Monday, 16 March 2020

Online Payment Service Providers



Payment solutions are by far the most innovative technologies ever created. The vast range of benefits and convenience that get clubbed are only because we have online payment service providers accessible 24×7 across the globe. The offline transactions have almost been rooted out. Even at small grocery stores or shops, we can find ‘QR scan & pay’ options readily available. Payment solutions validates the fund transfer between a buyer and a seller. A 2018 study of “Global payments insight survey” by Ovum gives valuable insights for businesses to invest more in payment solutions so as to maintain standards along with customer retention. The major things to consider before investing in online payment service providers are:
  • UI Design must adhere to great accessibility factors.
  • Digital Wallets must be a part of the system so as to facilitate cashback related offers and other retention parameters.
  • The payment solution should maintain highest level of security standards.
  • The receipt generation and insights must give the users a way to track their expenses well.
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Now, considering the above scenarios, the top players are listed below:

  • PayPal: Recently launched Payments Pro which facilitates service for ecommerce users (without having a PayPal account).
  • Amazon Payments: Amazon has a great reputation for its products and so, Amazon Payments surely ranks in the top players in this field. Both merchants and shoppers can use this service for all of their online payment needs.
  • Braintree: Well, it is not much popular in a B2C list, but is still a great service provider because of its seamless checkout experience.
  • PayU: The one product with its USP as ‘We simplify payments for You’. A technology player outranking everyone in one tap payments.

About PayMonk

PayMonk is one of the fastest growing FINTECH companies in India with a world-wide presence in North America, Europe & Africa. PayMonk is a multi-cultured, future focussed organization which has exceptional expertise in retail platform, lending platform, UPI and POS payments.
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With more than 100 man years of leadership experience across geographies and deep domain knowledge in focused industries such as Financial Services, Banking, Insurance, and Government, PayMonk offers valuable products to clients; enabling them to achieve superior financial outcomes through next generation and flexible technology platforms, mature processes and deep strategic thinking.

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