IFAN
Financial continues to target the burgeoning m-commerce space with the
development of highly disruptive solutions, made available via their
wholly-owned iPIN Technologies and Mobicash America subsidiaries. The latest
news from the company’s iPIN subsidiary, about having achieved significant
development milestones on their smartphone card reader, mobile app and merchant
network solution, is particularly bullish considering the amazing features this
solution makes available.
With
user interface integration to Android achieved and successful data
read/transfer from the card swipe attachment to the mobile app now validated,
IFAN is set up nicely for finishing the transaction status call back
functionality and front-end database (in order to support a merchant processing
transaction) development milestones for this powerful solution. Once complete,
this solution will not only offer consumers total control over their
transaction data, it will give both retailers and consumers unprecedented price
transparency, with blanket 1.5% per debit card swipe processing fees (compared
to 2.7% for PayPal Here and 2.75% for Square), while simultaneously eliminating
nearly any and all bank chargebacks, since the transactions are viewed as being
same-as-cash.
With
retail m-commerce up around 70% to just over $42B last year according to
eMarketer estimates, a value that is set to jump another 37% next year to
around one-fifth of all retail ecommerce sales (or 1.2% of all retail sales),
the stage has been set for innovative payment technologies like the ones IFAN
is rolling out. As smartphone and tablet proliferation continues to be quite
strong, with around 8% and 4% growth respectively this year (some 243M units
total shipped, or around 35% of the consumer electronics industry’s revenue),
the demand for solutions that hand even greater control to the user will only
increase as the number of mobile users increases.
The
latest estimates from Goldman Sachs on m-commerce growth indicate that by 2018,
retail sales will grow to some $626B, or about as much as ecommerce did in
total last year, up sharply from just $133B during 2013. In the U.S.,
m-commerce sales are forecast to more than triple over the same interval,
eventually raking in almost 33% of all ecommerce sales, as the broader
ecommerce space beats expectations by the likes of Euromonitor, eMarketer and
Forrester.
With
such a huge, moving target for identity thieves (17% of all identity theft in
2013 was credit card related), the fact that the iPIN solution means merchants won’t
even have access to the customer’s card information should be a real selling
point to consumers who understand the everyday risks involved, especially after
what seems like two years straight of high profile data hacks at major
retailers like Target and Home Depot. In 2012 alone identity theft victims
experienced over $24.7B in direct and indirect losses, nearly double the losses
from burglary, motor vehicle theft, and other types.
IFAN’s
Mobicash America subsidiary has also has posted some great news lately, with
their next-gen online payment app, Quidme, approved for all Apple iPhones and
tablets, as well as most Android devices. Quidme is something of an end-run on
the cash transfer market, offering easy peer-to-peer transfers, as well as
online payments between anyone with mobiles, tablets, or computers. The cash
transfer market is changing rapidly, as consumers continue to take the power
away from players like PayPal and Western Union with amazing new technologies.
Western Union did 231M transfers worldwide last year, moving around $79B from
person to person, or around an amazing 28 transactions per second, each with a
percentage shaved off for profit’s sake. Most online alternatives can take days
or even weeks to complete and Western Union (79% of which is
consumer-to-consumer transactions) has survived largely on their ability to do
instant transfers. However, this market is ebbing fast, as innovators in the
mobile payment and cash transfer technologies space, like IFAN, come
increasingly to the fore, spurred on by consumer demand from sectors like
remittance.
Mobicash’s
Quidme platform is a comprehensive, pure mobile solution that works without
data coverage on any phone, enabling consumers to instantly transfer funds
without having to expose their sensitive bank data to potential identity theft.
This is a game-changer for remittances (sending money back home), which have an
average transfer fee of around 8% and which generate triple the money every
year as the entire global aid budget according to World Bank figures. Filipinos
received more last year in remittances for instance (over $25B), than the value
of the country’s entire electronics industry. Quidme’s ability to also act as a
platform for paying bills and making purchases means it is a highly disruptive
technology that can not only radically expand the available market for mobile
payment access, it also has the potential to disrupt the very payment space as
we know it.
Learn
more about IFAN Financial by visiting: www.ifanfinancial.com
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