A
recent feature in Fortune magazine titled ‘How mobile payments will grow in
2016’ (http://dtn.fm/23Dlm) shows the rosy future that lies before SinglePoint,
Inc. (OTC: SING). The Fortune piece reports that ‘eMarketer (is) forecasting
210% growth in the total value of mobile payment transactions in 2016—up to
$27.05 billion from $8.71 billion’. This is a market that is still in its
infancy, and SinglePoint’s Pay-by-Text™ technology is precisely the sort of
cutting edge innovation that can establish a niche in it.
Despite
the promise of easier use and convenience, the Fortune piece reveals that
‘while 52% of North Americans are “extremely aware” of mobile payments, only
18% use them on a regular basis’, citing a recent Accenture survey. This is
obviously an industry ripe for development. Millennials and higher income
households are leading the way. The Accenture survey discovered that 23 percent
of Millennials and 38 percent of higher-income households use ‘contactless
payments at least once a week’.
Contactless
payments are so called because they can be made without physical contact to the
payments terminal. Most contactless payments systems use near field
communication (NFC), which enables wireless communication between two devices,
such as a mobile phone and a point-of-sale terminal, when they are very close
together, typically just a few inches. NFC employs a technology that has been
around for decades called radio-frequency identification (RFID), which allows
the credentials of a device to be established by radio waves. RFID technology
is commonly used to scan grocery items at checkout, on baggage tags and for
tagging cattle.
However,
Singlepoint’s platform differs from this mainstream approach, being based on
short message service (SMS) technology. CEO Greg Lambrecht explains:
“We
started in 2006 with a mobile messaging platform where we can send a text
message to any phone in the U.S. and Canada. We have overlaid on top of that a
way for people to use their credit card and their mobile phone to do a transaction
or a donation but… we have married the text messaging and mobile transaction
together, so when you get that text, there’s a link that you can hit and that
will take you to a mobile landing page that you can do the transaction or
donation.”
Singlepoint
is differentiating itself from the competition in the mobile payments sector
that mostly employs NFC technologies by providing a solution that links
ubiquitous SMS to cash payments.
“That
makes us different from some other ways of doing mobile transactions or other
mobile companies where maybe you have to go find their app which as you know is
not easy. With what we’re doing with text messaging, we’re making it very
streamlined and simple. When they get that text, which everybody reads within
the first five minutes, that link is there, so if they want to hit the link,
they can donate or do a transaction right away. So it’s really a seamless
process,” continued Lambrecht.
The
Singlepoint Pay-by-Text™ combo of SMS and payments seems set for success. The
Pew Research Center (http://dtn.fm/Uud8m) found that ‘some 83% of American
adults own cell phones and three-quarters of them (73%) send and receive text
messages’. That was five years ago. The numbers are likely to be larger now.
Singlepoint’s
Pay-by-Text™ solution allows merchants to offer a simplified mobile payment
option to their customers’ mobile phones, letting customers pay at any time and
from anywhere. SinglePoint can receive a monthly fee ranging from $10 – $100
depending on the merchant, and 1% of each transaction. The company recently
integrated Pay-by-Text™ with the payment processor RedFynn Technologies,
enabling Singlepoint to provide all forms of credit card processing.
For
more information, visit the company’s website at www.Singlepoint.com
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