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NEW YORK, Aug. 25, 2020 /PRNewswire via COMTEX/ —
NEW YORK, Aug. 25, 2020 /PRNewswire/ — Following the rise of advanced technology, payment methods have changed as consumers are now exposed to new digital alternatives to cash. Moreover, digitization has also impacted the payment systems within brick-and-mortar retail stores and e-commerce sites. Now, retailers can quickly process payments while providing reliable security services to prevent theft. E-commerce became largely popular due to the fact that consumers could purchase products on their phones or computer from anywhere as opposed to stepping into a brick-and-mortar store. Now e-commerce sales are continuing to grow exponentially each year as consumers opt to shop online. According to eMarketer, global e-commerce sales totaled an estimated USD 2.8 Trillion in 2018. In addition, because of the pandemic and the damage done to the traditional retail market, growth in e-commerce has accelerated. Overall, the widespread expansion of smartphones is also expected to help stimulate the mobile payments marketplace. And the global digital payments market size is expected to reach USD 132.5 Billion by 2025 while registering a CAGR of 17.6% from 2019 to 2025, according to a new report by Grand View Research, Inc. TD Holdings, Inc. (NASDAQ: GLG), Square, Inc. (NYSE: SQ), PayPal Holdings, Inc. (NASDAQ: PYPL), PagSeguro Digital Ltd. (NYSE: PAGS), NCR Corporation (NYSE: NCR)
Among the various tech trends that were very beneficial to digital payment sector are the Internet of Things (IoT), cloud computing, tokenization, biometrics, and ubiquitous connectivity, all of which are expected to shape the way consumers transact in the future. Based on the mode of payment, the market is further segmented into bank cards, digital currencies, digital wallets, net banking, Point of Sales (POS), and others. However, it is the POS segment which has dominated the market in recent years, owing to its high efficiency, ease of use, and increased accuracy. In response to the technological developments and to the demand for quick digital payment infrastructure, numerous countries around the world are now making progressive changes in their regulatory framework favoring digital economy.
TD Holdings, Inc. (NASDAQ: GLG) announced breaking news last week, “to enter into a strategic framework agreement with Tongdow E-commerce Group (“Tongdow E-commerce”) through Shanghai Jianchi Supply Chain Co.,Ltd. (“Shanghai Jianchi”), the Company’s wholly owned subsidiary. Tongdow E-Commerce recently has engaged the wholly owned subsidiary of JD Digits Technology Group (“JD Digits”) and launched an online commodity trading enterprise payment system on Tongdow E-Commerce’s online trading platform.
JD Digits was first established as part of JD.com, Inc. (Nasdaq: JD), and later became an independent technology company dedicated to the digitalization of AI-driven industries. It uses digital technology to serve the financial and real sectors and help related industries in achieving Internetization, digitization, and intelligentization. JD Finance is one of the core business modules of JD Digit’s corporate services. It aims to provide unified external services through account management, transaction settlement, payment and unites supply chain financing, financial technology, and other business segments to meet the diverse transaction scenarios and needs of corporate users in various industries, providing enterprises with a one-stop business service platform.
The Company, through its wholly owned subsidiary Shanghai Jianchi., has entered into a strategic cooperation framework agreement with Tongdow E-commerce and Beijing Tongbang Zhuoyi Technology, which is a wholly owned subsidiary of JD Digits, jointly providing customers with comprehensive services such as payment and supply chain management.
The launch of the commodity online payment platform represents the beginning of the cooperation with TD Holdings and JD Digits. In the future, the Company plans to develop deeper cooperation with JD Digits with respect to payment, supply chain financing, IoT-enhanced warehouses, etc., to provide commodity trading companies with integrated solutions for online payments and FinTech needs.
About TD Holdings, Inc.: TD Holdings, Inc. (Nasdaq: GLG) is a commodities trading service provider conducted under the brand name “Huamucheng” by the Company’s wholly owned subsidiary, Shenzhen Huamucheng Trading Co., Ltd headquartered in Shenzhen. For more information please visit http://ir.tdglg.com .”
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Square, Inc. (NYSE: SQ) made it possible for anyone to accept card payments using a smartphone or tablet. Back in June the company announced the availability of On-Demand Delivery for Square Online Store. In this challenging new business environment, it’s more important than ever that sellers have access to the tools they need to sell online quickly, efficiently, and affordably. Now, with On-Demand Delivery, Square Online Store sellers can dispatch a courier through delivery partners for orders placed directly on their website. Wally Sadat, CMO of The Kebab Shop, a local chain of restaurants in California and Texas, has been using On-Demand Delivery for Square Online Store during our beta test and said it helped him manage costs and retain customers during recent months. “This new feature helped us keep our doors open and continue serving our customers during the recent downturn,” he said. “The ability to customize delivery limits and costs to our customers was especially powerful, as it helped us remain competitive at a cost our business can afford.”
PayPal Holdings, Inc. (NASDAQ: PYPL) reported back in May that it has rolled out the ability to use QR Codes to buy and sell goods in 28 markets around the globe. From farmers markets to selling secondhand goods – the rollout of the QR code functionality in the PayPal app allows customers to buy or sell in-person, safely and securely, and touch free. “We know that in the current environment, buying and selling goods in a health-conscious, safe and secure way is front of mind for many people around the world. As the coronavirus pandemic has evolved, we have seen a surge in demand for digital payments to transition to include new and safe solutions for in-person environments and situations,” said John Kunze, Senior Vice President of Branded Experiences, PayPal. “Our rollout of QR codes for buyers and sellers incorporates the safety, security and convenience of using PayPal in person and enables ongoing social distancing requirements and safety preferences for in-person commerce.”
PagSeguro Digital Ltd. (NYSE: PAGS) is a provider of financial technology solutions focused primarily on consumers, individual entrepreneurs, micro-merchants, small companies, and medium-sized companies in Brazil. Earlier this month the Company announced that it has signed a binding agreement (subject to approvals by the Brazilian Central Bank and antitrust authorities) to acquire 100% of Wirecard Brazil S.A. (“Wirecard Brazil”), a digital financial technology company, from the Wirecard Group. Wirecard Brazil has an innovative and experienced team that has built powerful online payment solutions with more than 200 thousand customers, including e-commerce platforms, marketplaces and virtual store platforms. In addition, their online solutions are available through application programming interfaces (APIs) and are integrated into more than 40 virtual store platform systems (e-commerce).
NCR Corporation (NYSE: NCR) announced earlier this year that it was named the largest point-of-sale (POS) software vendor in the world, according to the RBR Global POS Software 2019 study. POS software is a key element of NCR’s next generation retail store architecture that supports a retailers’ entire enterprise. NCR addresses the retail POS software market with two strategic products: NCR R10 Enterprise software, which is used by some of the largest retail brands in the world and NCR Emerald, which recently launched in the United States and targets national and regional retailers. NCR Emerald is a complete, cloud-enabled solution for grocery retailers offering software, payments and services on a subscription with out of the box integration with self-checkout and loyalty management. “As the retail sector evolves, so too does NCR’s technology. We are committed to helping our customers be successful in today’s digital-first environment,” said David Wilkinson, Senior Vice President and General Manager of Global Retail at NCR Corporation. “Our market-leading solutions reduce complexity and costs for retailers, making it easier to run their operations so they can focus on growth.”
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