NEW YORK, September 6, 2017 /PRNewswire/ --
Financial technology, or FINTECH, has established new platforms for many businesses and companies. With improved capabilities, firms are catching on to alternative forms of banking that offer automation of various financial processes ranging from payments to billing and invoicing. It's especially useful in the modern world, where transactions are more often done electronically. FINTECH is not limited to the financial services industry, however. Sectors from logistics and shipping, to high-risk ones such as the cannabis industry are finding electronic wallets and mobile apps more practical than traditional financial services. Global Payout, Inc. (OTC: GOHE) (GOHE Profile) is serving such needs with B2B financial automation solutions through its Global Reserve Platform, while also affording access to bitcoin via its MoneyTrac, Inc. ('MTRAC') subsidiary. Bitcoin Services (OTC: BTSC) is a big player in the evolving FINTECH arena, as is BTCS, Inc. (OTC: BTCS). Industry behemoths such as Apple, Inc. (NASDAQ: AAPL) and Alphabet, Inc. (NASDAQ: GOOG) are taking FINTECH to new levels on both the business and consumer fronts.
Global Payout, Inc. (OTC: GOHE) makes payment solutions available to clients around the world, serving the needs of everything from commercial enterprises to government institutions. Its Global Reserve Platform is a web-based banking platform that includes everything domestic, foreign exchange, and international payment service providers need to conduct financial transactions. It handles online banking, compliance, mobile wallets, card management, biometric payments, authentication, merchant payment processing, bill payments and more, while also offering core and traditional banking products. Global Payout's primary focus in this area is logistics, in addition to small to medium size companies, banking, and travel firms.
MTRAC provides FINTECH solutions to alternative and high-risk markets, such as cannabis, allowing businesses to manage virtual currency and handle cash flow logistics while bypassing traditional banks.
"Since there is an inability to access commercial banks for merchant bank accounts, we feel it is imperative to focus on currency alternatives such as bitcoin to service cannabis industry transactions. Furthermore, our payment system is completely ready for use. It will not require a great deal of time or money to incorporate bitcoin into the equation," Hancock stated in a previous news release (http://nnw.fm/Q3C9i).
A business development agreement between MTRAC and PotSaver further demonstrates MTRAC's broader strategy to take advantage of new market opportunities. Based in Southern California, PotSaver is a community periodical that serves local shops and dispensaries in the region's medical and recreational cannabis industry, providing listings on discounted cannabis products. This partnership provides MTRAC the opportunity to increase brand awareness in the cannabis industry and potentially grow its revenue stream.
"With the medical and recreational cannabis industry growing at an unprecedented rate in California, we are determined to be conscious of the multiple opportunities that currently exist, or that we can create for MoneyTrac to further expand its brand throughout the industry as well as tap into every available revenue source possible," Vanessa Luna, COO of MoneyTrac, stated in the news release (http://nnw.fm/KF5oq ). "This agreement with PotSaver is an excellent opportunity for us to offer the industry-specific business development expertise we have acquired to help further PotSaver's go-to-market strategy, while simultaneously creating a new source of revenue for our company as we continue to expand our own brand throughout the industry."
MTRAC's developments play a supportive role in Global Payout's overarching mission in FINTECH. Global Payout began by offering prepaid card services and a payment platform for businesses in different countries, but improvements in 2016 added additional functions now seen in its Global Reserve Platform. Blockchain technology, such as that familiarized by Bitcoin Services (OTC: BTSC), is part of the system, giving various industries the benefits of FINTECH on a much broader scale.
Bitcoin Services is a cryptocurrency leader offering an escrow service, a neutral third-party that serves buyers and sellers during online transactions. Verification processes are run by bitcoin mining services, so transactions are always properly validated and secured. The company's role in FINTECH has been a key one since its incorporation in 1997, especially since it is a major player in the development and sale of blockchain software.
Another player in FINTECH and blockchain/digital currency is BTCS, Inc. (OTCQB: BTCS). In August 2017, BTCS announced the signing of a letter of intent to merge with Blockchain Global Limited. A merger would give access to the Australian company's bitcoin exchange, transaction verification services, and start-up accelerator program that provides fledgling business with access to blockchain technologies and applications. Consulting and advisory services are also offered, such as those supporting crowd-sourced blockchain token sales. In a recent letter to shareholders, BTCS mentions the 300 percent surge in bitcoin over a year, and that this boost and the involvement of large organizations demonstrates the mainstream acceptance of digital FINTECH assets. It plans to participate in strategic market purchases, make initial coin offerings, and resume transaction verification services to expand its digital asset portfolio.
Innovative offerings by FINTECH companies are fueling activity not just in the commercial sector. Some of them, such as Global Payout's MTRAC solution, are being used to offer advanced payment solutions to consumer-facing companies.
Online purchasing solutions enabled by similar systems include Apple Pay from Apple, Inc. (NASDAQ: AAPL). Consumers can pay for items with credit and debit cards on their mobile devices, and can do so on the same platform even while in a store. One just needs to hold their iPhone or Apple watch up to a reader for it to work. Customers can pay within apps as well, make donations, or shop online. The service can be used at many major retail chains and websites, and to donate to a range of nonprofit organizations. It extends the value of FINTECH to consumers who shop at electronics, clothing, pharmaceutical, toy, and general stores; gas stations; restaurants; and who stay at hotels.
Alphabet, Inc (NASDAQ: GOOG) is also vested in the consumer FINTECH segment. Google Wallet allows for automatic cash transfer; users can send money to anyone using the app. Their email address and phone number are all that is needed. The product is useful in a variety of settings, from splitting the bill at a restaurant to planning trips and purchasing group gifts, as well as making commercial transactions. Transferring cash is possible for payment of any service, especially for sole proprietors. That puts FINTECH in the hands of anybody who wishes to make a transaction online or via digital devices or methods. The service is available in the U.S. and the UK, although users can't yet transfer funds between countries.
FINTECH companies and services are enabling business and consumer transactions that can be managed digitally, without going through a bank. These afford simpler, faster and increasingly convenient options and enable business to be conducted more freely in high-risk industries that are tightly regulated by traditional financial institutions. FINTECH is gaining value at many different levels. Logistics companies are catching on because it streamlines shipping operations, while companies such as Apple and Google are extending digital payment technologies to consumers, giving FINTECH a nearly limitless market reach. The rapid growth of bitcoin and blockchain technology is also clear evidence that digital B2B and consumer payment solutions have significant upside potential.
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