Why the Infusion of Blockchain Technology is Revolutionizing Electronic Payment Marketplace

By December 4, 2018Bitcoin Business
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Blockchain technology continues to dominate the e-marketplace as digital merchants leverage the technology to maximize efficiency when it comes to collecting and processing online payments. This is allowing merchants to expand operations and enter into transactions with parties across borders, creating opportunities for enhanced revenue streams. Blockchain facilitates fast, secure, low-cost international payment processing services via the use of encrypted distributed ledgers that provide trusted real-time verification of transactions without the need for intermediaries such as correspondent banks and clearing houses. Although Blockchain technology was initially used to support Bitcoin, it is now being explored for a wide variety of applications well beyond cryptocurrency. According to data from IBM, up to 65% of banks are expected to be leveraging blockchain for online payments and investments by 2020, illustrating an extremely high growth rate over the next two years. Active tech companies in the markets this week include NetCents Technology Inc. (CSE:NC) (OTC: NTTCF), PayPal Holdings Inc. (NASDAQ: PYPL), Square Inc. (NYSE: SQ), Net Element Inc. (NASDAQ: NETE), Fiserv Inc. (NASDAQ: FISV).

NetCents Technology Inc. (CSE:NC) (OTC: NTTCF) (Frankfurt:26N) BREAKING NEWS: NetCents Technology is pleased to announce that the Company has experienced a 206% increase in direct merchant sign-ups in the last quarter.

In addition to the merchants signed up through the Company's Partnership Programs, the Company has now had 387 direct merchant sign-ups. Over the past quarter, the sign-up rate has continued to increase each month and the Company anticipates that this trend will continue.

With this continued growth, the Company is beginning to see the increase in merchant confidence and acceptance of cryptocurrency as a method of transacting through our Instant Settlement program and merchant gateway. Accompanying this increase in confidence, the Company anticipates that it will continue to see a 200 - 500% growth per quarter in the upcoming year through both direct and partner merchant sign-ups.

"It's great to see all of our hard work starting to coalesce," said Clayton Moore, CEO of NetCents Technology. "We have spent the last year laying the groundwork to become the underlying technology to drive cryptocurrency payments and it is starting to take off."

In addition to the direct merchant sign-ups, the Company has obtained merchant sign-ups through its recently announced partners. In August, the Company launched its Partner Programs and to date, the Company has announced eight major partnerships. Through these partnerships, the Company has direct access to hundreds of thousands of merchants that these partners currently have in their portfolio and have begun onboarding their merchants to the NetCents platform and these merchants are now accepting cryptocurrency.

To continue to drive merchant and user acceptance, the Company is working directly with its merchants and partners on educating, and marketing to, their customer-base to increase user adoption rates and grow the Company's revenue. Read this and more news for NetCents at: https://www.financialnewsmedia.com/news-nc/

Other recent developments in the tech industry include:

PayPal Holdings Inc. (NASDAQ: PYPL) recently announced it has completed its acquisition of Hyperwallet for approximately $400 million USD. This transaction will strengthen PayPal's payout capabilities and enhance PayPal's ability to provide an integrated suite of payment solutions to ecommerce platforms and marketplaces around the world. "Ecommerce platforms and marketplaces have been focused on creating frictionless experiences for sellers to accept payments from buyers - an area where PayPal and Braintree have really innovated, powering many of the world's largest and most noteworthy marketplaces," said Bill Ready, chief operating officer, PayPal. "We look forward to working with Brent and the Hyperwallet team to strengthen our platform with advanced payout capabilities as we build on our aspiration to serve the digital economy with a full operating system for commerce."

Square Inc. (NYSE: SQ) recently announced it launched employee benefit offerings within Square Payroll, providing small businesses who use Square Payroll access to quality, affordable benefits like health insurance and retirement savings. Benefits are flexible, easy-to-use, and seamlessly integrate with the rest of Square Payroll, removing the administrative complexity businesses typically face with offering benefits. In addition to providing businesses a new tool that can attract and retain world class talent, certain employee benefits can even save businesses money by reducing their payroll tax burden, at no out of pocket cost. "With today's launch, Square Payroll is giving small businesses access to 'big company' benefits," said Caroline Hollis, Head of Square Payroll. "We're empowering businesses to provide their employees a comprehensive set of benefits and the financial security that comes with having them." Benefits available through Square Payroll include health insurance, retirement savings, pre-tax spending, and workers' compensation. To provide these benefits to businesses and their employees, Square Payroll partnered with innovative, technology-focused partners including SimplyInsured, Guideline 401(k), Alice, and AP Intego Insurance Group that offer high quality products at affordable prices. Through Square Payroll, any business owner can select the specific benefits that fit their business and their budget -- whether that's one or all of the available options.

Net Element Inc. (NASDAQ: NETE) announced on Monday that it won two categories at ACQ5 Global Awards 2018 and that its CEO Oleg Firer was named "Gamechanger of the Year". The ACQ5 Global Awards celebrate the achievement, innovation, and brilliance of outstanding organizations and individuals across the globe. Chosen by members of the industry itself, award winners selected from more than 75,000 nominations include industry leaders, eminent individuals, exemplary teams, and distinguished firms who have had the greatest impact in their industry and represent the benchmark of achievement, professionalism and best practices. "Our goal at Net Element is to be exactly as represented by the award we won - a gamechanger for the payments services industry by providing our merchants with seamless multi-channel payment solutions, value added services and creating value for our shareholders," said Oleg Firer, CEO of Net Element. "We are honored and proud to be recognized by ACQ5 Global for the work we're doing."

Fiserv Inc. (NASDAQ: FISV) recently announced the results of a survey revealing insights into the implementation of open banking initiatives by banks in the U.K., Poland, France and Australia. To date, banks have primarily focused on compliance, with only 42 percent of respondents (and just 24 percent in Australia) saying their strategy for open banking goes beyond day one. However, some banks are beginning to leverage open banking for strategic initiatives such as improving customer service. Banks are united in the belief that open banking will have an impact on financial activities, with 67 percent expecting at least a moderate impact, and 27 percent of those saying open banking will completely change how customers manage their finances and interact with their banks. Across geographies, financial institutions report difficulty recruiting engineering talent for open banking projects, and many say they lack enough personnel and the necessary skill sets to stay or become complaint. The majority of banks that are already compliant say they would have executed differently knowing what they know now.

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