The online payment option has surely expanded to unimaginable heights over the past few years, and with several innovative companies taking the lead in this industry, and with a vision to expand the payment gateways up to the horizon, where they stand today, with several mobile payment options.
Well, the development of mobile gateways would surely not have been possible without active contribution from various mobile app development company.
Let us, at first, understand the meaning and importance of these terms in our lives.
What does mobile payment gateway mean?
“A mobile payment gateway is a blooming part of E-commerce industry on which all of the mobile app development companies are related to a certain extent. Rather, it would be feasible to call it the foundation of the E-Commerce industries.”
Thus, it is that E-Commerce Service provider which authorizes various payment options from credit card to net banking options for various online retailers and e-businesses.
The companies use the payment gateways for protecting the customer card information with the help of encryptions generated by them.
This ensures the security of data between the merchants and the customers, as well as keeps the mode of payment safe too.
Thus, the online payments seem to have come a long way now. Without a doubt, PayPal continues to dominate the web online payments and has no competitor to date.
Talking about the mobile payments, various startups have been evolving in this sector and emerging up as great challenges to the consistent rulers over the years.
As per the reports released by ABI Research, over $120 billion has been spent by the customers by purchasing products online in the year 2013 a by the end of the decade, the expansion of the usability of the mobile phones is expected to rise by a shocking 109% when compared to the use of mobile wallets for the same in the year 2013.
What seems to be pretty interesting is that it has been over a decade that any startup has effectively managed a breakthrough performance and hence once can always experience a fierce wave of competitions for the same.
Thus, you can find a number of startups beginning their operations at a global level which actually look like the clones of services validating the mature markets thus building u opportunities everywhere. Let us check some of them.
This platform is widely popular for its simpler API and an easy-to-use format which is what makes it popular amongst the mobile app developers. The company charges 2.9% and an additive of thirty cents to catch up with the PaPal rates.
Their charges remain same regardless of the card used; that is national or international. The regions wherein stripe stands out from the rest are following:
-Well-built API and documentation too for captivating the users.
-Easy to follow sign-up procedure and automated checks across various onboard businesses.
-Huge subscription supports leading to the rise of subscription economy.
A good part of using Stripe is that you do not need to sign up for your merchant account to accept payments as it handles everything from direct payouts to your banks to subscriptions and saving your credit or debit cards.
Stripe has already hit the Canadian market and plans to strike out other countries’ markets in the future.
They are considered to be a pro in the credit card portability and hence have they been leading to more transparency in the pricing and for not holding the credit card data hostage.
It has been empowering mobile and web technology payments for Uber, OpenTable.com, Angry Birds and various other renowned customer-facing companies as such.
Braintree offers a ‘transparent redirect’ for allowed businesses to stay connected to the PCI compliant still having the flexibility of coming up with API to convey the credit card information further. Braintree has already spread its wings to Europe from the US and recently shifted to Australia.
Facing a tough competition from Stripe has made Braintree a huge change in their sign-up process. Also, they have declared their support for the startups and are thus promoting free first-time transaction with $50K USD for 1000 start-ups in the States.
Dwolla –The one for the bank transfers
As various platforms these days come up with tons of ideas to serve every marketplace, the start-ups these days are saving up ideas for the ACH network bank-to-bank transfer.
Dwolla provides an Access ACH API and infrastructure for the mobile app developers and businesses so that they can have bank transfers directly to their applications, and effectively manage the customers. Thus, coming up with an effective step towards mobile app development.
It follows an open source documentation and has a developer-friendly API.Dwolla has the strategy to make the vigorously difficult old system easy-to-use and simple.
Its API allows you to avoid dealing with credit cards every time, rather offers you a method with the help of which you can exchange payments at a flat monthly rate.
Square-The one of the transactions with cards
When you visit any small merchandise, you might have faced this problem of the small merchants having problems in accepting the payments through credit cards without the right devices, high setup fees etc. Jack Dorsey could feel these changes and hence ended up being the founder of Square.
Square has entered the mobile industry in such a way that it allows about anyone to accept payments via credit cards without increasing prohibitive conventional setup fees.
Thus, now the customers can pay for the goods they purchase or the services they order for Tehri smartphones with the help of the Pay with the Square application.
The popularity experienced by this app is such that more than 75,000 stores in the United States use the white plastic card reader which is brought into account to swipe cards.
On signing up, the company would ship the mobile credit swipe reader at exclusively no charge for its customer. It is thus removing all the barriers by disrupting the POS market and hene setting up its own era.
The major strategy behind its wide expansion I such a short span of time is that this started building and expanding partnerships with all the major retailers and the known communication-gurus to expand its firm to greater heights and also a secret plan to completely wipe off the grip of Visa and Mastercard.Recently, the company froze up the deals with Starbucks and AT&T, the biggest hit achieved so far to add on to their businesses.
However, still leading all these firms is PayPal’s mobile app service, having transactions of nearly 10 million dollars per day.
Future of the Mobile Payment Gateways:
This unending battle of dominating over the credit card industry and let its disruptions bother you still has a long way to win it over the other way.
Nowadays, you can see tons of payment gateways for both the United States and also overseas which is helpful to it in one or the other way to deal with the challenges coming up in the online-payments and individuals hitting up the mobile payment gateway industry.
As we know, most of the companies today are moving towards the mobile payment solutions, which has helped seek the attention of the ages-old maestro here (that is Visa-V.me and Mastercard-PayPass). Some of the companies providing a serious threat to these companies are Paytm, mPowa, PayPal Here, VeriFone and a handful more.