Top 8 Mobile Payment Providers
With the rising need of quick and efficient money transfers methods, businesses are looking for swift ways to send and receive payments. Mobile payments offer an easier and more secure way to pay for items online. Vendors as well as the consumers need a convenient way of making payments which is less complicated and less time consuming. Since most businesses have gone online with their products and are available for purchase on many online platforms, more people are finding it essential to have a payment method that would suite them. With a reliable payment method, consumers can make more purchases easily and thus the businesses will also benefit from the increased level of sales. Since the world have become more integrated and global markets are now open for anyone, finding a means of money transfer that would allow consumers purchase products from anywhere without being physically at the stores is very essential.
Mobile payment generally is performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, the consumer can use a mobile phone to pay for a wide range of services and digital or hard goods. There are multiple models for mobile which includes Mobile wallets, Card-based payments, Carrier billing such as Premium SMS or direct carrier billing, Contactless payments such as using NFC (Near Field Communication), Direct transfers between payer and payee bank accounts in near real-time and direct carrier/bank co-operation. Mobile payments are also referred to as mobile money, mobile money transfer, and mobile wallet.Online mobile payments are similar to those conducted on the Web where consumers enters the credentials in a mobile Web browser or within a seller's mobile application. Different technologies used includes quick response (QR) codes, SMS and Near Field Communication (NFC), Bank transfer systems, Direct carrier/bank co-operation, Audio signal-based payments, Cloud-based mobile payments, Mobile web payments , Direct operator billing, SMS/USSD-based transactional payments, and Mobile wallets.
Top Mobile Payment Providers : Paydiant, Visa Checkout, MasterCard MasterPass, PayPal Mobile, Google Wallet, Apple Pay, Square Order, Intuit GoPayment are some of the best Mobile payment providers.
What are Mobile Payment Providers
Mobile Payment Providers offer payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque (or check), or credit cards, a consumer can use a mobile phone to pay for a wide range of services and digital or hard goods. Financial institutions and credit card companies, companies such as Google, Apple and a number of mobile communication companies, such as mobile network operators and handset manufactures have implemented mobile payment solutions.
Mobile Payment providers are companies that offer cash transfers and which allow sending and receiving money through mobile phone devices and which transactions are under financial regulations. These platform allows the consumer to pay for the goods purchased or services rendered using their mobile phones and can do this from anywhere as long as their devices are connected to the internet. A majority of financial companies, mobile communication companies and credit card companies have implemented this mode of payment services. There are many models of mobile transfers which include mobile wallets, card- based payments, carrier billing and direct bank transfers in near real-time.
- 24/7 transaction monitoring: Mobile payment platforms open a wide range of opportunities for the consumer and also for the business. The consumer can pay for the goods or services at any time and from anywhere without physically going to the shop. The vendor can also receive the payments in near real time and also with reduced congestions at the shops.
- Fraud protection: The introduction of the mobile payments platforms to customers provides an easy way of making purchases to them. This in turn may increase the number of sales for the businesses thus making it profitable. The selling processes also become less complicated and vendors can enjoy purchases from those clients who would not have bought if there was only the traditional means of payment.
- Secure encryption technology: Consumers now don’t have to carry hard cash everywhere they go since they can easily transact using their mobile devices. By using this method, consumers don’t have to run the risk associated with carrying bulk cash. Also, no one can steal your credit card details by stealing your mobile since the details are stored in the cloud and not in the device.
- Cost effective: The vendors don’t have to incur the costs associated with other modes of payments like having a credit card terminal at your store from a bank. The banks charges monthly fees to the vendors and also include transaction fees while in using the mobile platforms, the seller is not charged.
Top Mobile Payment Providers
Paydiant provides a white label mobile wallet platform that includes mobile payments, loyalty, offers, ATM cash access and related commerce services. The patented cloud-based platform enables merchants and banks to deploy their own secure mobile wallet solutions under their own brands, in their own apps. This means that merchants can add mobile wallet functionality, including mobile payments, loyalty, offers and e-receipts to their own mobile apps without involving new brands and without sharing their customers’ data with others. Paydiant assists its users to acquire new customers and increase ticket size by delivering highly targeted offers and personalized mobile loyalty programs…
Visa Checkout provides an easier way to pay online with the favorite stores with a single sign in. no forms to filled out are required when making a payment since payment and shipping information are saved so there is no time wasted. Adding any major payment card makes the transactions even smoother and better and it works with both debit and credit cards as well.Visa Checkout can be accessed on any computer as well as handheld devices such as tablets and mobile phones. This gives the users the freedom to make payments anytime and anywhere they might be. As a…
MasterCard MasterPass is a digital wallet service that makes online shopping safe, easy, and convenient. MasterPass stores all its users’ payment and shipping information in one central, secure location. With MasterPass, they can shop, click and checkout faster online. Users sign up by confirming their identities, choosing a password, and setting up a security question. They also tell Mastercard where they’d like their purchases sent and add their credit, debit, reloadable prepaid and store cards along with their loyalty information. They can add credit, debit, or prepaid cards from MasterCard, Maestro, American Express, Diner's Club, Discover and Visa. When checking…
PayPal Mobile lets its users send payments to almost anywhere in the world in seconds. Connect all possible ways when paying then easily shop with a tap; it’s that simple and easy. Users can send payments to almost anyone, anywhere; all that’s needed is the recipient’s email address and the payment will be sent right away. If they don’t have a PayPal account, PayPal Mobile will help them create one so they can access the money. They can then shop online or withdraw it to their bank account. It saves the user the hassle of having to ask for or…
Google Wallet is a peer-to-peer payments service developed by Google that enables users to send money to anyone in the US using an email address or phone number. It's fast, easy, and free to send directly from debit cards, bank accounts, or Wallet Balances. All this can be done through the Google Wallet app, on Gmail, or at wallet.google.com. In the UK, users can send or request money only through Gmail but they can currently not send or receive money between the US and UK. Furthermore, a user’s Wallet Balance cannot be used to make purchases with Android Pay. But…
Apple Pay is designed to facilitate its users to make secure purchases in stores, in apps and on the web. The payment service is simple to use and works with ordinary devices. Credit card payments can be made easily with just a touch. And because card details are never shared by Apple, when Apple Pay is used to make purchases with iPhones, Apple Watches, iPads and Macs the process is safer and more private. Unlike paying with a physical card, using Apple Pay in stores happens in seconds. Users simply hold their iPhones near the reader then tap on the…
Square Order offers easy-to-use tools for every little thing such as from mobile point-of-sale tools and online invoicing to next-day deposits and inventory management; Square Order has everything its users need to run their business anywhere they are. The free Square Reader works with the free Square Register app to allow everyone to take payments on their iOS and Android devices. This means being able to accept credit cards anywhere. Pay 2.65% per swipe for Visa, MasterCard, Discover and American Express while the deposit would reflect on the bank account in one to two business days.Using Square Order provides a…
QuickBooks GoPayment is a payment solution from Intuit that allows its users to accept credit card payments anywhere. Users get a free magstripe card reader with no commitment that enables them to swipe, scan or key in credit cards and take payments anytime, anywhere. The card reader is designed to work with most popular smartphones and tablets and Intuit is constantly working to make sure it works with new devices as they come out. However, a device needs to be connected to the Internet to process transactions. Intuit will ship one credit card reader per account but users can arrange…