Introduction
Digitalization has radically transformed the way financial transactions are carried out. With the introduction of online payment services, our payment gateway has shifted from banks to online payment platforms. Nowadays, you can enjoy seamless financial transactions without visiting your bank. Prior to the emergence of online payment platforms, the banking system witnessed a change with ATM services. From there, banking services started to shift to virtual platforms, paving the way for online payment providers to develop hassle-free virtual financial services.
Evolution of Online Payment Services
The history of electronic payment services retraces its roots in the introduction of credit cards in 1960. However, the online payment system started its journey in 1994 with First Virtual Holdings, Inc., an online payment company in San Diego, California. With the use of cards, people were allowed to transfer payments virtually. Later, in 2000, PayPal emerged as a prominent online payment service provider, enabling secured online payments without credit cards with its new payment gateway.
In the late 2000s, online payments witnessed another radical shift with the introduction of smartphones. Using Near-Field communication technology in smartphones, users were allowed to make payments through their phones, marking the advancement of online payment services globally. Since then, many online payment providers emerged throughout the world to offer an integrated and seamless payment facility.
Origination of E-commerce
The rise of e-commerce is another fleeting change driven by the power of the internet that transformed payment services throughout the world. E-commerce emerged as a platform allowing businesses to sell products virtually, which has now flourished as a full-fledged business model globally. With e-commerce, selling and buying goods and services are now just about a few clicks. Shopping at customers’ convenience through mobile phones is what the current e-commerce trend tends to deliver. This online payment gateway has expanded business scope with online shopping.
Top 10 International Online Payment Providers of the World
With the evolution of online payment services, we are now open to multiple payment gateway options. These top ten online payment providers have revolutionized the way banking transactions used to take place-
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PayPal
One of the most trusted and oldest online payment providers, PayPal, is an American financial technology company offering online payment services globally. With its motto ‘Pay, Send, and Save Smarter,’ this fin-tech company has not only eased online payments but also optimized savings options for its users. Currently, it is available in 200 countries and supports 25 currencies across the globe. This international payment gateway has multiple pricing options depending on the nature of the transactions. For instance, charges vary for PayPal-to-PayPal transfers compared to cards-to-PayPal transfers.
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Google Pay
Google Pay is another international payment gateway that has made the online payment system smoother. From UPI transfers to bill payments, Google Pay is a comprehensive tool that has revolutionized online payment services globally. It also allows you to check your bank balance and transaction history and make contactless payments through phones, tablets, iPhones, iPads, and smartwatches.
This application is also used to send money internationally through Wise and receive foreign remittances through UPI Foreign Inward Remittances. Google Pay is presently available in the United States, United Kingdom, India, Japan, Singapore, Australia, Canada, Ukraine, and Russia.
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Worldpay
An all-in-one payment gateway, WorldPay allows credit card payments directly from an app or website. Its exceptional payment technology is empowering global commerce as one of the most popular online payment providers. This widely used payment option is popular in the UK and extends support to more than 40 countries. Although the pricing of the application is complex, its all-encompassing payment option makes it a good option for credit card payments.
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Braintree
This PayPal-owned company excels in delivering end-to-end checkout experiences for merchants. Braintree offers individual merchant accounts suitable for business transactions. It specializes in mobile and web payment systems for e-commerce companies. Braintree operates in over 200 markets globally, with 25 billion transactions annually. However, its pricing strategy is complicated and includes additional charges for cards outside the UK.
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Authorize.Net
Authorize.net is a highly customizable international payment gateway that stands out from other online payment services. It allows small businesses to accept credit card and e-check payments virtually. As this application supports businesses of only the UK, US, Australia, Canada, and Europe, hence, it is not a feasible option for businesses of other countries.
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Amazon Pay
Amazon has already emerged as the biggest e-commerce business in the world, and now it has also stepped into the financial technology realm with Amazon Pay. It is one of the most comprehensive and simple online payment providers with multi-currency capabilities. However, it has expensive pricing transaction fees and may not be a viable option for businesses and individuals looking for a cost-effective global payment gateway.
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Adyen
Adyen is a comprehensive payment platform that drives conversions globally. It offers an end-to-end solution, point-of-sale integration, data-driven payments, and in-built risk management. Ayden allows an array of payment methods to help improve customers’ shopping experience.
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Square
Square payment gateway is the powerhouse for businesses looking for an affordable and simplified online payment service. With Square, customers can easily checkout from an online store. Its services don’t include any hidden fees, as one pays only when a sale takes place. This payment gateway is available for businesses across the UK, USA, Ireland, Japan, Australia, and Canada.
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Stripe
Unlike many other international payment gateways, Stripe is unique in its applicability across a range of APIs. It allows easy integration with online stores, giving complete control to users. This comprehensive solution supports payments in over 135 countries and has emerged as a go-to solution for e-commerce businesses. However, the biggest drawback of this application is its high failure rate and transaction fees.
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GoCardless
Among all the online payment services, GoCardless offers direct account-to-account payment transfers in more than 30 countries, including the UK, the Nordics, Australia, the USA, Canada, New Zealand, and European countries. With GoCardless, there is no need to open a foreign currency account to collect payments globally.
Conclusion
As the scenario of online payment services continues to evolve, the way for online payment providers to deliver a secured and viable payment gateway continues to broaden. With the development of advanced technologies, we are likely to witness more feasible payment options soon.
