Top 7 Mobile Payment Companies In 2020 Driving the Digital Transaction

15 Apr 2020

Mobile Payment Market is valued at USD 816.50 Billion in 2018 and expected to succeed in USD 5528.23 Billion by 2025 with CAGR of 31.4% over the forecast period.
A mobile payment may be a sort of online money payment which made for product or service through an device like smartphone, tablet and other. Mobile payment is increasingly used in the banking apps for allowing the customer to instantly send money. It is also used in the payment of bills on site at stores by scanning a barcode and accepting payments from convenience stores to large, multi-national retailers. In mobile payment, multiple apps are used like, PayPal, Venmo, Google Play, and others. By using touch ID in the form of a fingerprint scan or PIN input makes mobile payments more secure than a physical credit card. Increasing Accessibility of Technological Advanced Smartphones is the Driving Factor of worldwide Mobile Payment Market.

Brandessence Market Research has announced the Top 10 Mobile Payment Companies In 2020.

Alibaba Group-

alibaba group

The first business of Alibaba Group is China’s largest integrated international online wholesale marketplace in 2018 by revenue, consistent with Analysis. Buyers on Alibaba.com were located in more than 190 countries as of March 31, 2019. Buyers on Alibaba.com are typically trading agents, wholesalers, retailers, manufacturers, and SMEs engaged within the import and export business. Alibaba.com also offers its members and other SMEs import/export supply chain services, and logistics services. Alibaba Group is committed to the absolute best standards of business conduct in our relationships with each of our stakeholders, including our customers, business partners, and shareholders.

Alibaba Group’s Vital Actions-

  • Alibaba Cloud Offers AI, Cloud Services to Help Battle Covid-19 Globally
  • Alibaba Group Announces 2020 Spring Thunder Initiative

Apple Pay-

apple pay

Apple Pay gives your customers a simple, secure, and personal thanks to pay in stores, within apps, online, and in Business Chat. Customers can use the devices that they need with them a day. Accepting Apple Pay is quicker than accepting traditional credit and debit cards and other payment methods. Customers did not get to spend time checking out their wallet and finding the proper card. Within apps or websites when using Safari,1 your customers can inspect with one touch. Accepting Apple Pay is additionally safer than accepting traditional credit, debit, and prepaid cards. Every transaction on your customer’s Face ID, Touch ID, or a passcode requires in iPhone or iPad.

Apple Pay’s Vital Actions-

 

  • Get 3% cashback at Walgreens drive-thru with physical Apple Card
  • T-Mobile subscribers are now ready to pay their monthly cellular bill using Apple Pay, consistent with reports from users.

Google Pay-

google pay

Google Pay could even be a payment solution application that facilitates Google Pay Service. Through Google Pay, you'll send payments to service providers, Billers or third parties using any Payment Instruments accepted through Google Pay. you'll also receive payments from other Users or third parties within the Payment Instrument you designated in Google Pay to receive funds. additionally, Google Pay allows you to talk with or receive communications, offers and services from other Users, service providers, Banks, Merchants, and Billers. Google Pay may facilitate the availability of third-party products or services to you within Google Pay. These third-party products or services are offered by parties aside from Google and are subject to 3rd party terms. you'll got to simply accept additional terms and conditions and meet additional requirements to use these third-party services. you would like to only transact with a third-party product or service that you simply trust. Google won't be responsible or susceptible to you for any loss incurred by you as a result of your interaction with a third-party product or service on Google Pay. 

Google Pay’s Vital Actions- 

  • Google Pay is consistently expanding, the foremost recent round that considers the US, where it's now added another 78 banks and credit institutions to its support list, which is almost 2,400 institutions long.
  • Google Pay was the foremost downloaded fintech app worldwide for February 2020, followed by home-grown player PhonePe with 15.6 million and 6 million installs respectively

Samsung Pay-

samsung pay

Samsung Pay is a simple mobile payment. Samsung Electronics is giving a service of a digital wallet that lets users get payments using phones and other produced devices. In India, Samsung supports bill payments. In 2005, Samsung Electronics introduced the ‘Global Code of Conduct’ as a reference guide to the Samsung approach to accountable and responsible business practices. Over the years, expectations from various entities - including NGOs, governments, customers, shareholders, suppliers, and employees - have grown along with Samsung's responsibility as a global corporate citizen. With the success of the electronics business, Samsung has been recognized globally as an industry leader in technology and new rank as a 10 global brand .Samsung Pay analyzes your transactions and is accepted practically you can swipe a card anywhere, as well as select mobile and Bixby merchants. For in-store, swipe up from the home screen to launch your personal card, verify your fingerprint, and then hover your device over the card reader to pay. It's that easy.

Samsung Pay’s Vital Actions-

  • Samsung to support U.S. communities in the fight against COVID-19
  • Each National Finalist school will receive $50,000* in Samsung technology and classroom supplies, and a visit to New York City to pitch their project to a panel of judges to compete for the grand prize.

PayPal-

pay pal

PayPal's services allow people to form monetary transactions online by giving the capability to transfer the amount electronically between individuals and businesses. Users can transfer or receive payments for online auction on websites like eBay, buy or sell goods and services, or donate money or acquire donations. It is not necessary to possess a PayPal account to use the company's services. PayPal acquired the online credit product Bill Me Later, in 2007. which has since been rebranded as PayPal Credit and provided services for Community Capital Bank, the lender of PayPal Credit accounts.

PayPal’s Vital Actions-

  • PayPal can now issue small-business loans through the government’s SBA PPP program. These are Small Business Administration loans that help businesses keep their workforce employed during the coronavirus (COVID-19) crisis.
  • PayPal Approved to Process SMB PPP Loans

Square-

sqaure

Square allows merchants to simply accept mobile credit card payments via a plastic dongle which will be inserted into the port of a phone. Square, sort of a  credit card company, takes a cut of the transaction. Square building easy tools to empower and enrich people. Square’s new reader helps sellers accept chip cards and NFC payments, and we have tools for customers too, like our Cash App, which lets people send money to friends and family instantly. Square helps sellers of all sizes start, run, and grow their business—and helping them grow their business is good business for everyone.Square, Inc. is financial services and mobile payment company founded in 2009 by Twitter developers Jack Dorsey and Jim McKelvey and is headquartered in San Francisco, California. Square has various products for businesses and individuals. The most noticeable of them is Square Cash and Square Point of Sale (Square POS). 

Square’s Vital Actions-

  • Square Updates First Quarter 2020 Revenue and Gross Profit Outlook for COVID-19
  • Square announced today that it has updated the format of its previously scheduled Investor Day and will hold a conference call tomorrow, March 24, 2020 after market close. 

American Express-

american express

American Express is a leading issuer of personal, small business, and corporate credit cards. The company’s travel-related offerings include traveler’s checks, credit cards, corporate and personal travel planning services, tour packages, and agencies for hotel and car-rental reservations. By the early 21st century, American Express operated in more than 40 countries. The company also had a publishing division, which produced such magazines as Travel & Leisure and Food & Wine. However, it was sold to Time Inc. in 2013.Become essential to our customers by providing differentiated products and services to help them achieve their aspirations. Provide the world’s best customer experience every day.

American Express’s vital Actions-

  • American Express Company (NYSE: AXP) today hosted an Investor Update Call, where the company’s senior executives discussed recent business trends and long-term strategies. The company also provided an update on the impact of COVID-19 (or coronavirus) on its financial performance
  • American Express’ Commitment to Backing Colleagues, Customers and Communities Affected by COVID-19


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