Top 10 mobile wallet platforms
We all know the likes of Google, Apple and Samsung Pay, or big names like Venmo. This month, FinTech Magazine looks at mobile wallets that offer something a bit different, to bring you the 10 we’re most excited about…
10 | 10: Due
With the slogan ‘Payment processing made awesome’, Due offers digital technology that allows users to instantly send one another money. The platform includes a group payment option for splitting costs, as well as a social platform where users can engage with each other during the transaction process. Additionally, the Due Cash payment system allows people to make, share or receive payments from anyone in the US with a phone number or email address, even if they use the service.
9 | 9: Sage Pay
Accepting any kind of payment including PayPal in over 25 countries, Sage Pay can be customised by a business to match its brands, so it can be used by any kind of merchant. The company also offers the MySagePay solution, a cloud-based reporting tool which leverages a business’ payments data in order to provide key information and insights. As well as fraud screening facilities, the company’s tools also offer a specific invoicing system, ensuring prompt payment processing which is vital to improving cashflow, particularly in small businesses.
8 | 8: Gyft
In contrast to the ultra-modernist blockchain and crypto based wallets on our list, Gyft focuses on a more traditional form of transaction – the art of giving. The mobile wallet allows users to send gift cards to one another via a secure mobile app. Customers can manage, store and check the balance of their plastic gift cards, while also using the app to directly redeem cards straight from their phones. Gyft works with major credit cards, PayPal and Bitcoin, and has relationships with popular retailers like Target, Whole Foods, Starbucks and Sephora.
7 | 7: Adyen
More a platform than a wallet, Adyen allows users to accept online payments through a variety of methods. By affording its clients the tools to accept any kind of payment, Adyen allows businesses to get their services up and running quickly and securely, so that merchants of any size can create personalised checkouts. As well as partnering with popular streaming services such as Facebook, Spotify and Netflix, Adyen reflects the true ethos of fintech in that its integrated platform makes it easier for businesses of any size to access payment solutions which will allow them to scale. It has strong growth applications, with SVP Jussi Lindberg telling Gigabit: “The work is still not done. The world is not covered. There’s no need that is 100% fully met.”
6 | 6: Coinbase
Coinbase is a digital currency exchange which enables the trading of Bitcoin, Ethereum and Litecoin cryptocurrencies, allowing users to exchange them with fiat currencies. The wallet allows users to trade in over 40 countries and to store currency in around 10 countries. Founded in 2012, by the end of 2017 Coinbase had over 13mn users. It also offers an insurance policy to cover cryptocurrency saved on its server. To date, over $150bn worth of digital currency has been exchanged via the platform.
5 | Facebook Messenger
The popular social media messaging app allows users to link their accounts with debit cards or PayPal accounts, allowing them to make payments via mobile: both business transactions and peer-to-peer (P2P). Currently, Facebook only allows payments to recipients in the same country, and its peer-to-peer facility it set to be discontinued on 15 June 2019. This could be related to the news that Facebook is also looking to launch its own cryptocurrency using the WhatsApp messaging platform owned by the company, allowing payment transfers all over the world. It’s likely the Messenger app will, however, continue to be vital for small businesses which are supported through Facebook SMB.
4 | 4: Ilium software: eWallet
Ilium is an independent software vendor which produces a range of applications for Windows, Mac, Android and more. The company focuses on security and has been in business since 1997. Now, it has developed an eWallet which helps keep payment details, such as cards and passwords, safe yet accessible across multiple devices. The eWallet can be used for business as well as personal use, helping employees create and store strong passwords, as well as allowing teams and departments to share access in a seamless, secure way.
3 | 3: Tez (Google Pay)
While the Indian payments app has been acquired by Google Pay, it continues to operate under its own brand, which is built to appeal to an Indian audience and serve the unique payment needs of that specific demographic. Money can be sent and received with zero fees, straight from a bank account to almost any recipient – even contacts who are not on Google Pay. The solution can also be used instore, and Tez has partnerships with brands that are popular in India such as Reliance, Foodpanda, Jet Airways and Redbus.
2 | 2: Paytm
The second Indian payment wallet on our list is Paytm, which can be prepaid eliminating the need to be linked directly to a bank account. It is used by Indian customers for a variety of services such as mobile credit, utilities payments, paying to ride the metro and making donations. Paytm is the largest payment gateway in India, and works with both consumers and merchants – indeed, 7mn merchants accept mobile payments from the platform. The company has recently launched Paytm Payments Bank, which aims to provide payment services to underbanked communities across India. Paytm has seen investment from the likes of Softbank and Alibaba.
1 | 1: GrabPay
Born out of popular Singaporean ride-hailing company Grab, GrabPay uses the same seamless in-app technology users enjoy on the Asian answer to Uber to enable payments not only for rides, but in shops and for GrabFood deliveries. Users have the option to save card details on the app, but they can also choose to top up funds so they have a prepaid account. In addition, GrabRewards can be earned at GrabPay merchants, enabling users to make significant savings.