VANCOUVER, Aug. 2, 2017 /CNW/ - Glance Technologies Inc. (CSE: GET.CN) (OTCQB: GLNNF) (CSE: GET.WT), (FKT: GJT) is pleased to announce a new version of Glance Pay Anywhere which allows users to initiate and send payments to merchants from anywhere. This new version, combined with its previously announced versions, now positions Glance Pay to be able to provide payment services that are similar to the ones exploding in China. Additionally, these features offer merchants similar capabilities to those that have been highly successful for companies like Square (market cap $10 Billion USD), but without requiring merchants to pay for custom hardware.
According to a report released by the UN-based Better Than Cash Alliance, users sent $1.7 trillion in total payments through Alibaba's Alipay service last year, up from only $70 billion in 2012; Tencent's WeChat users sent about $1.2 trillion in 2016, up from $11.6 billion in 2012.
In China, users of Alipay and WeChat Pay generally indicate which merchant they want to pay (often by scanning a merchant's QR code) and then how much they would like to pay that merchant. The merchant receives the payment confirmation, usually via their mobile phone. Merchants may also request payment after a user has given the merchant their unique payment ID, usually via scanning a QR code from the user's screen. This new Glance Pay version means that users will similarly allow either consumers or merchants to initiate a payment, but uses micro location sensing technologies and/or image recognition instead QR codes, making the process that much easier. Additionally, Glance customers gain access to sought after automatic rewards, promotions, and special events, which builds a lasting relationship with their preferred merchants.
"Allowing users to easily and quickly send payments to any merchant on our platform from anywhere opens up payment situations similar to those that have taken China by storm," say Glance CEO Desmond Griffin, "And by combining this with our previous enhancements for merchants to request and accept payments, this also positions us to address markets in which companies such as Square have had tremendous success. However, our merchants can be up and running very quickly without requiring custom costly and cumbersome hardware - merchants can just use their existing mobile phones or tablets, while still benefiting from of our secure proprietary anti-fraud technology."
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 food and drink, settle bills, access digital receipts, earn great rewards, and interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, social media marketing, customer feedback, in-merchant messaging and custom 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, a merchant manager apps, large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing.
For more information about Glance, please go to Glance Technologies' website.
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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: "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 information as a result of various factors. The reader is referred to Glance's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Glance's profile on SEDAR at www.sedar.com.
SOURCE Glance Technologies Inc.
For further information: Christina Rao, Vice President, Investor Relations, +1(604)723-7480, [email protected]