Mobile
payments are becoming increasingly popular, but there is still a lot of room
for improvement, since consumers tend to remain loyal to traditional payment
methods and many merchants are still skeptical about accepting this kind of
payments. However, this is expected to change as more consumers start relying
on their mobile wallets and the overall number of mobile phone users grows to
reach an estimated 4.8 billion people by the end of the year.
According
to a recent Business Insider Intelligence report (http://dtn.fm/BbD2R),
in-store mobile payments in the U.S. alone are expected to reach $75 billion in
2016 and up to $503 billion by 2020, increasing by a compound annual growth
rate of 80%. Similarly, the number of U.S. consumers making mobile payments is
likely to increase at a compound annual growth rate of 40% to reach 150 million
by the end of 2020. This significant growth will be driven by several factors
alongside the growing number of mobile phone owners, such as better
implementation and access to loyalty programs and coupons and a shift from
magnetic strips to mobile wallets. Worldwide, it is expected that roughly 70%
of the 4.8 billion mobile phone users will be making mobile payments by the end
of 2017, according to a Techcrunch analysis (http://dtn.fm/WwtO9).
While
the market is largely dominated by mobile payment solutions offered by Apple
(NASDAQ: AAPL) or Google (NASDAQ: GOOG), it seems smaller companies that bring
innovative technologies to the table and target underserved verticals have a
very high chance of successful growth. This is also the case for Singlepoint,
Inc. (OTC: SING), a leading provider of mobile technologies and payment
solutions, that targets two very promising vertical markets – daily fantasy
sports and mobile auctions, while also focusing on the business-to-business
aspects of the industry.
More
specifically, Singlepoint is committed to providing businesses with another way
of accepting payments, via its Pay-by-Text product, which is built around the
concept of payment enabled text messages. As opposed to the radio
frequency-based identification technology used by most NFC (near field
communication) contactless payments, the Pay-by-Text platform is based on short
message service technology. With this system, users receive a text message with
a link that leads to a mobile landing page where they can do the transaction,
Singlepoint CEO Greg Lambrecht explained. This greatly simplifies and
streamlines the process because users are taken directly to the payment page,
while with other mobile companies or providers of mobile payment solutions,
users have to first find and install their apps.
The
Pay-by-Text combination of text messages and payments allows merchants to offer
simpler mobile payment options to their customers by enabling them to pay from
anywhere and at any time. The platform also supports any kind of credit card
processing. Singlepoint is currently in the process of leveraging this
technology in two niche markets – daily fantasy sports and mobile auctions,
markets where the holding company has purchased minority stock recently. The
DFS vertical in particular is expected to bring significant value to the
company, due to its fast growth rate and the high number of players who use a
mobile device to play.
For
more information, visit the company’s website at www.Singlepoint.com
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