Technology is one of the greatest assets gracing humanity. It has revolutionized several sectors, including the financial scene. Through technology, digital transactions have become a reality. Several online transaction platforms exist, offering users different benefits.
This article will highlight some of the most significant digital payment firms. Let’s get straight into it.
When mentioning financial giants, PayPal has to come to mind. This significant American cooperation specializes in online payment systems and electronic money transfers. Paypal is the most popular online payment platform globally, offering numerous services to users.
For instance, in Australia, PayPal ranks as the most famous online app, with an 83% usage rate. Furthermore, it holds a 43% market share due to its effectiveness. Users can employ PayPal to send or receive funds or make online payments and purchases.
Another benefit this payment platform offers to users is its credit facility. PayPal allows you to purchase using financial and promotional activities like a credit card. This way, users can use the platform more while purchasing.
Visa and Mastercard
Visa and Mastercard are globally acclaimed payment processing networks. They help holders execute numerous transactions. Australia boasts one of the highest card penetration rates in the world. Visa and Mastercard, therefore, are great options for transacting in the area.
Most of the population holds at least one credit or debit card. Users can execute various functions through this payment platform, from making peer-to-peer payments to international transactions.
The versatility displayed by this payment service is evident in different sectors. For instance, in the gaming sector, you’ll observe that several apps and websites incorporate Visa. Australia, for example, is widely known for its large gambling population. If you log on to most real money online casino, you’ll observe that they incorporate Visa and Mastercard because it makes transacting easier.
Apple Pay is an equally popular electronic cash service in Australia. This platform is integrated into the Apple wallet application and can solely function with your iPhone watch or iPad.
Its convenient features, like the integration with international banks like Commonwealth Bank Westpac, largely contribute to the 6 million users it reports. Apple Pay is also primarily known for its security features, which safeguard against fraud.
By using tokenization, for instance, which substitutes user information for a unique token that can’t be intercepted, Apple Pay offers robust security. Additionally, they offer loyalty cards that accumulate points users can redeem.
Stripe is a relatively newer payment platform than the ones mentioned above. In Australia, Stripe is common and famous for its lower commission, around 1.75%, compared to other options.
Stripe is diverse, incorporating several digital wallets like Google and Apple Pay. This feature caters to a broad audience, especially business-wise, and helps them execute numerous transactions. For instance, Stripe is essential in dealing with international transactions in business.
While Apple Pay was tailored to suit IOS users, Google Pay is a decent substitute targeting Android users. Provided your Android device runs on the 5.0 version or higher, Google Pay will function effectively.
Google Pay has several features that classify it as a digital transaction giant. For instance, leveraging near-field communication technology, users can make contactless payments using this platform.
One of the features that makes Google Pay easy to use is its integration into other Google services. Furthermore, with the constant growth in digital wallet usage in Australia, with reports of up to 9.8% in 2020 and continually increasing, Google Play quickly thrives.
Amazon Pay is also an excellent substitute for these digital wallets. One of its most outstanding features is its seamless integration process. You can easily transact on the platform after following a few procedures.
Amazon Pay is also big on security and implements several features to safeguard users’ information. This platform employs TLS/SSL with 128-bit encryption to secure the data from unauthorized access.
Users can make several transactions like online purchases and payments through Amazon Pay. Furthermore, Amazon Pay has a one-click purchase feature that saves users time when keying in details like shipping addresses. Through this element, the checkout process is more streamlined.
While it initially began as an Indian-based financial platform, it has displayed resilience and has since gone international. Users can execute several financial functions through the platform, from mobile recharges to bill payments and online shopping.
One of the ways Paytm manages to expand its reach is through collaborating with various businesses. For instance, in Australia, this payment platform has partnered with firms like cosmetic brand Natio. More Aussies can use the forum through this partnership, increasing Paytm’s growth.
Digital payments have become an integral part of modern society. Most people prefer using credit and debit cards and digital wallets over physical cash. Using these platforms like PayPal, Apple Pay, Visa, and Mastercard offers benefits like convenience and international transactions.