There is an abundance of payment product announcements coming from Money 20/20 in Las Vegas. One that caught my attention is Gane, an app that offered by SimplyTapp that offers a domestic, real-time money transfer service plus the ability to spend funds received at NFC enabled merchants. This has similar attributes to the path person to person (P2P) payments provider Venmo has announced it is taking, but Gane has some rich features:
With Gane, users can transact and share offers through the Gane application, use transferred money instantly, as well as receive and apply offers automatically at the point of sale, and pay using Tap and Pay functionality. Gane also functions with chatbots embedded in Messenger and Telegram social messaging platforms, with additional platforms expected:
Gane’s enhanced real-time functionality moves the mobile payments industry forward, versus existing apps that fund payments over two to three business days and only allow users to apply those funds within the app or by moving them to a bank account.
While the industry has already has moved on to real-time for P2P transactions, SimplyTapp’s merchant network and ability to apply offers in combination with money transfer capabilities is intriguing. Gane’s success will be in part based on greater adoption of NFC capabilities by merchants. They cited a recent survey from Forrester as a reason to be bullish on this front:
“Research from Forrester and the National Retail Federation show that 76 percent of US retailers plan to accept Apple Pay by year-end 2017,” added Doug Yeager, co-founder and CEO, SimplyTapp. “We expect the uptake for Tap and Pay to continue, and Gane will allow consumers and merchants alike to take advantage of this trend.”
Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group
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