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IQIYI : The Digital Payments Market is Set to Grow as Integration of New Tech Continues

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12/27/2018 | 09:01am EDT

NEW YORK, December 27, 2018 /PRNewswire/ --

According to research published by Market Reports Center, the global market for blockchain was valued at USD 708 Million in 2017 is projected to reach USD 60.7 Billion by 2024. IBM and Microsoft make up the driving force behind the blockchain market as their clients are making the transition to cloud services. The report explains that, as banks and other players of the financial industry move into the modern age of real-time transaction processing, blockchain will become an important solution. Another important segment for blockchain is the online payments, which has gained huge traction recently. Card-based payment methods, credit and debit cards have also become dominant. Blockchain supports all these changes by catalyzing an increased speed of transaction processing and greater efficiency in the real-time processing of transactions. GreenBox Pos LLC (OTC: GRBX), Global Payout (OTC: GOHE), Overstock.com, Inc. (NASDAQ: OSTK), Hewlett Packard Enterprise Company (NYSE: HPE), iQIYI, Inc. (NASDAQ: IQ)

Payments by cash are gradually declining as the emergence of digital, or cashless payment options, are rapidly being adopted. Industry leaders are investing in digital payments because of their convenience and technology-supported infrastructure. With the growth of the market, consumers have access to numerous payment solutions to pick from - bank cards, e-wallets or mobile in-store applications. Digital payments are also more secure, especially now that companies are investing in new cybersecurity software. According to data compiled by Mordor Intelligence, the global digital payments market was valued at USD 2.89 Trillion in 2017 and is expected to reach USD 6.49 Trillion by 2023. Additionally, the market is projected to grow at a CAGR of 13.7% during the forecast period, from 2018 to 2023.

GreenBox Pos LLC (OTC: GRBX) and Global Payout (OTC: GOHE) announced earlier this week the execution of a license agreement with GreenBox POS for, "its groundbreaking blockchain payment technology for use in a variety of business sectors. The Company's wholly owned subsidiary, MTrac Tech Corp., executed an exclusive licensing agreement with GreenBox POS for certain types of industries, and now Global will also be able to utilize their technology to provide payments to a whole host of other industries considered both low and high-risk by traditional merchant processors. 

'While the last year has been dedicated to the development and launch of MTrac, we have also been planning to expand the reach of Global Payout for some time,' said Global Payout, CEO Vanessa Luna. 'The extension of the license for Global Payout provides another revenue stream to the Company and offers us the opportunity to expand into other markets that lack consistent and reliable merchant processing. Further, I believe this relationship will offer the general public the ability to use the ledger technology of Blockchain in a salient way and can showcase how this technology can be use in a multitude of ways to solve many of the issues plaguing the financial services industry. The immutable ledger and tracking features allow unparalleled security and transparency that just isn't available through other payment platforms, and we are extremely excited to bring this system to the mass market. GreenBox is an amazing company and working alongside their executive management team to execute this agreement has been a real pleasure, we look forward to the new year, and accomplishing many great things with the license.'

About Global Payout, Inc. (OTC: GOHE ): From 2014 to 2017 Global focused on identifying new state of the art technologies in a variety of industry sectors and successfully helped launch MoneyTrac Technology Inc. and other companies within the FinTech space. In 2018, Global completed a reverse triangular merger with MoneyTrac Technology Inc. resulting in Global retaining the wholly owned subsidiary, MTrac Tech Corporation. Global's current focus is continuing to identify new business opportunities while it reorganizes its future business endeavors. 

About MTrac Tech Corp: MTrac Tech Corporation. a Nevada Corporation is a privately held wholly owned subsidiary of Global Payout, Inc. MTrac is a software technology, sales and marketing, and business development company focused on 'high risk' and 'high cost' industries. The Company's flagship product is the MTrac payment platform offering a full-service solution with technology offerings including Payment Platform, Blockchain, Compliance, POS, E-Wallet, Mobile Application and Digital Payment Solutions. It is MTRAC'S creative vision through the use of its innovative technology solution to become the premier service provider offering the 'Key to CashlessTM.'

About GreenBox POS, LLC: GreenBox POS ("GRBX") is a groundbreaking technology company that builds customized payment solutions for a multitude of industries. The company has developed the fastest and safest way to send and process money using Blockchain technology. The company was awarded 5 provisional patents for its technology. GreenBox POS develops the following main products: POS (Point of Sale software and hardware solutions); DEL (delivery app, APIs to POS and PAY); PAY (payment app, providing financial APIs to all other components); KIOSK (deposit, cash and E-wallet management). All products, services and custom hardware are available now from GRBX. GRBX is based in California with offices in Seattle, WA; Las Vegas, NV; Vancouver, BC, Canada; and HQ in San Diego, CA."

Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. Medici Ventures, Overstock.com, Inc.'s blockchain accelerator, recently announced that portfolio company Bitsy.com will allow public access to the beta version of its exchange and wallet service beginning Monday, November 12th, 2018. Bitsy's new app-based platform creates a remarkably easy, secure, and user-friendly bridge between bitcoin and the US Dollar. "The great promise of the Bitcoin white paper was to have legitimate peer-to-peer exchange of value without the need for trusted intermediaries. Few people understand, however, that with conventional Bitcoin wallets, users do not have actual possession or control of the Bitcoins they buy: their wallet-provider owns the Bitcoin and provides a contractual claim to the consumer, who must then trust that corporation. This defeats the whole purpose of crypto. Bitsy wallets, on the other hand, allow users to possess and have complete control of their cryptocurrency without the risk of lost keys. This sets a new standard for digital wallets," said Patrick M. Byrne, Overstock.com Chief Executive Officer and Founder. "We are excited to continue our cryptocurrency journey and integrate Bitsy's technology with Overstock.com to offer bitcoin for sale directly from the retail site in the first half of 2019."

Hewlett Packard Enterprise Company (NYSE: HPE) helps customers use technology to slash the time it takes to turn ideas into value. Hewlett Packard Enterprise recently announced that it plans to invest USD 4 Billion in Intelligent Edge technologies and services over the next four years. This strategic organic investment will be focused on helping customers turn all of their data - from every edge to any cloud - into intelligence that drives seamless interactions between people and things, delivers personalized user experiences, and employs AI and machine learning to continuously adapt to changes in real time. For example, Aruba and HPE Pointnext services are helping Gatwick Airport achieve its goal of becoming the most technologically advanced airport in the world. HPE's Edge systems are helping Texmark create the refinery of the future which will make the manufacturing of chemicals safer and more efficient, and helping Streamr grow their marketplace for data monetization by collecting and storing data from an individual car on a blockchain, ultimately giving control of the data to the driver. "Data is the new intellectual property, and companies that can distill intelligence from their data -whether in a smart hospital or an autonomous car-will be the ones to lead," said Antonio Neri, President and Chief Executive Officer, HPE. "HPE has been at the forefront of developing technologies and services for the Intelligent Edge, and with this investment, we are accelerating our ability to drive this growing category for the future."

iQIYI, Inc. (NASDAQ: IQ) recently announced the launch of its "Change Plus" online wallet in partnership with aiBank. The announcement further illustrates iQIYI's continuous efforts to improve user experience for its members and explore new growth opportunities by creatively integrating entertainment and financial services. iQIYI's "Change Plus" online wallet designed for users to enjoy new membership benefits. Users who deposit a certain amount of money on iQIYI can enjoy all of iQIYI's VIP membership services and can deposit or withdraw their money at any time they want. They will be able to enjoy the benefits of VIP membership for as long as they keep money saved on "Change Plus". aiBank, jointly established by China CITIC Bank and Baidu, is the first financial institution to partner with iQIYI's "Change Plus" online wallet. Liu Wenfeng, Chief Technology Officer of iQIYI, said: "iQIYI's analysis of big data provides accurate insights into the behavior and preferences of consumers, helping integrate finance services with our entertainment platform and expand our user base to include high-net-worth members."

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