce operating costs and allow universal payment acceptance, leveraging Worldpay’s deep sector expertise and optimized credit card processing, fast-fund payouts, and a range of treasury and payment solutions – alongside Paysafe’s proven online gambling and gaming digital payment options, including its popular NETELLER digital wallet and paysafecard, its award-winning online cash solution. “As a leading payments provider for iGaming companies, state lotteries and land-based casinos, Worldpay is excited about the enhancements this partnership will bring when it comes to maximizing payment acceptance, enabling new digital wallets, as well as minimizing fraud risk and lowering cost,” said Shane Happach, EVP, Head of Global Enterprise eCommerce for Worldpay. “Our combined strengths and capabilities will simplify payments for gaming operators, while also continuing to show our attentiveness to responsible gaming and our mission to protect the integrity of every transaction.”

Source: FinancialBuzz.com 

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Gambling in the USA

Gaming Americas Weekly Roundup – March 18-24

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

DraftKings unveiled My Stat Sheet, a gaming tool that gives players the ability to assess, track and interact with their personal stats through intuitive charts and information that will help empower players to make data-driven decisions on their own play and therefore promote responsible gaming. This new feature is now available across all DraftKings and Golden Nugget products.

Jackpocket announced the release of Super Pick, a new app feature that streamlines the lottery experience for Mega Millions and Powerball fans, offering an even more convenient way to participate as combined jackpots soar past $1.3 billion. Jackpocket’s new Super Pick feature gives users an easy way to pick every special and standard ball in the game with just one tap.

The Senate Tax Committee advanced legislation authored by Senator Matt Klein to legalise Sports Betting in Minnesota. This was the second time the bill has been heard in Taxes, after making a stop last year. The hearing focused on changes to tax rates and revenue disbursements.

The Arizona Department of Gaming announced that it has allocated an event wagering operator license to Fanatics Betting and Gaming as the designee for Tonto Apache Sports Betting, an organisation of the Tonto Apache Tribe, pursuant to A.R.S. § 5-1304 and A.A.C. R19-4-105 and 106.

The Massachusetts Gaming Commission reported that the month of February 2024 at Plainridge Park Casino, MGM Springfield and Encore Boston Harbor generated approximately $100.57 million in Gross Gaming Revenue. Additionally, approximately $52.55 million in taxable sports wagering revenue was generated across the eight mobile/online sports wagering licensees and the three in-person licensees for the month of February.

Rebet, a new free-to-play social sportsbook, announced its official launch. The Rebet App, which is now available for download in the App Store across 47 U.S. states, is set to revolutionise the sports betting experience with first-of-its-kind features including an entire social sportsbook, peer-to-peer contests and dynamic user social feeds.

Partnerships

SPARKET announced an expanded partnership with the World Jai Alai League, solidifying their commitment to enhancing the fan experience and driving growth in the world of Jai Alai. Following the successful implementation of SPARKET’s innovative platform within the league, both entities have decided to deepen their collaboration. This strategic move aims to further revolutionise how fans interact with and enjoy Jai Alai, leveraging cutting-edge technology to increase engagement from at-home viewers.

Bragg Gaming Group announced the launch of a custom slot game developed for Caesars Digital, Boardwalk Slots Bankers & Cash, now exclusively live on Caesars Palace Online Casino and Caesars Sportsbook & Casino in Michigan and New Jersey. The bespoke release takes proven game features and artwork from Bragg’s popular slot title Bankers & Cash and combines it with the evocative Boardwalk Slots brand owned by Caesars Digital.

International Game Technology announced that its IGT PlayDigital iGaming content library is now available in Rhode Island via the Bally Casino Rhode Island app and on BallyCasino.com. This milestone content deployment makes IGT PlayDigital one of only two suppliers to offer content in all seven U.S. online gaming jurisdictions.

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Gambling in the USA

Gaming Americas Weekly Roundup – March 11-17

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Scientific Games announced the consolidation of its legal and public policy teams into a new unified department, Global Legal and Public Policy. This team will be led by James D. Schultz who will assume the new title of Executive Vice President, Global Legal and Public Policy. Deputy General Counsel Phil Bauer, an indispensable 25-year veteran of the company, will be promoted to General Counsel and Corporate Secretary, and report to Schultz.

Sportradar Group AG announced that the North Carolina State Lottery Commission has granted Sportradar’s U.S. betting subsidiary, Sportradar Solutions LLC, a Supplier license in the state North Carolina. This license is valid for five years from its date of issuance on February 28.

The Office of Lottery and Gaming (OLG) announced that FanDuel is the new sports wagering subcontractor for Intralot Inc., OLG’s lottery and sports wagering system vendor. Under this agreement, residents of Washington, D.C. will gain access to FanDuel’s sports wagering app, which is the market leader nationally, as well as its website and retail platforms.

Elys BMG Group Inc. announced that Grand Central Sportsbook in Washington D.C. (Grand Central) has been granted provisional approval to open its H Street sportsbook by the DC Office of Lottery and Gaming, Regulation and Oversight Division.

BetMGM has officially launched its mobile sports betting service in North Carolina, giving customers in the Tar Heel state access to a wide variety of betting options as well as the opportunity to earn experiences at MGM Resorts’ properties nationwide.

Supremeland Gaming announced the approval of an interim Supplier License in West Virginia, further solidifying its position as a key player in the rapidly expanding iGaming industry. This milestone marks the company’s third approval following the successful acquisition of the first approvals in Pennsylvania and New Jersey.

Partnerships

Caesars Entertainment and National Hockey League (NHL) announced a renewal of their US partnership. The new, multiyear partnership extension retains Caesars’ status as a Sports Betting and Gaming Partner of the NHL and, for the first time, provides Caesars Digital with access to League-owned intellectual property to build and promote NHL-branded iCasino games for its online casino platforms in North America, including the recently launched Caesars Palace Online Casino.

SCCG Management announced the extension and significant expansion of its strategic partnership with SnapOdds, the revolutionary sports betting technology product from Snapscreen Inc. This expansion marks a pivotal shift towards a consumer-facing (B2C) strategy, leveraging SnapOdds’ unique TV and streaming content recognition software.

Hip-Hop icon Nas has partnered with Resorts World New York City on a $5 billion expansion plan for a casino in Queens. The vision of Aqueduct Park is to transform the casino in Nas’ hometown, into a full-fledged establishment that mirrors the company’s properties in Las Vegas.

SCCG Management, the leading advisory and management consultancy in the global gaming industry, headquartered in Las Vegas, announced the extension of its partnership with IDnow, a premier European provider of identity verification solutions. This strategic alliance is placing a focused effort on expanding its reach to encompass the broader Latin America (LATAM) region.

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Gambling in the USA

Gaming Americas Weekly Roundup – March 4-10

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

NJ Attorney General Matthew J. Platkin announced the retirement of David L. Rebuck after serving 13 years as the Director of the Division of Gaming Enforcement (DGE), making him the longest-serving director in DGE’s history. In total, Director Rebuck is retiring with 36 years of service to the State.

Altenar’s status as a leading sportsbook provider in South America has been further boosted with the opening of a new office in Uruguay. The new hub, located in Costa Rica Street 1667, in Carrasco, Montevideo, will be the base for around 15 members of staff and strengthen the company’s support for iGaming operators in the LatAm region.

MGM Resorts International and BetMGM announced new groundbreaking initiatives in collaboration with Kindbridge designed to support problem gambling research and mental health services. Kindbridge Research Institute and Kindbridge Behavioural Health are organisations that aim to better understand the problems that exist within at-risk communities, delivering evidence-based treatment for gambling disorder.

Elray Resources has launched Kings of Sport, a state-of-the art online crypto casino that brings together the world of cryptocurrencies with the excitement of traditional casino games. Kings of Sport is expanding player options in the online gambling industry by providing users with a diverse selection of classic and modern casino games that can be played using popular cryptocurrencies like Bitcoin, Ethereum and others.

Supremeland Gaming, the new American iGaming challenger, announced its U.S. expansion, attaining a second gaming approval in the US, three weeks after its inaugural licensing announcement in neighbouring Pennsylvania. The New Jersey approval will allow Supremeland Gaming to build and release games in the Garden State through its partnership with EveryMatrix.

Churchill Downs Incorporated announced that Exacta Systems has completed the installation of 175 Exacta-technology driven terminals at The Brook in Seabrook, New Hampshire. Exacta, acquired by CDI in August 2023, is a leading provider of central determinate system technology for historical racing machines (HRMs). The Brook is a casino entertainment destination located in the easternmost part of the state next to the Massachusetts border.

Underdog announced an investment in idPair by GuardDog, Underdog’s responsible gaming innovation fund. idPair’s proprietary technology creates a centralised view of an individual’s play and gambling activity across all applications and operators in a jurisdiction for regulators, providing for universal responsible gaming limits.

Partnerships

Betfred USA and U.S. Integrity announced a partnership that will provide Betfred with monitoring software and tools that will play a pivotal role in preventing student-athletes, coaches and staff from engaging in prohibited sports wagering.

SCCG Management announced its sponsorship of the 10th Arnold South America Sports Festival in São Paulo, Brazil. This year’s festival, scheduled for April 5-7, 2024, will feature the Pillow Fight Championship (PFC) as its centrepiece, showcasing the thrilling world of professional pillow fighting in South America.

5WPR announced that it has been selected as the public relations Agency of Record for casino and sportsbook platform provider, Soft2Bet, which, after successfully growing its business throughout Europe, is launching in the US, targeting NJ as the first state where it will debut its offering.

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