VANCOUVER, Jan. 2, 2018 /CNW/ - Glance Technologies Inc. (CSE: GET.CN) (OTCQB: GLNNF) (FKT: GJT) is proud to announce another milestone: since Glance launched the current version of its proprietary fraud prevention technology more than 1 year ago, its platform has experienced zero fraud across all of its live locations and all Glance Pay Anywhere remote payments. Glance intends to apply elements of its fraud prevention technology to its upcoming rewards and loyalty based cryptocurrency platform.
"We firmly believe that both traditional and cryptocurrency payments will largely be done via mobile devices," says Glance CEO Desmond Griffin, "Payment fraud is a significant problem for anyone accepting payments and we believe it is currently a barrier to the adoption of cryptocurrencies. Thus we believe that platforms which can reduce or eliminate fraud will be best positioned to succeed in the long run."
In contrast to Glance Pay's fraud performance, according to the New York Times, during the initial months after Apple Pay's launch merchants experienced approximately 6% fraud - in other words, 6% of payments conducted via Apple Pay were fraudulent and the merchants suffered the losses. This inability to stop fraud helps explain why Apple Pay tap transactions are generally capped at maximum of $100, whereas Glance Pay does not have this limitation. Additionally, Coinbase (coinbase.com), one of the largest cryptocurrency exchange platforms, currently charges users a fee of 3.99% for credit or debit card conversions to cryptocurrency, in addition to anything they may make on the spread of the transaction, which is much higher than rates experienced by traditional merchants.
Glance has previously announced licensing deals for its technology platform and is in discussions for other new licensing deals.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, geo targeted digital coupons, customer feedback, in-merchant messaging and custom automated rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance Pay has entered into significant licensing agreements to access the cannabis, fitness and wellness, foreign student and tourist markets through Cannapay Financial Inc., Active Pay Distribution Inc. and Euro Asia Pay Holdings Inc. Glance owns Glance Blockchain Token Inc., which is developing the Glance Token as a cryptocurrency with a series of smart contracts for customer engagement through rewards. Glance is part of the CSE25 Index and the CSE composite index.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively "forward- looking information") within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: "will" "may" "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking complete discussion of such risk factors and their potential effects which may be accessed through the Glance's profile on SEDAR at http://www.sedar.com. in particular, Glance may not be successful in building its planned cryptocurrency or there may not be sufficient support for the cryptocurrency to make it a success.
SOURCE Glance Technologies Inc.
For further information: For more information about Glance, please go to http://www.glance.tech or contact: Christina Rao, Vice President, Investor Relations, (604)-723-7480, [email protected]