P2P Payment Market Demand Continues to Rise as Consumers Look to Digital Wallets
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New York, NY – May 30, 2019 – In a world where convenience is key, peer to peer (P2P) payments services are being sought after by consumers to increase accessibility and allow for instant money transfers. The Global P2P Payments Market has continued to grow exponentially thanks to increased mobile phone use and acceptance of online banking, mobile banking, and e-commerce. While PayPal’s (NASDAQ:PYPL) Venmo, Square’s (NYSE: SQ) Cash App, Tencent Holdings’ (OTC: TCEHY) WeChat Pay and Apple’s (NASDAQ: AAPL) ApplePay are still the most widely used P2P payment service, more and more unique payment platforms continue to emerge in the market such as LiteLink Technologies Inc.’s (CSE:LLT) (OTC:LLNKF) uBUCK Pay platform that focuses on niche markets.
P2P payments – a market dominated by players like Tencent Holdings (TCEHY) with its WeChat Pay business in Asia and Paypal’s (PYPL) Venmo product in the United States, has seen a rapid rise in usage. Venmo’s last reported quarter’s net payment volume accounted to $21 billion, representing a 73% year-on-year growth.
LiteLink Technologies Inc. (CSE:LLT) (OTCPK:LLNKF) has created a multi-wallet app that manages digital and traditional currency and enables users to make offline and online purchases at supported merchants. Users may also make cash withdrawals at over 3 million ATM machines worldwide with prepaid debit cards. Litelink’s platform helps serve the unbanked and underbanked community by allowing customers to load their wallets without having a bank account. Customers will have the ability to visit 7000 stores in the US to load their debit cards with cash payments with the deal LiteLink inked with Preway.
Another audience LiteLink is targeting is the massively popular Egaming industry. LiteLink recently signed an LOI with Enthusiast Gaming, one of the largest Esports communities online with 150 million monthly users as the exclusive payment provider for their Esports tournaments. The prize pools are larger than standard sports events with an event in Vancouver, BC paying out $25 million to the winners last August. In 2018, international viewership on YouTube and Twitch grew to 49.3M hours watched, up 12.3% from 43.9M last year, according to research by Newzoo.
Bringing Payment Solutions to the Transportation and Logistics Industry
One age-old industry that has been slow to convert to P2P payments is the trucking industry. Even though the US trucking industry generated more than $700 billion in revenue in 2017, the industry has lagged behind in innovation and paper and a pen is still the norm.
LiteLink Technologies Inc. (CSE:LLT) (OTC:LLNKF) recently announced the integration of its uBUCK Pay technology into their flagship 1SHIFT Logistics platform to target the 3.5 million professional truck drivers in the US.
“Many truckers are still being paid with paper cheques, which means payments can be delayed by weeks. By integrating uBUCK into the 1SHIFT platform, we are able to offer truckers their own digital wallet right at their fingertips, which will allow for instant payments,” said LiteLink CEO Ashik Karim. “We are excited to add this great feature to the 1SHIFT app, which we expect will completely transform the transportation and logistics industry.”
P2P Payments Are Here to Stay
P2P payments are becoming the norm among consumers and its evident that those creating the fastest apps to facilitate this growing need will dominate the market.
PayPal’s (NASDAQ:PYPL) shares were one of the best market performers on Tuesday despite the news of the Global Payments and Total System Services merger was announced. Dan Dolev of Nomura Instinet sees the merger as the latest sign that big payments players are worried about Square (NYSE: SQ), which is gaining market share quickly. Square has a market cap of about $28 billion, but pales in comparison to PayPal’s $131 billion.
Tencent Holdings’ (OTCPK: TCEHY) WeChat Pay has expanded their mobile-wallet and cross-border payment business to Europe. The Chinese internet giant and Amsterdam Airport Schiphol have jointly launched the first flagship WeChat Pay Smart Airport. Chinese tourists will soon be able to use WeChat to purchase products and place orders via the airport’s mini program.
New players like LiteLink Technologies Inc. (LLT-LLNKF) are going after different markets perfectly tailored to its P2P payment services to specific industries in need.
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