Fintech app Glance Pay heralded as ‘the next PayPal’

Canadian startup Glance Pay, launched last year, looks well placed to bring fresh impetus to the fintech market, with its innovative new mobile payment app.

It seems strange to recall the days when we had to make a trip to the bank to transfer nominal sums or check our balances. Technical advancements, and the necessary security improvements that came with them, mean that we can now move money as easily we might message a friend. Even comparatively slow passwords are being replaced with near-instant biometrics.

The fintech space aims to combine the best financial products and services with the latest technologies – typically aiding payment and transfer, lending and financing, or banking and financial management. The companies that do this best recognise the ways online and mobile can best traditional models for convenience and speed. Their solutions are simple to use but transformative. Paypal is the epitome of this.

Read more: SAP: Banks must prepare for open banking age

IoT in finance

There’s a deep vein of opportunity for innovative companies to find their niche in a world where most of us carry out financial interactions multiple times a day. Glance Pay spotted one such prospect in mobile restaurant payments. It is now the biggest mobile payment app in Canada, claiming 92 percent of restaurant payment app downloads.

Glance Pay app

Their app allows customers to use their smartphone for one click payments and tab splitting, but the startup has also built a whole ecosystem around this. Other services include in-app marketing, in-store rewards and help choosing nearby restaurants.

Glance Pay developed its own proprietary GPS and image identification technology to quickly locate you – allowing users to select and pay their bill without the lengthy wait that often comes with trying to flag down busy staff.

Read more: IBM gets into bed on mobile with fintech Dream Payments

Joint enterprise

The app’s success is largely due to its wide adoption by restaurants throughout Canada, making its installation a much more appealing proposition to customers. With the time savings and revenue boosts it offers restaurants, it’s a win-win situation.

The company has partnered with 160 merchants – a number that will continue to grow exponentially as it expands across North America, evidenced by the fact that Q2 revenue is up 664% over the previous quarter.

As if Glance Pay’s forward-thinking, opportunistic approach was in doubt, they are also preparing to capitalise on the upcoming legalization of recreational cannabis use in Canada – a market that a Deloitte report last year estimated could be worth $ 22.6 billion annually. They’re planning to facilitate rapid turnaround for vendors and one-click payments for customers.

Glance Pay’s holistic approach of creating whole ecosystems around a simple payment process could see them expand their footprint across several industries. When you consider the initial impact of this method, alongside their patented location technology and early market advantage, they have every chance of global success.

Read more: Bank of America, FitPay partner to speed up wearable payments

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Internet of Business

Our Fellows Speak: “The Internet of the Future is Feminist“

The Internet Society invited four fellows from Latin America to the Forum on Internet Freedom in Africa 2017, which was held 27-29 September in Johannesburg. Two of the fellows, Veronica Vera and Anais Cordova-Paez of the ISOC Ecuador Chapter, shared their focus of work related to Internet freedom.

By Veronica Vera and Anais Cordova-Paez, ISOC Ecuador Chapter

Actions online are equally important toactions offline, which is why talking about freedom in the Internet is talking about human rights. In a world that is reproducing violence in all fields we need to talk about freedom embracing women’s rights; in this point of history seeking freedom is seeking gender equality.

Can we talk about Internet freedom if we don’t think about how we want Internet to be? And what do we have to do to achieve it? This is a conversation we need to have, because violence against women is everywhere, in all dimensions. In the cyberspace, human rights defenders, activists, or any woman who speaks out loud about her rights becomes a target of abuse, cyberstalking, revenge pornography, body shaming, and all kinds of violence that make us realize why it is really important to have a discussion about the principles of the Internet so that these principles respond to our needs.

The Internet must be open, so than women could navigate everywhere they want in the cyberspace and can share information if they want about themselves without risks. Something we need to think around this is how we can manage topics like revenge pornography online without censoring all the other issues related to sex and sexuality, because when you do this you are banning information that is really important for women and girls to exercise their sexual and reproductive rights.

The Internet must be safe, but when we talk about women’s safety online we put a lot of emphasis on what we must do to protect ourselves. This is similar to what happens offline; when a woman is raped, murdered or beaten, society always asks what she did or did not do, the responsibility and debate of violence against women focuses a lot on us and it is important that we start thinking about how we can put the responsibility on society because the safety of women online and offline is not only our issue, change is a collective responsibility. We need to remember that if we can ensure women and girls safety in cyberspace, this guarantees everyone’s safety.

The Internet must be accessible so women and girls around the world can have access to information about their rights without restrictions and without becoming victims of  harassment. The Internet must be participatory, so that women and girls participate in the construction of the policies that govern it.

As said at the Forum on Internet Freedom in Africa 2017, it is necessary to dialog around the Internet we want in Africa, in Latin America, and around the world, because the network that joins us could be a tool for freedom and definitely has to be the tool for communication, for network construction. In this aspect, having the opportunity to sit down, talk, listen and having a reflection on Internet freedom with diverse viewpoints empower us to create together a better future, a truly free Internet, and is a huge step to make the Internet become feminist.

The Internet must be feminist!

Visit the Internet Society’s Internet and Human Rights Resource Center and take action!

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Internet Society

LAToken raises millions in ICO to create “the first asset-backed token exchange”


As the ICO fever continues to rise, LAToken, a blockchain platform which aims to make tradable potentially any type of assets, raised the equivalent of $ 9.6 million in late August. In just three days, investors bought 30 million tokens, each one amounting to 0,001 Ethereum (ETH).

Founded by Russian entrepreneur Valentin Preobrazhenskiy, the LAToken platform (short for “Liquid Asset Token”) tokenizes virtually anything from real estate, to bank loans, to works of arts or even antiques.

On Sept. 5, the company announced its “compliance with all the SEC regulations as a token utility.”  Thus US citizens and residents can buy the tokens to purchase fractions of assets or convert the tokens into other cryptocurrencies, like Bitcoin or Ether.

Trading fractions of real-life assets

LAToken aims to provide asset owners with a new way to gain liquidity by selling tokenized fractions of their real-life assets with minimal transaction costs. While keeping the actual assets for their use, owners do not need to borrow money and pay interest. (see LAToken’s whitepaper).

To trade real-estate assets, LAToken is based on an already existing home equity marketplace which Preobrazhenskiy claims has already facilitated 12,000 mortgage offers and over 1,000 deals from several different banks and investors.

“The secondary and primary markets of fractional ownership of home equity and mortgages are now on the verge of a breakthrough, thanks to cryptocurrency blockchain smart contracts,” Forbes quoted David Drake, chair of LDJ Real Estate Fund and member of LAToken’s Advisory Board, as saying.

In early August, the platform began tokenizing Apple shares. Since each share is traded for $ 160, it is impossible for an investor with just $ 50 to buy it on the stock exchange – but LAToken allows him or her to buy the corresponding fraction of a tokenized Apple share.

“My dream is to build a NASDAQ on Blockchain with a wider range of tradable assets, blurring the boundaries between the crypto and the real economies, and offering our clients a dramatic reduction of listing costs, settlement time, and transaction costs,” Preobrazhenskiy said.

According to estimates cited by LAToken, the turnover of asset-backed tokens may exceed $ 1 trillion by 2025.

During the three next stages of the ICO, which will take place in September and October, LAtoken plans to issue 150 million additional tokens.

Among the recent notable ICOs involving Russian companies, or companies with Russian roots, were those of real-estate investment platform Propy, crowdvouching platform Suretly, startup accelerator Starta, and metallurgical waste recycling facility ZrCoin.

A variety of other projects have announced ICO plans and already conducted pre-ICOs.

This story is published in partnership with East-West Digital News, an international news resource about innovation in Central and Eastern Europe.

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