NEW YORK, June 2, 2021 /PRNewswire/ -- The digital payment market has been rapidly expanding around the world thanks to its ease of accessibility, more secure technology and the entrance of the big players like Amazon, Google and Apple into the market. Additionally, the ongoing development from separate online shops towards integrated online shopping ecosystems has created space for new business models and opportunities for digital payment methods. Furthermore, demographic changes play a major role in the growing demand for digital payment services. "What remains key is consumer choice. 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%." XTM, Inc. (CSE: PAID) (OTC: XTMIF), Global Payments Inc. (NYSE: GPN), Mastercard Incorporated (NYSE: MA), PaySign, Inc. (NASDAQ: PAYS), Fiserv, Inc. (NASDAQ: FISV)
The pandemic has accelerated the move to digital payments, with a sense of urgency not seen before across the B2B landscape, and the same is true for the online retail sector. In fact, research by McKinsey & Company indicates that "overall, in retail, the impact was not a decline but a shift in buying behavior. In the first six months of the year, consumers spent USD 347 Billion online with U.S. retailers, up 30% from the same period in 2019—corresponding to six times the annualized 2019 growth rate of online retail."
XTM, Inc. (CSE: PAID) (OTC: XTMIF) announced yesterday breaking news that, "the first of our investments in premier talent to support our growth in the US market with the appointment of Jason Giagrande as Head of Business Strategy, America. Mr. Giagrande is a serial hospitality entrepreneur, a chef, leader, owner and operator of multiple restaurants. Following a number of executive leadership roles with global food and beverage brands Jason founded his own consulting business including:
- Compass Group North America as business retention and development specialist developing new concepts and rebuilding operations across the country.
- NBC Universal where he grew into a Global Vice President role, overseeing all food and beverage operations for NBC Universal. Over several years Jason developed over 100 million dollars in new food and beverage buildouts as well as managing billions of dollars in Food and Beverage revenue.
- Hospitality Farm LLC. a consulting firm he founded with his early work consisting of reimagining and enhancing 600 licensed Starbucks locations. Under his leadership at Hospitality Farm, he worked with fortune 100 companies assisting with development, operations, design, mergers, and acquisitions. The firm also has equity and or operations in establishments from fine dining restaurants and QSRs to hotels.
Over the past decade, Jason and his teams managed over 3 billion dollars in food and beverage revenue and 500 million dollars of development, design, and curation of new facilities, putting his business in a league of its own with experience and capability.
"We are beyond excited to welcome Jason to our team; he's already one of us," said Marilyn Schaffer, CEO of XTM. "Jason is a foodie, restauranter and business operator. He lives and breathes the American hospitality space, has a network to build his team quickly and will confidently extend our Today™ solution throughout the US market."
The Company also announces that it has appointed Director of Finance, Dan Tyler to Chief Financial Officer (CFO) effective June 1, 2021. Olga Balanovskaya will remain with the company to assist throughout transition until the end of the year."
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Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, announced today an agreement to acquire Zego from Vista Equity Partners. Zego provides resident experience management software and digital commerce solutions to property managers primarily in the United States. The transaction extends Global Payments' leadership in software into the real estate vertical, a USD 6.5 Billion target addressable market with a strong payments nexus and significant secular tailwinds. "We are delighted to expand our software and digital commerce portfolio with the addition of Zego, a real estate technology company that modernizes the resident experience with a comprehensive property management software platform," said Cameron Bready, Global Payments President and Chief Operating Officer. "This acquisition aligns perfectly with Global Payments' strategy by enhancing our position at the convergence of software and payments in one of the largest and most attractive vertical markets worldwide, where digital commerce and omni-channel trends are rapidly accelerating."
Mastercard Incorporated (NYSE: MA) announced on January 26th, that it is applying the latest quantum-resistant technologies to develop the next generation of contactless payments. The new Enhanced Contactless (Ecos) specifications are an industry-first and will help ensure that as our dynamic digital landscape evolves, and new technologies like quantum computing are introduced, contactless technology is future-proofed to ensure consumers will continue to enjoy the same high levels of security and convenience they do today, in the decades to come. "Contactless is the present and future of in-person payments," said Ajay Bhalla, president, Cyber & Intelligence at Mastercard. "2020 brought with it a rapid acceleration of digitization and reinforced the importance of digital solutions - like contactless - to help meet our everyday needs. As the ecosystem continues to evolve, more connected devices and the Internet of Things are going to create more user demand and an even greater need for constant innovation to build next-generation capability, helping to ensure that technology never outpaces trust."
PaySign, Inc. (NASDAQ: PAYS) announced earlier this year on its blogpost a new spin on the buy-and-bill process. Buy-and-bill processes allow a provider to purchase, store, and administer a drug or therapy to a patient. The provider then submits a claim for reimbursement to a third-party payer, such as an insurance company. The process is called buy-and-bill because the medical claim is submitted after the provider has purchased and administered the drug. The process can feel overwhelming. Fortunately, there's a solution. Paysign offers a variety of programs designed to mitigate the hassle and risk associated with traditional buy-and-bill programs. These solutions are tailored to meet the specific needs of specialty and retail pharmacies, hub services providers, and clinically based therapies, as well as the healthcare providers who prescribe and administer them.
Fiserv, Inc. (NASDAQ: FISV) operates through Acceptance, Fintech, and Payments segments. The Payments segment offers card transactions as well as non-card digital payment software and services, including bill payment, account-to-account transfers, person-to-person payments, and electronic billing products. Last month the Company announced that State Farm, the largest insurer of cars and homes in the nation, is accelerating the claims payout process for customers with technology from Fiserv, Inc. State Farm is incrementally deploying digital payout technology from Fiserv, which will enable the company to offer customers speed and flexibility in how they receive auto and fire claim payments. With the launch of Digital Pay, claims that have been reviewed and approved can be paid digitally. If a claimant opts for a digital payout, funds can be received in their personal account in a matter of seconds – and disbursed via the payment method that best suits their needs, including to a debit card or directly to their bank account.
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