Glance Technologies (CSE:GET.CN) has announced that a new version of Glance Pay Anywhere, which allows users to initiate and send payments to merchants from anywhere.
As quoted in the press release:
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.