Global Payments To Provide Android Pay Service In Canada

Global Payments Inc. (NYSE:GPN) has announced that it will provide its merchants the facility to pay via Android Pay in Canada.

Global Payments is a leading worldwide provider of innovative payment technology services. Year to date, the company’s shares have returned 32%, significantly outpacing the 17.2% gain by the Zacks categorized Business Service industry. The outperformance reflects the company’s strong growth, efforts to deleverage its balance sheet and value accretion from the acquisitions made over the past three years.

Android Pay is a digital wallet platform developed by Google (NASDAQ:GOOGL) to power in-app and tap-to-pay purchases on mobile devices, enabling users to make payments from Android phones, tablets or watches. Android Pay uses near field communication (NFC) to transmit card information facilitating fund transfer to the retailer.

Android Pay can be used via an app on smartphones. It works on the technology of tokenization which means that it uses a virtual account number to represent the card and does not share customers’ actual credit or debit card numbers with the merchant when they pay in stores.

This kind of payment method provides a high degree of security to a transaction, an utmost requirement against the backdrop of rapidly growing cybercrime. Since its launch in 2015, the service has seen huge adoption and is also available in Canada, Ireland, Poland, Australia, Taiwan, Belgium, Japan, Russia and New Zealand.

Other players supporting Android Pay are Visa Inc. (NYSE:V) , Mastercard Inc. (NYSE:MA) and American Express Co. (NYSE:AXP) , among others.

The company offers Android Pay services in the U.S., U.K., Hong Kong and Singapore. Late last week, the company announced that it is offering the Samsung (KS:005930) Pay service in the U.K. and Hong Kong. It also provides Apple (NASDAQ:AAPL) Pay services to its clients.

Global Payments carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

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