PayPal Entering India Signals Further Strength for Fintech Worldwide

The Fintech (Financial Technology) sector got a considerable boost last week as PayPal began offering payment services in India. Other companies adapting technology to improve traditional financial services include Alphabet Inc. (NASDAQ: GOOGL.O), PayPal Holdings Inc. (NASDAQ: PYPL), Square (NYSE: SQ) and GlancePay (CSE: GET) (OTC: GLNNF).

Payment processor PayPal Holdings Inc. has launched domestic operations in India, a market that is already dominated by China’s Alibaba-backed PayTM, which is currently the country’s leading digital payments firm.

This move supports increasing growth in the entire sector that is expected to rise well into the next business cycle at a CAGR projected to average around 30%.

Entry by PayPal Holdings Inc. (NASDAQ: PYPL) into the very lucrative online payment sector in India also serves as another sign of the strength and global adoption of leading fintech solutions.

Several emerging companies are moving in parallel with PayPal’s efforts to innovate and replace outmoded conventional financial systems.

A Canadian company quickly earning a reputation as the “next PayPal” in that country is bringing its patented technology to the much needed payment processing space there. GlancePay, (CSE: GET) (OTC: GLNNF) launched only last year, but is already the No. 1 mobile payment app in Canada where it originates.

Others looking to gain a larger foothold in the wide open fintech global space include Alphabet Inc. (NASDAQ: GOOGL.O), which has already made a bid to open several Asian markets for mobile payment services, along with Square (NYSE: SQ), which had impressive year-over-year growth and is up 95% for the YTD 2017.


The global market for Fintech is massive and the potential for financial rewards are getting even bigger.

There are a predicted $503 billion in-store mobile payments by 2020, according to BI Intelligence —a growth rate of 80% between 2015 and 2020.

Industry source Future Market Insights predicts a CAGR growth of 39.4% from 2014 to 2020, but its data is based on 2015 statistics and does not account for the significant increase in growth since then.

In either scenario, mobile payment growth is predicted to spike.

In the U.S. alone, in-store mobile payments users are expected to reach 150 million by the end of 2020, according to Mobile Payments World.


PayPal’s entry in the Indian market comes as a push for cashless transactions by the Narendra Modi-led government is seeing more people use e-wallets and card payments in that country.

The online payment industry is currently pegged to grow ten-fold to $500 billion by 2020.

According to statistics tracking firm Statista, India’s Transaction Value Transaction Value in the "FinTech" market amounts to US $44,068 million in 2017 and is expected to show an annual growth rate (CAGR 2017-2021) of 20.2 %, bringing the total amount to US $91,999 million by 2021.

Anupam Pahuja, country manager and managing director for PayPal India explains that India is making the transition to the new e-currencies rapidly.

“India is transitioning away from our biggest competitor – cash – and our digital platform and technology has immense scope to enable this at scale,” Pahuja commented.

“For us, the marathon has just begun.”


Companies in the fintech space are about simplifying traditional financial systems and approaches.

Canadian innovator GlancePay is a perfect example; the company’s streamlined payment platform is giving customers the ability to pay their restaurant bill instantly with their mobile device.

And like PayPal, which was founded by Elon Musk, now the king of Tesla, GlancePay was founded by a visionary within the industry.

GlancePay is the innovation of Desmond Griffin, who built ‘PayByPhone’ from a concept into a highly successful mobile app for parking payments. That app now services millions of customers in over 100 cities around the world.

Griffon reportedly sold the app for around $45 million. It is currently owned by Volkswagen.


PayPal may be moving into India easily, but in Canada, GlancePay is taking the lead in major growth areas.

GlancePay allows customers to pay their bill instantly with their mobile device, plus a lot more. It takes the mobile pay app experience much further than say Apple Pay, which is available only to iPhone owners, and has failed so far to gain widespread usage.

GlancePay effectively expands the whole eco-system that includes in-app marketing, in-store rewards, transaction history, and payment confirmation. It even helps customers choose nearby restaurants. It will soon also enable ordering from your table, for pickup or for delivery.

For restaurants it means better business, faster turnaround and potentially greater revenues. They can be up and running with the GlancePay system in under an hour with no new hardware.

Of note, GlancePay is already diversifying into two other potentially massive markets: Cannabis commerce and Crypto currencies.

Through its newly formed CannaPay service, GET will offer turnkey solutions for the emerging marijuana market that is expected to be legalized in Canada as early as mid 2018. Currently, there is no single provider stepping up to deliver mobile and direct payment options.

GlancePay says it plans to provide multiple payment channels from Bitcoin to Litecoin to Ethereum, and more.

Mobile payment technology is one of the fastest-growing markets in the world, and GlancePay is hoping to be a major market disrupter—filling a gap not addressed by the PayPal or Square players.

Some areas remain completely untapped, such as the full-service restaurant industry in North America worth $286 billion, and the quick service restaurant industry valued at over $230 billion.

This is the prime target area for GlancePay.

Fintech innovators who continue to lead into uncharted regions in Asia, Canada and around the world, have ability to leverage technology in order to transform the way financial services are structured. These can add dramatically to big companies’ top line and turn small companies into icons of the financial industry.

There will be some stiff competition in some regions. Alphabet Inc’s (GOOGL.O) Google launched a localized payments app for India in September, trying to gain a foothold in the country’s rapidly-growing digital payments space.

PayPal says it will be also able to process both local and global payments through PayPal, getting access to the payment processor’s more than 218 million customers around the world and in India.

Although still small as a Fintech companies go, GlancePay is already racking up some impressive numbers: launched in 2016, it has 160 merchants signed on, and it is on a path to major growth in the coming months. Its Q2 revenue is up an incredible 664% over the previous quarter.


Alphabet Inc. (NASDAQ: GOOGL.O)

Alphabet Inc., through its subsidiaries, provides online advertising services in the United States, the United Kingdom, and rest of the world. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome, and Google Play, as well as technical infrastructure and newer efforts, including Virtual Reality. This segment also sells digital contents, apps and cloud offerings, and hardware products. The Other Bets segment includes businesses, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo, X, and Google Fiber. Alphabet Inc. was founded in 1998 and is headquartered in Mountain View, California.

PayPal Holdings (NASDAQ: PYPL)

In 2014, mobile commerce accounted for a little more than 11% of the $303 billion domestic e-commerce total. It’s expected that could balloon to 45% of e-commerce, or about $284 billion, by 2020. PayPal appears to be better-positioned than any other company (at the moment) to capitalize on this trend. Last year, PayPal facilitated more than $100 billion of total payment volume originating from mobile devices. That figure is expected to go up significantly in 2017 thanks to growth from features like PayPal's One Touch feature. When the company reported its first quarter, over 53 million consumers had opted into the program and more than 5 million merchants accepted it at checkout.

Square Inc. (NYSE: SQ)

Originally a simple payment processor aiming to offer merchants hardware that accepted plastic at the point-of-sale, Square has been transformed and continued to innovate in the payment and merchant processing space. The company has introduced software that allowed Square vendors to process EMV chip-embedded cards faster and introducing platforms that are specific to different merchants' needs, like Square for Retail. It has also been very successful with Square Capital program offers small- and medium-sized businesses microloans not often available for these businesses and Instant Deposit service that allows its clients to receive funds instantly upon swiping a customer's credit or debit card. Square also acquired Caviar to service the restaurant segment in 2014. Square reported annual revenue growth of 39% for 2016.

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