Top 18 Online Payment systems
Last updated: May 26, 2020
Online Payment systems allow to send and receive money via the Internet.
PayPal is an international e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as cheques and money orders. PayPal is the faster, safer way to send money, make an online payment, receive money or set up a merchant account.
With Google Pay, you can simply unlock your phone like you normally do, place it near a merchant’s contactless terminal, and you’re good to go. Google Pay does all the heavy lifting. You don’t even need to open an app—just tap and go. You’ll also see a payment confirmation and get transaction details right on your phone.
Apple Pay will change how you pay with breakthrough contactless payment technology and unique security features built right into the devices you have with you every day. So you can use your iPhone to pay in a simple, secure, and private way.
Payoneer is a financial services provider that provides online money transfer and e-commerce payment services. Payoneer is a registered Member Service Provider of MasterCard worldwide.
Skrill (formerly Moneybookers) is a global e-commerce business that allows payments to be made through the Internet. Our worldwide payment network lets businesses extend their reach globally with over 100 local payment options. We already meet the needs of over 156,000 businesses with everything from a simple one-step integration to a fully-tailored payment solution.
Enter how much you're transferring and where to. You can send to your own account abroad or another person or business. Banks charge a lot for overseas transfers. We don't. Transfer money abroad easily and quickly with our low cost money transfers.
Venmo is a service of PayPal that allows to make and share payments. Venmo uses bank-grade security systems and data encryption to protect you and prevent against any unauthorized transactions or access to your personal or financial information. Sending money on Venmo is completely free as long as you use a bank account, supported debit card, or Venmo balance to fund your payments.
Millions of Amazon customers can login and pay on your website with their stored account information on Amazon.com. Login and Pay with Amazon can help you add new customers, increase sales and turn casual browsers into buyers. It’s fast, easy and trusted — leverage the Amazon brand to grow your business.
Zelle is a United States-based digital payments network. It enables individuals to electronically transfer money from their bank account to another registered user's bank account (within the United States) using a mobile device or the website of a participating banking institution.
Revolut Ltd is a UK financial technology company that offers banking services including a prepaid debit card, fee free currency exchange, commission free stock trading, cryptocurrency exchange and peer-to-peer payments.
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WebMoney Transfer - smart solution for internet business. It is a multifunctional payment tool that provides secure and immediate transactions online. WebMoney Transfer Technology is based on providing all its users with unique interfaces that allow to operate and control individual property rights for valuables (assets), stored at the specialized entities — the Guarantors.
Popmoney is an easy, fast and secure online personal payment service that lets you send, request and receive money directly from your bank account. Simple and secure. Available here at Popmoney.com or directly from your bank's website.
Paytm is India’s largest mobile commerce platform. Paytm started by offering mobile recharge and utility bill payments and today it offers a full marketplace to consumers on its mobile apps. We have over 20mn registered users. In a short span of time Paytm has scaled to more than 15 Million orders per month.
Samsung’s mobile payments app that uses both near-field communications (NFC) and magnetic secure transmission (MST) technology. It’s brought MasterCard and Visa to the table as partners along with four of the largest card-issuing banks: JP Morgan Chase, Bank of America, Citi and US Bank.
Facebook Pay provides people with a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp. Facebook Pay supports most major credit and debit cards as well as PayPal.
CurrencyFair - cheap, fast and secure international bank transfers. Send funds to our client account using a free and quick local transfer. Avoid costly foreign exchange fees when sending money abroad - 90% cheaper than banks
Open source P2P money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Microsoft Pay is a mobile payment and digital wallet service by Microsoft that lets users make payments and store loyalty cards on certain devices. Add your credit or debit cards, or your PayPal info, to your Microsoft account. Your shipping details are also securely stored so there’s no need to enter your info each time you shop online—Microsoft Pay fills it in for you.
Latest news about Online Payment systems
2020. Facebook unveiled e-wallet Novi for Calibra e-currency
When Facebook unveiled Libra, its cryptocurrency project, there were two distinct entities — the Libra Association, a not-for-profit that oversees all things Libra, and Calibra, a Facebook subsidiary that is building a Libra-based wallet with integrations in WhatsApp and Messenger. Today, Facebook announced that Calibra has a new name, Novi. By rebranding Calibra to Novi, Facebook is trying to make it super clear that the Libra project isn’t a Facebook project per se. Facebook is just a member of the Libra Association with dozens of other members, such as Andreessen Horowitz, Coinbase, Iliad, Lyft, Shopify, Spotify, Uber, etc.
2020. Facebook-backed association revamps Libra following regulatory concerns
The Libra Association, the consortium created by Facebook to oversee all things Libra, has updated its white paper to make some changes. The association is abandoning its original plan to create a global stablecoin directly tied to a basket of fiat currencies and securities. The Libra Association now plans to release several stablecoins — each of them will be backed by a fiat currency, such as USD, EUR, GBP or SGD. There will be a multi-currency Libra “coin,” but it won’t be a cryptocurrency per se — it’ll be a digital composite of those single-currency stablecoins. When you send one Libra, you’ll actually send a fraction of USD-backed, EUR-backed, GBP-backed (etc.) stablecoins.
2018. PayPal integrates with Gmail and other Google services
Google earlier this year rebranded all of its payment services under Google Pay to help it double down on making transactions across its platform more frictionless (and more used). Now comes another development: PayPal and Google are kicking off a deep integration, where users who add their PayPal details to their Google Play accounts will be able to pay bills and for other items, using PayPal, without logging in and without leaving the Google services. The integration, when it goes live later this year, will cover apps like Gmail, YouTube, Google Store and any services using Google Pay — and it will include not just payments but also peer-to-peer transfers.
2018. PayPal acquired Square of Europe - iZettle
PayPal is taking its biggest bet yet on point-of-sale transactions, small businesses and markets outside of the U.S. as it looks to raise its game against Square, Stripe and others in the world of payments: The company has confirmed that it is buying iZettle — the Stockholm-based payments provider commonly referred to as the “Square of Europe” — for $2.2 billion in an all-cash deal. Like Square, iZettle has made a lot of headway in building out a point of sale business by way of a card-reading dongle that links up with a smartphone or tablet, working with smaller businesses that might have never used a card service in the past because of the prohibitive costs of taking card payments. From that, it has extended into other financial services for those business, from inventory management to loans.
2018. Microsoft Pay comes to Outlook.com
Microsoft Pay (Microsoft’s answer to Google Pay and Apple Pay) is coming into Outlook. This means that when a company sends you an invoice in an email, and you are using Outlook to read it, you can pay that bill directly, without needing to leave Outlook and open a different app or service. As it launches — Microsoft says it will come first to a limited number of Outlook.com users over the next few weeks, and then more broadly over the next few months — it said that Stripe (using Stripe Connect) and Braintree will be among the payment processors powering the service, and Zuora, FreshBooks, Intuit, Invoice2Go, Sage, Wave, and Xero will be among the billing and invoicing services that will initially be using the feature.
2018. Android Pay becomes Google Pay
Google is uniting all of its different payment tools under the Google Pay brand. The company is rolling out Google Pay app for Android and introducing some new functionality that the company hopes will make its payment service ubiquitous — both in stores and on the internet. Google Pay home screen now shows you relevant stores around you where you can pay with Google Pay. In addition, Google is also launching a redesign of the Google Wallet app for sending and requesting money — and it’s now called Google Pay Send.
2017. PayPal acquired small business lending service Swift Financial
Global payments processing company PayPal has agreed to acquire Swift Financial, which provides small business owners with working capital. The acquisition will give PayPal better tools to expand its own product Working Capital. Paypal first launched a Working Capital product for businesses back in 2013, and since then has seen Square, Kabbage and other alternatives emerge as offering their own credit lines to small business customers. With that in mind, PayPal has acquired Swift to add to its own underwriting capabilities and expand the amount of data it can use to assess the creditworthiness of its customers. Doing so should expand the amount of capital it makes available.
2017. PayPal launched small biz toolset Business in a Box
PayPal launched a new service called Business in Box, aimed at bringing more U.S. small business owners to its payments platform. The service, which was developed in partnership with WooCommerce and Xero, offers merchants a suite of tools for running their online businesses, including an online storefront, accounting tools, the ability to apply for working capital from PayPal, and of course, support for taking payments either online or offline, via PayPal. Business in a Box is largely aimed at first-time business owners who already know what they want to sell and have a roadmap in mind, as well as at established offline businesses that want to make the move online.
2017. PayPal teams up with Android Pay for mobile payments
PayPal and Google announced an effort aimed at allowing PayPal to expand its footprint both within mobile applications as well as at brick-and-mortar retailers. The partnership will see PayPal becoming available as a payment method in the Android Pay service, which will allow U.S. users to pay for things like Uber as well as at retailers like Walgreens, and restaurants like Dunkin’ Donuts and Subway. The integration in Android Pay will begin by allowing Android users to select their PayPal balance as a method of payment, but will expand to include the cards users have added to their PayPal account in the months ahead.
2016. Samsung Pay gets in-app payments and Masterpass support
Mobile payment platform Samsung Pay, which lets users keep all their bank cards in virtual form on their phone and use them for contactless payments, has partnered with Mastercard to add support for Masterpass, a digital wallet solution that stores users' payment and shipping information, making online payments easier. The service will become available to users in early 2017. U.S. Samsung Pay users are also getting support for in-app payments in November. They'll be able to select Samsung Pay when paying in merchant apps that support the platforms. Finally, the new Deals feature will automatically locate nearby discounts and coupons in stores and restaurants; users will be able to instantly redeem these deals.
2016. Payoneer raises $180 million for its global payments technology
Payoneer, a global provider of payment processing technologies, has raised $180 million to grow its payment services. Already profitable, and with a solid amount of cash on the balance sheet, the new money will double the company’s product development and technical staff, according to the company’s chief executive officer Scott Galit. Global payment processing for businesses is a big business in its own right. Payoneer, Adyen, Bluesnap and PayU are all multi-million dollar companies working on some aspect of the payment problem for companies selling in global markets.
2016. Apple takes on PayPal with Apple Pay on the web
Apple announced that Apple Pay is coming to the web this fall. Mac users will be able to pay online in Safari using a “Pay with Apple Pay” button, and authenticate their purchase using Touch ID on their phone or watch. Previously, Apple Pay could only be used in select iOS apps, as well as at physical retail stores. While retail partners will need to integrate Apple Pay into their checkout flow, Apple said it has already signed up tons of merchants to the payment platform. These include companies like Target, Expedia, United Airlines, and more. Apple also announced Apple Pay will launch in Switzerland, France, and Hong Kong this summer.
2015. Samsung Pay Launches In The US
Samsung Pay, the device maker’s competitor to rival NFC-based payment services including Apple Pay and Android Pay, is now live in the U.S. following its earlier launch in South Korea, where it saw over $30 million in transaction volume during its first month. The payments platform, based on technology acquired from LoopPay, gives Samsung what it hopes will be a competitive advantage in the payments market, as it’s not limited to NFC-based payments alone. Instead, Samsung Pay offers a way for consumers to pay using their Samsung smartphones via either NFC technology, like Apple and Google’s solution, or by emulating a magnetic stripe card. That, Samsung hopes, will give its mobile payments service the edge in the near-term. And as payment terminals move to support EMV and NFC technology instead, Samsung Pay will continue to work with them, too.
2015. Samsung and MasterCard to launch Samsung Pay together in Europe
Samsung and MasterCard will extend their partnership to launch the mobile payment system Samsung Pay in Europe. Powered by LoopPay, the Apple Pay competitor that Samsung acquired earlier this year, Samsung Pay is supposed to launch in the U.S. soon and began trials in South Korea earlier this month. Smartphones with Samsung Pay will use MasterCard Digital Enablement Service (MDES), the same system used in the iPhone 6 and the Apple Watch to enable contactless payments through NFC. One of the key differences between Apple Pay and Samsung Pay, however, is that the latter supports magnetic strip technologies (MST) in existing sales terminals, so retailers don’t have to upgrade their equipment in order to use it. Samsung has said that MST will allow it to reach up to 30 million merchants worldwide, as long as partnerships with payment providers fall into place.
2015. Payment processing company Stripe partners with Visa
Payment processing company Stripe is now valued at $5 billion following its latest round of financing. Besides, the company raised almost $100 million and inked a deal with Visa which will see the duo work together on a range of projects, including digital transactions and security. The company has been focused on growing its international footprint for some time, which is another reason it is teaming up with Visa. CEO and co-founder Patrick Collison told The New York Times that Stripe will lean on the payment giant’s international presence and know-how to expand its current coverage of 20 countries.
2015. PayPal acquired international money transfer company Xoom
PayPal has acquired money transfer company Xoom for $890 million, a move that brings millions of international customers to the company. Xoom bills itself as "an international money transfer service" that allows people to send money across borders. Xoom recently expanded into China and Pakistan, and is popular in a variety of developing markets — an advantage that PayPal President Dan Schulman highlighted. The acquisition is PayPal's first major move since its announced split from eBay, a move investors had demanded. PayPal is expected to complete the separation later this year. Xoom will continue to operate as a separate company under PayPal.
2015. Apple rebrands Passbook to Wallet extends Apple Pay to UK
Apple decided to rename the Passbook app to Apple Wallet to make it relevant with updated Apple Pay service. Alongside adding your usual debit and credit cards, Apple Pay now lets you add store cards as well as loyalty and rewards cards. Kohl’s, JC Penney and BJ’s will be the first retailers on the platform to offer Apple Pay compatibility with their own store credit cards. Beyond that, Kohl’s, Walgreens and Dunkin Donuts will be bringing rewards cards to the Apple Pay platform. This comes alongside a major expansion to Apple Pay, which is headed to the UK and will soon be compatible with 70 percent of the UK’s debit and credit cards. Plus, Apple has just announced a new partnership with Square, which will release a new card reader that will let small businesses take Apple Pay payments and credit card chip payments (no card swipes, however).
2015. Google launched Android Pay in US
Google has introducted Android Pay - the service which will let people use a "single tap" to pay for things either in apps or at brick-and-mortar stores. The new service will also integrate rewards programs for repeat customers. The existing Google Wallet service will pivot into a way to transfer money between people in a similar fashion to Venmo or Square. Google is playing catch up to Apple Pay, which debuted in September 2014. One of the biggest differences between this effort and its initial payments product are the deals that Google has struck. American Express, Visa, Mastercard, and Discovery are on board with Android Pay. The system also works in more than 700,000 stores in the U.S. that accept "contactless payments" as well as in apps for a variety of companies.
2015. Money transfer service CurrencyFair raised €10 Million
Dublin-headquartered money transfer/currency exchange startup CurrencyFair has raised a further €10 million. The startup says it will use the additional capital to take advantage of the growing market for so-called peer-to-peer currency transfer — as a plethora of startups use technology and lower margins to offer an alternative to the banks and legacy FX exchange companies, such as Western Union et al. — and to expand the number of currency corridors it’s able to offer. CurrencyFair currently focuses on money transfers between the U.K., Europe and Asia-Pacific. CurrencyFairs's main competitor, TransferWise, has also recently raised a further $58 million.
2015. Google Wallet integrates with Shopify and other merchant platforms
Google Wallet mobile payment system is adding some key integrations with merchants and merchant platforms. Customers that use Android apps from Dunkin’ Donuts and Seamless, and merchants that build online stores through Shopify, will now all be able to access Google Wallet to make and accept quick payments. In November Google Wallet was also integrated with Papa John’s Android app, as well as merchant platforms ChowNow and Shopgate. But overall it has been a relatively slow rollout for Google Wallet: before today, there were only around 30 mobile sites and 30 apps integrated with the product. To date, the payment services of Google Wallet are restricted to U.S. users and businesses only, although the company has now started to extend the ability to transfer money, another aspect of Wallet, to international markets, opening it up to Gmail users in the UK.