P2P Payment Market Demand Continues to Rise as Consumers Look to Digital Wallets

P2P Payment Market Demand Continues to Rise as Consumers Look to Digital Wallets

FN Media Group Presents Microsmallcap.com Market Commentary

 

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.

 

For a FREE research report on LiteLink Technologies Inc.’s (CSE:LLT) (OTCPK:LLNKF), visit www.microsmallcap.com

 

Disclaimer:  Microsmallcap.com (MSC) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

 

The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of LiteLink Technologies Inc.

 

FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

 

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.

 

Media Contact:

FN Media Group, LLC

info@financialnewsmedia.com

+1(561)325-8757

 

Source: Microsmallcap.com

Sign Up & Get FREE News Alerts From FNM Today!