Things have never been this easy. Because of the proliferation of mobile devices and the connectivity associated with it, it seems that everything could be done at the click of a button. When you are hungry, with just a few clicks, you can wait for your food and it arrives right at your doorstep. When you want to buy something but you don’t want to break a sweat, there are numerous online shops out there to do the job for you.
Even for retail businesses, you can sell your products online. This is called e-commerce. Leveraging on the reach of the internet, retail businesses can now sell their products and even services internationally. This results in the rise of payment processors that essentially act as a facilitator between the businesses and the end users.
Payment gateways are created to better collect payments anywhere in the globe. In this article, we identify the top 5 most popular mobile payment gateways that have achieved significant market penetration.
Do note that most of these payment processors are quite similar in terms of features.
This payment gateway is by far the most popular option here in Singapore. Most online merchants will accept PayPal as a form of payment.
Consumers using PayPal can either leverage on its mobile wallet to make a payment, or to use it’s 3rd party integrations with major credit cards to complete a purchase. It also enables the merchants to host their own page and to have complete control of the payment process.
PayPal currently charges a rate of 3.90% together with a $0.50 SGD per-transaction fee for Singapore customers.
When dealing with international customers, that fee increases to 4.40% + $0.50 SGD per-transaction fee. Naturally, if your businesses have higher sales volume you will qualify for a reduction in the transactional fees.
After close to a year of beta in Singapore, Stripe has finally launched in Singapore on September 2016.
At present, Stripe has a lower fee of 3.4% + $0.50 SGD per-transaction fee for Singapore customers.
This is one of the leading payment gateways because of several reasons. One, it is flexible because it offers feature add-ons for different business situations. Two, it has a robust engine where several billing methods could be processed. Finally, it has a responsive service in collecting bills. Developers have also praised Stripe on the ease of integration between their mobile applications and Stripe’s API.
One advantage of the Apple App Store is in the discoverability. You can put an app in three different categories. On the other hand, Play Store also excels in this factor although in an entirely different method. You can see in the app page a “similar apps” and “also installed” section.
This one stands out because it is for the ordinary or average person. It offers low-quality transfer of money and payment process. Its outstanding features include free account, credit card transaction, email transactions, one place data, and fast access.
It is simple and fast. It provides both the seller and the customer what they need - the exact requirement for the payment to be done as well as the options for both of them.
PayU also has single integrations, local expertise, and many innovative tools for different businesses. It has over 250 secure payment methods that customers can choose from. This payment gateway can be used in any device using the internet.