Mobile Payment services

Updated: August 01, 2023

Mobile payment services, also known as mobile wallets or digital payment platforms, have revolutionized the way people conduct financial transactions using their smartphones or other mobile devices. These services allow users to store their payment information securely, such as credit card details or bank account numbers, within the mobile app. With a simple tap or scan, users can make payments at physical retail stores, online merchants, or transfer funds to other individuals swiftly and conveniently. Mobile payment services often utilize near-field communication (NFC) technology, QR codes, or mobile apps linked to financial accounts, providing a contactless and secure way to complete transactions. These services have gained widespread popularity due to their ease of use, enhanced security features like biometric authentication, and the ability to track transaction history in real-time. As mobile payment services continue to evolve, they are reshaping the global payment landscape and contributing to the growth of cashless societies by fostering seamless and cash-free financial interactions.

See also: Top 10 Online Payment platforms

2018. PayPal integrates with Gmail and other Google services



Earlier this year, Google consolidated its payment services into a unified platform called Google Pay, aiming to streamline transactions across its ecosystem and encourage increased usage. Building upon this, Google has now announced a significant integration with PayPal. Users who link their PayPal accounts to their Google Play accounts will have the convenience of making payments and settling bills through PayPal without the need for separate logins or leaving Google services. This deep integration, expected to launch later this year, will encompass popular apps such as Gmail, YouTube, Google Store, and any services utilizing Google Pay. Not only will it support payments, but it will also facilitate peer-to-peer transfers. This collaboration aims to enhance user experience, making transactions seamless and effortless within the Google ecosystem.


2018. Microsoft Pay comes to Outlook.com



Microsoft Pay, Microsoft's alternative to Google Pay and Apple Pay, will soon be integrated into Outlook. This exciting development enables users to make direct payments for invoices received via email without leaving the Outlook platform or resorting to other apps or services. Microsoft plans to initially roll out this feature to a limited number of Outlook.com users in the upcoming weeks, followed by a broader release over the next few months. The company has announced that payment processors such as Stripe (through Stripe Connect) and Braintree will support the service, while billing and invoicing services including Zuora, FreshBooks, Intuit, Invoice2Go, Sage, Wave, and Xero will be among the first adopters of this feature.


2018. Android Pay becomes Google Pay



Google is consolidating its various payment tools into a unified platform known as Google Pay. The company is introducing the Google Pay app for Android, accompanied by new features aimed at establishing the payment service as widely accessible in both physical stores and online environments. The Google Pay home screen now displays nearby stores where Google Pay is accepted, providing users with relevant payment options. Furthermore, Google is launching a revamped version of the Google Wallet app, now renamed as Google Pay Send, which offers enhanced capabilities for sending and requesting money.


2017. PayPal teams up with Android Pay for mobile payments



PayPal and Google have jointly announced a collaboration aimed at enabling PayPal to extend its presence in both mobile applications and physical stores. This partnership entails integrating PayPal as a payment option within the Android Pay service, granting U.S. users the ability to make payments through PayPal for services such as Uber, as well as at various retailers including Walgreens, Dunkin' Donuts, and Subway. Initially, the integration with Android Pay will allow Android users to utilize their PayPal balance as a payment method. However, in the future, it will expand to encompass the cards that users have linked to their PayPal accounts.


2016. Samsung Pay gets in-app payments and Masterpass support



Mobile payment platform Samsung Pay has joined forces with Mastercard to integrate support for Masterpass, a digital wallet solution that securely stores users' payment and shipping information for effortless online transactions. This collaboration enhances the convenience of Samsung Pay by allowing users to retain all their bank cards virtually on their mobile devices and utilize them for contactless payments. The service is set to launch in early 2017, while U.S. Samsung Pay users can anticipate in-app payment support starting in November. By selecting Samsung Pay as their preferred payment method within compatible merchant apps, users can seamlessly complete transactions. Furthermore, the introduction of the Deals feature enables Samsung Pay to automatically identify nearby discounts and coupons available at various retail stores and restaurants, granting users the opportunity to instantly redeem these enticing offers.


2015. Mobile payment service SumUp raised $45M



European mobile payment startup SumUp has recently secured additional funding, bringing its total investments to $45 million. As a competitor to Square, iZettle, and Rocket Internet's Payleven, SumUp intends to utilize this investment to enhance its hardware offerings, similar to Square's approach. Unlike other companies such as iZettle, SumUp has strategically developed its business to achieve vertical integration. This includes the development of its own hardware solutions instead of relying on external partnerships. Currently, SumUp operates in 13 markets, encompassing 12 European countries and Brazil. The company also has plans to expand into two more markets by the end of the year, including Sweden, which is iZettle's home market.


2015. Samsung Pay takes on Apple Pay and Google Wallet



Samsung has made an announcement about the upcoming launch of Samsung Pay, a new mobile payments solution that will be available on the latest Galaxy S6 and S6 edge smartphones during the summer. While Apple and Google were early entrants in the contactless payment market, Samsung Pay addresses significant gaps present in the services offered by Apple Pay and Google Wallet. Samsung Pay utilizes both near-field communications (NFC) and magnetic secure transmission (MST) technology obtained from LoopPay. This unique combination allows Samsung Pay to facilitate secure contactless transactions similar to Apple Pay, while also enabling "swipe" purchases on a majority of older payment terminals that have not adopted NFC technology yet. Samsung has partnered with MasterCard and Visa, along with four major card-issuing banks: JP Morgan Chase, Bank of America, Citi, and US Bank, strengthening its position in the market.


2015. Samsung buys Apple Pay alternative LoopPay



Samsung has completed the acquisition of LoopPay, the mobile payments platform that competes with Apple Pay. LoopPay enables users to conveniently make mobile payments using their smartphones. Unlike Apple Pay, which relies on near-field communications (NFC), LoopPay utilizes magnetic secure transmission (MST), similar to the magnetic strip found on traditional credit cards. Users can securely store their credit card details in LoopPay's app, available on both iOS and Android. However, to process MST payments, customers need to have LoopPay's $59.95 card case or $10 key fob. LoopPay has previously emphasized the superiority and broader acceptance of its platform compared to Apple Pay since it utilizes external hardware instead of requiring merchants to adopt specific technology. Nonetheless, the requirement for additional hardware introduces an extra, potentially cumbersome step during transactions.