50 Digital Payment Methods You Need to Know About
There have never been more ways to checkout with digital payment apps than now. From Digital Wallets to SmartWatch Payment Apps, consumers have plenty of options when it comes to transferring money quickly and securely. It’s now up to merchants to know and offer their customers’ preferred digital payment method or risk losing considerable revenue.
Whether you’re a shopper, own your own eCommerce business, or both, you need to weigh out all your options before choosing a digital payment method. But with so much to choose from, it can be difficult to decide. That’s why we put together this guide to help both consumers and merchants get informed before committing to a payment solution.
Digital Payment Processing
- Due – With rates starting at 2.8%, Due offers a wide range or payment options including eCash, eChecks and ACH, and domestic/international credit card process, as well as a digital wallet. Serving freelancers, small business owners, and companies of all sizes, Due also provides online invoicing, time tracking, and global payments.
- Braintree – Braintree allows merchants to accept PayPal, Venmo (in the US), credit and debit cards, digital wallets, and the most relevant local payment types. With a focus on optimization, Braintree includes options for reducing checkout experience friction by dynamically adapting to payment preferences.
- Stripe – Stripe is a customizable payment solution designed for developers. With Stripe, merchants can accept credit card, debit card and bitcoin payments from over 130 different currencies–and the processing fee is just 2.9% + 30 cents per successful card charge.
- Payoneer – Available in over 200 countries and accepting 150 different currencies, Payoneer is a veteran of online payment processing. Since launching in 2005, they’ve expanding to include other services for providing customers with working capital.
- 2Checkout – 2Checkout allows customers to receive credit card payments and PayPal payments through its combination of merchant account and payment gateway. International payments, shopping cart stores and recurring billing are also available.
- Square – Square allows merchants to accept mobile credit card payments through a plastic dongle inserted into a phone. They charge 2.75% per swipe or 3.75% plus 15 cents for manual transactions. Square also provide other hardware and software solutions to make payments easier.
- Payza – Payza supports credit cards, bank accounts, and even Bitcoin. Their focus on simple functionality and security has attracted over 100,000 customers.
- WePay – Partnered with Chase, WePay provides payment processing solutions to platform businesses such as crowdfunding sites and marketplaces.
- Net – Founded in 1996, Authorize.Net is one of the earliest online payment processing solutions. It has adapted over time, making it also one of the most resilient and trustworthy options.
- QuickBooks Payments – QuickBooks Payments allows small business to accept payments and instantly sync with QuickBooks. They have no upfront costs or subscriptions, and only charge per transaction.
- ACH Payments – Automated Clearing House (ACH) payments electronically pull funds directly from a checking account so you don’t have to worry about cards or paper checks.
- Feefighters – Feefighter’s mission is to bring big company pricing to small and medium-sized businesses. Merchants can compare the cost to process payments from different providers or use Feefighter’s own gateway, Samurai.
Mobile Digital Payment Apps
- Google Pay – Google Pay is unique as users with Apple and Samsung devices also have access to the app, instead of just Google devices. Google Pay has more options for in-person money transfers than the other options, as well as a way to split the bill on a purchase between multiple users.
- Samsung Pay – Samsung Pay is the only mobile payment app that supports Magentic Secure Transmission (MST) technology, the same way traditional card machines accept payments. That means Samsung Pay users have more ways to pay in-store.
- Apple Pay – With the strongest security available, Apple Pay is the mobile payment app of choice for iOS users. The only downside is many older Apple devices do not support it.
- Microsoft Pay – Microsoft Pay simplifies the online checkout process for Microsoft device users. Customers can pay directly from a store’s website, app, or even bots like Facebook Messenger.
- Alipay – Alipay is a very popular payment option in Asia and part of the Alibaba group. With over 1,000,000,000 users, Alipay is the leader in online and mobile payments.
- Amazon Pay – Amazon Pay can help increase conversions and boost customer loyalty by offering a seamless, secure payment option on checkout. The key is increasing customer trust by integrating a familiar payment option.
Social Media Payment Apps
- Facebook Pay – Facebook Pay makes it easy to send money to your friends on the social network. Payments are free whether you send or receive.
- Snapcash – Snapchat’s payment feature, Snapcash, worked similarly to other peer-to-peer payment apps. Unfortunately, Snapcash is no longer available as of 2018.
- Venmo – Venmo is the social payments app of choice for Millenials. It’s one of the most popular apps in the P2P payments space.
Apps Used to Send Money
- Dwolla – Dwolla offers an easy, secure, and scalable way for businesses to move money. Their flexible API is developer-friendly and integrates easily.
- PayPal – With 200 million active accounts worldwide, PayPal is amongst the most well-known ways to pay online. Their focuses are low cost, speed, and security.
- Zelle – Zelle is a digital payments network owned by a group of US-based banks including Bank of America, Wells Fargo, and others. Zelle is available in many mobile banking apps.
- Cash App – Cash App is a peer-to-peer payment app used to send, receive and request money. Instead of having an account number, Cash App users are identified by their $Cashtags.
- Skrill – Skrill has very competitive fees and exchange rates for international money transfers. Currently, Skrill is only available in a limited number of countries.
International Money Transfer Apps
- Xoom – Xoom is a PayPal service that allows consumers to send money, pay bills, and reload mobile phones from the US to 52 countries including China, India, Mexico, and many more.
- TransferWise – TransferWise is one of the cheapest ways to send money internationally. It’s also one of the fastest (25% of all transfers from the UK to Europe are delivered within seconds).
- OFX – OFX is an online money transfer provider that delivers to 80+ countries from the US. It’s among the cheapest international money transfer apps, although delivery relies on standard banking hours and processing.
- InstaReM – InstaReM offers well-priced and fast money transfer services. They also have services specialized for small and medium-sized businesses. InstaReM is currently only available in Asian countries and Australia.
- Azimo – UK-based Azimo offers affordable overseas transfers to 200+ countries, although the countries you can send from are limited. Azimo works best when making small, quick transfers.
- TransferGo – TransferGo provides flexible transfers with transparent fees and exchange rates. Not currently available to US customers.
- Jaxx Liberty – Jaxx Liberty is a free multi-currency, multi-platform all-in-one cryptocurrency wallet. It supports 85+ cryptocurrencies and is one of the most downloaded cryptocurrency wallets.
- Coinbase – Coinbase is one of the easiest ways to buy, sell, and hold cryptocurrencies. It currently supports Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
- Coinapult – Coinapult is an online cryptocurrency wallet, broker, and payment processor allowing users to send, receive, store money, and keep track of transactions they’ve made.
- Coinomi – Coinomi is a mobile wallet designed for storing multiple cryptocurrencies. Users can also trade directly through the wallet using an integrated currency exchange.
- Electrum – Electrum is a software wallet for Bitcoin available for Windows, Mac OS X, Linux, Python, and Android. It can work with some physical wallets and has more flexibility than a hardware wallet.
- Mycelium – Mycelium is a mobile-only Bitcoin wallet for Android and iPhone. More catered for advanced users, Mycelium offers “bank-grade security” for its mobile app.
SmartWatch Payment Apps
- Fitbit Pay – Using near field communication (NFC), Fitbit Pay allows you to pay at supported terminals with the wave symbol. It uses an industry-standard tokenization platform to ensure card information is never revealed to merchants or Fitbit.
- Garmin Pay – Garmin Pay is a contactless smartwatch payment solution that works with many credit cards, debit cards, and major banks.
Digital Wallets for Cards and Banks
- Pockets by ICIC Bank – Pockets is a Visa-powered e-wallet that customers of any bank can use to refill mobile cards, send money, shop anywhere, pay bills, and more. Pockets also comes with a physical shopping card which can be used to make purchases on any website or retail store.
- RBC – The RBC wallet app allows users to send, request, and even group money to share costs on things like groceries or restaurant tabs. Users can pay for everyday purchases with contactless payments and also send personalized gifts.
- Mastercard Masterpass – Masterpass digital wallet gives you the power to check out faster, protect every purchase, and access exclusive offers at your favorite retailers with just about any card, not just Mastercard cards.
- Visa Checkout – Visa Checkout makes paying online easy and more convenient for cardholders. 82% of enrolled Visa Checkout customers complete transactions from the shopping cart in 2017.
Loyalty and Gift Payment Apps
- Key Ring – Key Ring is for storing all of your loyalty and membership cards in one place. It allows shoppers to also create lists, find nearby deals, and save favorite sales.
- Gyft – Gyft makes it easy to purchase and manage gift cards from any device, currently supporting 200+ retailers.
- Level Up – Level Up allows shoppers to add their favorite payment methods and use them to pay ahead for restaurants, coffee shops, and more. Payment is done through QR Code.
- Paycloud – Paycloud powers loyalty rewards programs for local businesses nationwide. Available in plastic loyalty card of mobile rewards app.
- Starbucks – The Starbucks app remains one of the most popular mobile payment apps, with high customer loyalty due to excellent perks and benefits other apps don’t offer.
- WalMartPay – WalMartPay is currently the only mobile wallet accepted by WalMart, and supports all major credit and debit cards for use at the chain’s 4,600 stores.
Honorable Mention – Buy Now, Pay Later Services
Klarna is a popular fin tech solution that allows customers to spread the cost of a purchase over several installments, creating a smoother shopping experience that converts more. Some alternatives to Klarna are:
Let Us Know What We Missed
Payment apps, mobile wallets, and other fin tech products are popping up each day–shoot us an email at firstname.lastname@example.org if we didn’t include your favorite payment solution and we’ll add it to the list!