Online payments have grown rapidly in the past decade as the use of smartphones has gotten more widespread. It is estimated that over 4 billion people are now using various payment options. As a result, some analysts believe that physical cash will become obsolete in the next few years. Here are some of the most online payment solutions.
Noda
Noda is a fintech company that provides services to businesses from around the world. It is a business-to-business platform that enables companies to start accepting payments in a faster and cheaper process.
The idea behind its offering is quite simple. Instead of companies building and maintaining their payment infrastructure, they can use its API to simplify the process. In most cases, Noda users integrate the system within a few hours.
Noda operates in a fast-growing industry. Some of the payment services companies it competes with are Stripe, Block, and GoCardless among others.
PayPal
PayPal is one of the biggest payment services companies in the world with a market cap of more than $72 billion and over $27 billion in annual revenue. The company has more than 400 million customers from around the world.
PayPal offers numerous payment solutions. Its eponymous platform enables people to send money to each other and make payments online. PayPal also owns Venmo, a peer-to-peer payment service and Honey, a coupon app.
Additionally, PayPal provides payment solutions to businesses. Using its APIs, companies can start collecting payments online and offer Buy Now Pay Later (BNPL) solutions.
Block
Block is an American payment solutions company that provides services to both individuals and companies. It is a giant company valued at ~$40 billion and over $17.5 billion in annual revenue.
Block’s best-known product, Square, provides payment services to companies in all industries. Using Square, businesses can receive different payment methods online and in physical stores. Block also owns AfterPay, an Australian company that provides BNPL solutions to over 16 million customers.
Block also owns Cash App, a peer-to-peer payment service that has over 60 million customers mostly in the United States.
Affirm
Affirm is a publicly-traded payment company that provides BNPL services to companies in almost all sectors. These services enable people to buy products and then pay in four equal monthly installments without paying any interest. The company makes money by taking a commission for each sale and late fees. It also has a longer installment period where it charges interest.
Affirm is highly popular among businesses. In just a few years, the number of merchants using its platform jumped to over 235k. Its annual revenue jumped to over $1.15 billion in 2022.
Adyen
Adyen is a European fintech company valued at over 48 billion euros. The company provides end-to-end payment solutions to companies, making it easier for them to receive payments. Some of the biggest companies using Adyen are Wix, Uber, eBay, and Spotify among others.
In addition to payments, Adyen provides other services like risk management, authentication, accounts, and capital among others.
Paysafe
Paysafe is a large American payment company that serves customers from around the world. It is a holding company that owns brands like Neteller, Skrill, and SafetyPay among others. Neteller is a service that provides payment processing services to companies. It also provides crypto payment services and prepaid cards among others.
Skrill, on the other hand, is a payment solution that enables people to send money to each other online, make payments when shopping online, and even buy and hold cryptocurrencies.
Apple Pay and Google Pay
Apple Pay and Google Pay are products made by Apple and Google. These services power payments in their ecosystems and externally. For example, in addition to using Apple Pay in Apple’s ecosystem, you can use it to shop in both online and offline retailers. Similarly, Google Pay is accepted in all types of businesses.
The benefit of using these products is that they are significantly safe, have no or minimal transaction costs, and are accepted in most countries.
Summary
The digital payment industry is highly lucrative, which explains the rising number of companies in the sector. In this article, we have looked at some of the best-known online payment solutions that are available to both individuals and businesses.
