The number of digital payments has increased in the last decade. The data shows that the amount of payments in the coming year will rise to over $9.6 trillion.
They will continue to expansion and reach over $11 trillion by 2027. In the meantime, there are several digital payment techniques that are profiting from the growth. This article will review the most well-known ones.
Affirm
Affirm is an openly traded company that offers Buy Now Pay Later (BNPL) solutions. BNPL is an service that allows people to purchase products on credit, and later pay the cost in equal installments. Customers aren’t required to pay the interest rate if they decide to pay back the amount in four installments. It earns a profit by receiving a small amount of commission of the retail store.
Affirm is now a popular choice in Affirm has become popular in the United States, where it has more than 16 million customers as well as over 207K merchants. The number will likely increase as many consumers consider that BNPL is an alternative over credit cards. Other well-known BNPL firms are AfterPay, Zip, and Klarna among others.
PayPal
PayPal is a huge payment company that provides a range of options to individuals and companies. The primary function of PayPal is that it permits individuals to pay their family and friends. It also allows online businesses to accept payments from international users.
Additionally, PayPal owns Venmo, an online peer-to-peer payment service that is used by millions of users in the US. Other payment services provided by PayPal are BNPL along with coupons. The coupon service is provided primarily by Honey, a business that it bought in 2004 for $4.5 billion.
Apple Pay
Apple is the largest company in the world, with an estimated market value of $3 trillion. People are awestruck by Apple because of the high-quality of its software and hardware. They also appreciate its robust ecosystem, which is comprised of various devices and devices that work together.
As the ecosystem expanded, Apple launched Apple Pay as a solution that runs its entire universe. All transactions, including App Store are processed by this system. Apple Pay is also accepted by numerous retail and e-commerce retailers. Customers can pay via the physical card, or with an online wallet. Apple Pay is used by over 500 million people.
Wise
Wise is a publicly traded British company that offers a variety of payment services. The main service that Wise offers is the capability to transfer funds internationally at a reduced cost. Businesses can also pay freelancers on Wise in only a couple of steps.
In addition, Wise has introduced a feature that lets users set up multi-currency accounts online. This means that any person can create one account that has funds in various currencies. They can then transfer these funds into the local accounts.
Noda
Noda is an ever-growing free banking service that allows companies to accept payment on their sites. With the addition of the Noda payment methods businesses can facilitate payment for their customers. The infrastructure for bank payments is linked to more than 90% of European banks such as Lloyds, Deutsche Bank, and Santander as well as others.
Noda competes against other payment providers like Stripe and Adyen and also offers payment services to businesses. Customers are raving about its low commissions, reliability and advanced analytics tools.
Adyen
Adyen is an international payment company based in Amsterdam and is valued at close to 50 billion euro. The company offers payment service to more than 70 000 companies, which include well-known brands such as Bolt, Uber, eBay, Spotify, and Wix among other companies. Similar to other companies, Adyen receives a small percentage on all sales it manages.
Last thoughts
There are hundreds of payment methods available around the globe. Certain methods, like those mentioned, are international while others such as M-pesa are national. As you can see it is evident that there are payment options in different areas, including peer-to-peer and cryptocurrencies, as well as online banking platforms, and wallets. The other noteworthy payment methods are Coinbase, Google Pay, Amazon Pay, and eBay Managed Payments among others.
