Global Payments Inc. (GPN - Free Report) , a provider of payment technology and software solutions to customers globally, has announced that the technology behind its Netspend general purpose reloadable Mastercard has been integrated into Samsung’s digital wallet, Samsung Pay. This move will drive its Samsung Pay Cash service, a virtual prepaid cash card that works anywhere where Samsung Pay and Mastercard are accepted.
Samsung Pay has been around since 2015 and is expanding as a payment solution across the globe.
Per this service, Samsung Pay Cash, which is an auto-provisioned prepaid card, will be available to Samsung smartphone users with Samsung Pay eligible devices. This Netspend mobile-integrated digital Mastercard will allow smartphone users to establish a digital prepaid card within their mobile wallet to hold funds for a variety of purposes including spending and budgeting.
Samsung Pay Cash also uses Mastercard token services, which use coding method for card details to prevent exposure of actual card details. This tokenization provides sufficient security to digital payments, making the same a preferred payment option.
Samsung Pay Cash can be loaded with an in-app tokenized debit or credit card or with an Automated Clearing House transfer from an external bank account. Users can manage their funds through a digital account and make payments with Samsung Pay virtually anywhere they can swipe a card.
The partnership with Samsung integrates Global Payments’ digital card and mobile wallet technology, helping the company to build on its core competency of digital and mobile payments. Global consumers have grown less reliant on cash, resulting in rapid advancement of the mobile payments space.
Global Payments partnership with Samsung Pay will runmoothly, given the fact that mobile phones are now the most preferred choice to manage financial tasks.
Recently, Global Payments completed the acquisition of Total System Services that created a distinguished pure play payments technology entity, focused on Small and Medium Businesses and leading Financial Institutions.
The highly complementary nature of these leading payments companies provides room for significant revenue growth. Global Payments will gain traction from increased sales through cross-selling.
In a year’s time, shares of the company have surged 34% compared with the industry’s growth of 18.4%. Its strong business fundamentals will fuel the stock’s growth in the coming quarters.
Global Payments carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space are LendingClub Corp. (LC - Free Report) , Moody’s Corp. (MCO - Free Report) and AXA Equitable Holdings, Inc. (EQH - Free Report) , each carrying a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
LendingClub and AXA Equitable surpassed estimates in each of the trailing four quarters by 47.5% and 14.02%, respectively.
Moody’s beat estimates in two of the last four quarters on average of 1.23%.
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