ILIV to Create PuffPassPay.com, a Payments Platform for the Cannabis Industry
MIAMI, FL, Mar 03, 2014 (Marketwired via COMTEX) -- Intelligent Living Inc. (OTCQB: ILIV) publicized today that it had begun development of an eWalleting and payments system for the cannabis industry called PuffPassPay.com which will act as an online payment account that you can use to make deposits and pay for goods on web sites that will offer
PuffPassPay services. Consumers and merchants will be able to use their eWallets, also referred to as a digital wallet, to accept payments from other sites or individuals.
Josh Eikov, Chief Strategy Officer of Intelligent Living Inc. said: "Our development team is dedicated to creating products and services that are needed to fill holes in expanding markets. We take two tracks to achieve this goal- build or buy. In a few cases we were able to acquire assets that just needed to be cleaned up or repurposed and launched. In the case of PuffPassPay, we are developing this totally in-house based upon the need we see for a good understanding of both eCommerce and the cannabis business."
According to a report from UniqCloud global consumers spent roughly $30 trillion in 2012. The report went on to say that in traditional retail, about half of all payments are being made in cash, the other half mostly with credit or debit cards. However, the way people pay for goods and services is expected to change radically over the next few years: Regular payments in retail stores (offline payments) will be replaced more and more by online payments, as people shop more frequently on the internet, a segment which is growing at about 20% per year globally. Over the past 3 years, a significant number of people have also started using their mobile phones to shop. This has created the mobile payments sector, which is growing by over 50% annually. Mobile payments have the potential to eliminate the wallet in peoples' pockets and there is a giant need for services to fill this $15 trillion opportunity.
"Online gorillas and walled gardens are large technology companies building up a payment ecosystem. They leverage their closed ecosystem such as eBay buyers and sellers with more than 100 million PayPal accounts or technology platforms like Google's Android with more than 60% market share in smartphone sales to acquire a large number of users for their payments. Also, technology companies providing alternative payments benefit from the shift of physical media businesses like books, movies, and music towards digital formats, such as eBooks, mp3-downloads and video streaming. Intelligent Living is looking into the future and we want to be there when the Cannabusiness is spoken of in the same circles," Victoria Rudman, CEO of Intelligent Living Inc. said.
The online payments market will increase from $740 billion in 2010 to $2,700 billion in 2015, according to a report available on companiesandmarkets.com. The alternate payment market includes online, mobile and contactless segments. The alternate payments industry comprising online, mobile and contactless segments will post a CAGR (Compound Annual Growth Rate) of 17.6% over the period 2010 to 2015. The largest revenue generating segment of the advanced payments industry is the online payment segment.
"We believe that we will grow a membership in PuffPassPay because of the current state of the industry and consumers debit or credit cards being declined on a merchant site or because they simply want some anonymity in their transactions. Whether you want to pay online, send money or get paid, the PuffPassPay eWallet will offer our customers a fast, simple and secure alternative to traditional payment methods. The merchants we seek to provide services for will be non-agricultural and as a result we see PuffPassPay as having the potential to become the PayPal of the cannabis industry," Josh Eikov continued.
About Intelligent Living Inc.: Intelligent Living Inc. operates as a development stage company focused on the ever-expanding eHealth and eCommerce markets. Its segments include exercise, nutrition, supplements, mental acuity testing and training, through our newly acquired subsidiaries MIND360 Studios, and Health and Beyond Nutra Company. Intelligent Living Inc., based in Florida, is a health and wellness company engaged in the development of software and technology to aid in age management and cognitive health. The mission of Intelligent Living is to improve a person's quality and function of daily living over a span of many years.
More information about Intelligent Living Inc. can be found on the Company's website located at http://www.intelligentlivinginc.com
Forward Looking Statements This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act") and as such, may involve risks and uncertainties. Intelligent Living Inc. claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to: our successful integration of diversified growth companies, impact of the company's expansion plan, and new business development success, future financial results, development and acquisition of new product lines and services, the impact of competitive products or pricing from technological changes, the effect of economic conditions and other uncertainties. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
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