NEW YORK, September 28, 2018 /PRNewswire/ -- Data compiled by Allied Market Research has indicated that the mobile payment market was valued at USD 601 Billion in 2016 and is expected to hit USD 4,574 Billon by 2023. Mobile payments provide customers an easy and convenient shopping experience with the help of increasing penetration of smartphones and growing e-commerce industry. Based on the mode of transaction, the market is segmented into short message service (SMS), near-field communication and wireless application protocol (WAP). The SMS segment dominated the mobile payment industry in 2016 and is anticipated to grow at a rate of 33.5% during the forecast period. Glance Technologies Inc. (OTC :GLNNF ), Square, Inc. (NYSE :SQ ), Mastercard Incorporated (NYSE :MA ), Visa Inc. (NYSE :V ), Global Payments Inc. (NYSE :GPN )
The report also indicates that the Asia-Pacific mobile payment industry segment generated the highest revenue in the market in 2016 and is expected to grow at the fastest rate during the forecast period. Kalyani Sonawane, Research Analyst, ICT & Media at AMR, said: "The mobile payment market is in its maturity phase and is expected to grow at a CAGR of 33.8% during the forecast period. Increase is penetration of smartphones, growth in m-commerce industry, and rise in [sic] adoption of mobile payment in emerging economies drive the growth of the mobile payment market."
Glance Technologies Inc. (OTCQB: GLNNF) is also listed on the Canadian Securities Exchange under the ticker (CSE: GET). Yesterday, the Company provided a, "corporate update on its recent activities including investor outreach, technology development, sales and marketing, and costs and controls.
Investor Outreach - Glance's CEO, Desmond Griffin, recently presented at three investor conferences: the MoneyShow in Toronto, ON, the Global Chinese Financial Forum in Markham, ON, and the Extraordinary Future conference in Vancouver, BC. The presentations at the conferences were well-received and the conferences provided excellent forums for the Company to directly interact with institutional investors, investment advisors, individual shareholders and potential partners. We received positive feedback from the investment community and interest from potential strategic partners. These events gave us the opportunity to listen to our shareholders and hear their requests for more frequent updates on the Company, specifically on our sales and marketing plans, as well as progress on technology development.
We received several inquiries from shareholders regarding the release from escrow of certain shares of the Company in early September, including shares owned directly and indirectly by the co-founders of the Company. While the Company has no access to trading activity of its shareholders other than what is publicly disclosed by insiders, Glance can confirm that insider filings show that Desmond Griffin is now the only shareholder that holds 10% or more of the shares of the Company and that Mr. Griffin has not sold shares in the Company in the past 10 months.
We also listened to shareholder concerns regarding rumours and apparent false information on internet chat boards. While the Company has a policy not to comment on rumours or speculation, we do remind shareholders that they should only trust information regarding the Company that is received through our official press releases and disclosure channels. With regards to ongoing and future investor relations activities, we currently have a video airing on BNN Bloomberg (which can be seen at this link) and we will soon be refreshing our Glance.Tech website to make it more investor-friendly. Mr. Griffin will also be presenting at the 19th Annual Global Chinese Financial Forum Conference in Vancouver on October 13, 2018. More details on this conference will be provided at a later date.
Technology Development - The Company recently announced product testing for its upcoming release of the Glance PayMeTM application, a downloadable merchant app, has commenced and a number of merchants have signed on for beta testing. We are extremely pleased with the progress we are making on Glance PayMeTM and very excited about the new payment capabilities such as pay by QR Code, Bluetooth (automatically detecting nearby payments), and digital invoice (for more information regarding Glance PayMeTM see this link). Glance continues to work towards the goal of going to market with Glance PayMeTM within the present fiscal quarter. We are also excited about other new features that our development team has been working on such as Pull the Bill, Order from Table, and Pay with Bitcoin, which we also plan to roll-out this fiscal quarter. We continue to work on integration of Glance Coin into our Glance Pay and Glance PayMeTM platforms.
Sales & Marketing - Sales and marketing efforts have been gearing up as we prepare for the roll-out of Glance PayMeTM and new features such as Pull the Bill, Order from Table, and Pay with Bitcoin. We recently hired new senior sales representatives in Vancouver and Toronto. Our sales team is focused on signing up large restaurant chains and high-volume busy urban restaurants concentrated in specific neighbourhoods that are frequently visited by consumers that fit the profile of our target market for users, which includes Millennials and Gen Z. Our marketing plans are focused on building brand awareness, increasing the number of user downloads of Glance Pay and the launch of Glance PayMeTM. Coinciding with the launch of Glance PayMeTM, Glance will target small to medium sized businesses including segments in the rapidly growing freelance or "gig" economy. Shareholders can expect to see more marketing and promotion of Glance to merchants and users through digital advertising, social media, influencers such as celebrity chefs and food bloggers, and traditional media such as transit ads and radio.
Costs and Controls - As previously disclosed, management has been in the process of reviewing and prioritizing its expenditures to improve efficiency. Significant changes have already been implemented to better utilize its cash resources going forward. Specifically, the Company has reduced costs related to external advisors and restructured our team to focus on the core technologies of Glance PayMeTM, Pull the Bill, Order from Table, and Glance Coin.
We thank our shareholders for their encouragement, patience and long-term outlook on our Company. We remain confident and excited about the tremendous opportunity in front of us as the revolution in mobile payments and blockchain unfolds. Glance will be providing further updates on the exciting innovations it has in development throughout the remainder of 2018."
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