September 7, 2017 – Vancouver, B.C. – Glance Technologies Inc. (OTCQB:GLNNF), (CSE:GET.CN), (CSE:GET.WT), (FKT:GJT) is proud to announce another milestone for its fraud prevention technology: since Glance integrated the current version of its fraud prevention technology into the Glance Pay App 8 months ago, its platform has experienced zero fraud across all of its live locations.
In contrast, according to the New York Times, during the initial months after Apple Pay’s launch merchants experienced approximately 6% fraud - in other words, 6% of payments conducted via Apple Pay were fraudulent and the merchants suffered the losses. This inability to stop fraud helps explain why Apple Pay tap transactions are generally capped at maximum of $100, whereas Glance Pay does not have this limitation.
“Our fraud prevention technology continues to exceed our highest expectations. We believe that our fraud prevention innovations have broad applications for virtually all non-chip & PIN payment scenarios and may be our largest IP asset to date,” says Glance CEO Desmond Griffin, “Our fraud prevention technology is a core part of the Glance Pay platform and is part of the reason we’ve been able to sign previously announced licensing deals recently totalling $2 million CAD with Cannapay and Active Pay.”
According to Business News Daily, research shows that credit card fraud is one of the largest threats facing mobile merchants. Nearly 3 in 5 fraudulent transactions were credit card based in 2016, resulting in a growing demand for a mobile app with a strong authentication system to counter the threats of payment compromise and identity fraud. Further, according to the LexisNexis True Cost of Fraud Study, retail fraud continues to rise dramatically as does its cost. The average volume and value of fraudulent transactions have risen sharply from 2015-2016, and the level of fraud as a percentage of revenues also increased from 2015-2016, from 1.32% to 1.47%.
About Cannapay Financial Inc.
Cannapay is a partially owned subsidiary of Glance Technologies. Cannapay combines traditional financial services with innovative technology to provide enhanced digital financial services to legally operating businesses in the cannabis industry. Cannapay currently has two apps in development leveraging the Glance Pay mobile payment system. One is Cannapay, which is a mobile to mobile payment system for the cannabis industry. The other is Super Dope Delivery, for mobile ordering and delivery of cannabis. Both apps are available for international licensing.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order food & drink, settle bills, access digital receipts, earn great rewards, & interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, social media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, a merchant manager apps, large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing.
For more information about Glance, please go to Glance Technologies’ website
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Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Specifically, the statements referring to Glance’s planned expansion in the United States and Canada, and the statement that Glance will expand its reach in the United States are forward-looking statements, and there can be no certainty that these statements will prove to be correct.
Although Glance believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements.