Owing to the growing use of the internet, payment for goods and services is now very common over the internet. Using money to transfer online gives the benefit of convenience, speed and so on which normal method of payment cannot offer. There are various online payment solutions that are already in the market and some of the biggest players dominate the online payments market.
PayPal
In fact, PayPal was the first to make payments online over twenty years ago. As of today, PayPal is still the market leader in the digital wallet and payment processing sector with 426 million active accounts. The Level of recognition, protection from fraud, purchases and the opportunity to make purchases from millions of merchants is just an added advantage of PayPal as compared to the competitors. On the other hand, some of the inconveniences include relatively high charges and the lack of an option to accept cryptocurrencies like other platforms.
Venmo
This is a mobile payment service that has grown rapidly in a very short time and is owned by PayPal, particularly among the youthful generation. A unique feature of the Venmo app is the social news feed that enables one to see the comments made by friends on payments made between them. Another factor that contributes to the extended growth of Venmo is the features such as a seamless mobile experience, people’s broad adoption of it, and the fact that it has a social network integrated into it. Nonetheless, some users may find it uncomfortable with the fact that payments also appear on a public feed. There are ways how to avoid Venmo tax to make usage more comfortable so many people like this service.
Apple Pay
Transactions through Apple Pay can be done through Apple gadgets without any physical contact. Currently, Apple Pay is already integrated and accepted in more than 90% of all the retail stores in the United States, and the convenience of using iPhone and Apple Watch for payment makes it popular. Biometric checkouts designed through Apple Pay mobile wallet application have the highest market share among rivals and are significantly easier. However, it is only applicable to Apple products, thus, its applicability to other devices is still very limited.
Google Pay
Available on Android, Google Pay is an application that enables fast and safeguarded payments on a mobile wallet. It also goes on to accept locations and now has more than 150 million locations worldwide. Easy adoption since there is a useful rewards program and the application integrates deeper with other Google applications for Android users. However, those with iPhone cannot access Google Pay, meaning that services that are compatible with both Android and iOS devices will benefit.
Amazon Pay
Amazon Pay works as a Trojan Horse that takes advantage of Amazon as a retail giant, allowing customers to pay on other sites using their Amazon accounts. Simply having over 300 million customer accounts lowers entry barriers compared to trillions starting from scratch. Consumer assurance is also offered by the protection of associate purchases and strong brand recognition, which contributes to the confidence given to Amazon Pay. Nevertheless, users cannot send peer-to-peer payments – the application’s capabilities are less advanced than those of more comprehensive digital wallets.