PALM BEACH, Fla. – In the wake of the coronavirus pandemic, the Payment Solutions industry has been hit quite hard, however the market has witnessed a complete change in consumers’ buying patterns and the market has grown and is projected to continue for years to come because of the pandemic! Digital Payment methods are in high demand for consumers and businesses. Minimized customer spending, reduced trade in international markets, and unemployment across the globe has been decreased transaction volume in all parts of the world. The tourism and hospitality industries have observed drop in demand, directly impacting the global market. Digital payments have been on rise since few years as they offer easy payment options at grocery stores or e-commerce sites. Governments are also taking initiatives to promote digital payments. According to a report from GrandView Research: “The COVID-19 pandemic has positively impacted the market, leading to a steep rise in online sales and the increasing use of online payment solutions. Customers across the world have shifted from offline shopping to online shopping during the pandemic. The global digital payment market size was valued at USD 68.61 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2022 to 2030. The worldwide increase in customer preference for real-time payments is one of the major factors driving the market growth. According to statistics provided by McKinsey & Company, India registered 25.6 billion real-time transactions in 2020, witnessing a 70% increase from 2019. The increasing adoption of mobile wallets can be attributed to this significant rise in the use of real-time payments in the country. E-commerce service providers are making efforts to strengthen their competitive positions by moving from traditional credit card and consumer finance solutions toward customer engagement solutions that leverage digital payments.” Active Companies in the markets today include The OLB Group, Inc. (NASDAQ:OLB), Paya Holdings Inc. (NASDAQ:PAYA), Shift4 (NYSE:FOUR), Lightspeed Commerce Inc. (NYSE:LSPD), Shopify Inc. (NYSE:SHOP).
GrandView Research added: “E-commerce companies are also making efforts to deploy their point-of-sale systems to expand their offerings in the digital payment space. For instance, retail giants, such as Shopify and Amazon, are developing point-of-sale systems capable of handling online and in-store transactions. These developments are encouraging banks to improve their digital payment services to preserve their market positions. Government bodies across the world are increasing the limit of contactless payment cards, creating new growth opportunities for market.”
The OLB Group, Inc. (NASDAQ: OLB) BREAKING NEWS: OLB Group Obtains Valuation from Independent Valuation & Appraisal Firm – The OLB Group, Inc., an emerging FinTech company leveraging proprietary omnicommerce and blockchain technology to build customized payment solutions today announced that the company has received a $240 million valuation from Corporate Valuation Advisors, Inc., an independent valuation and appraisal firm that provides valuation advisory services and fairness opinions to public and private companies.
OLB engaged the firm to determine the company’s fair market value and provide a comparison to similar companies in the industries where OLB does business. OLB received the valuation as of December 31, 2021, and since then has closed its acquisition of Crowd Ignition and expanded its cryptocurrency mining operation by securing 10,000 square feet of leased space in Bradford, Pennsylvania.
The valuation noted that the company increased its value in the fourth quarter of 2021 as the result of the addition of new merchants and the formation of several new business ventures included in the year-end projections.
Other recent developments in markets include:
Paya Holdings Inc. (NASDAQ:PAYA), a provider of integrated payment and commerce solutions, recently reported financial results for its fourth quarter and full year ended December 31, 2021.
“Paya finished the year on a strong note driven by our integrated payments and ACH solutions, and the continued favorable trends in the key markets we serve, especially B2B,” said Paya chief executive officer Jeff Hack. “Building upon these results with the recently closed acquisition of VelocIT, our recent B2B accounts payable partnership, and the launch of PayaGov, unifying our government-focused solutions and experts, we see growing opportunities to continue to expand and deepen our relationships with partners and customers, while offering innovative commerce solutions to drive further growth. Looking at 2022 and beyond, we will continue to capitalize on opportunities to accelerate our innovation agenda and go to market strategy, delivering sustainable, profitable growth,” Hack concluded.
Shift4 (NYSE:FOUR), recently announced it will release its first quarter 2022 financial results before market open on Thursday, May 5, 2022. Management will host a conference call and webcast that same morning at 8:30 am ET to discuss the results.
Lightspeed Commerce Inc. (NYSE: LSPD), the one-stop commerce platform for merchants around the world to simplify, scale and create exceptional customer experiences, recently announced it will report fourth quarter and full year 2022 financial results before the market open on Thursday, May 19, 2022. Management will host a conference call and webcast to discuss the Company’s financial results at 8:00am ET on Thursday, May 19, 2022.
Shopify Inc. (NYSE:SHOP), a provider of essential internet infrastructure for commerce, recently said it plans to announce financial results for its first quarter ended March 31, 2022 before markets open on Thursday, May 5, 2022.
Shopify’s management team will host a conference call to discuss first-quarter results at 8:30 a.m. ET on Thursday, May 5, 2022. An archived replay of the webcast will be available following the conclusion of the call.
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