Account-to-Account Payments
The pandemic has led to a sharp increase in online payments and exacerbated the issue of transaction costs. While businesses complained about Visa and Mastercard's excessive fees, next-generation payment providers picked up steam.
Thus, the third quarter of 2020 saw an increase in new active PayPal accounts by 15.2 million, while the volume of payments rose by 36%. And the number of transactions on Checkout.com has increased by 250% since the pandemic started.
Thus, the third quarter of 2020 saw an increase in new active PayPal accounts by 15.2 million, while the volume of payments rose by 36%. And the number of transactions on Checkout.com has increased by 250% since the pandemic started.
Account-to-Account Payments
The pandemic has led to a sharp increase in online payments and exacerbated the issue of transaction costs. While businesses complained about Visa and Mastercard’s excessive fees, next-generation payment providers picked up steam.
Thus, the third quarter of 2020 saw an increase in new active PayPal accounts by 15.2 million, while the volume of payments rose by 36%. And the number of transactions on Checkout.com has increased by 250% since the pandemic started.
Thus, the third quarter of 2020 saw an increase in new active PayPal accounts by 15.2 million, while the volume of payments rose by 36%. And the number of transactions on Checkout.com has increased by 250% since the pandemic started.
The development of integrated payments is a long-term trend. This implies payments that are facilitated by software companies rather than traditional financial providers. The business sector brings the need for alternative methods of online payments, including electronic wallets, QR codes, and cryptocurrencies, to the forefront.
International payment systems are unlikely to disappear over the course of 2021. However, we will see the development of solutions that don't require Visa, Mastercard, or acquiring banks. They will be implemented by both fintech companies and consortium of banks like, for example, the Scandinavian P27 platform.
Banked
Banked has partnered with British Airways to offer airline customers Avios points for purchases through the platform. Banked also helped charity projects GoFundMe and Heroes reduce transaction fees from 2.9% to 0.1%.
Modulr
Modulr offers financial and non-financial companies innovative payment elements that can be embedded for different use cases.
Clear Bank
Clear Bank is a British "bank for banks," connected simultaneously to all payment systems available in the UK.
Anna Money
After integration with the TrueLayer platform, Anna Money enables small and medium-sized businesses to accept QR code payments.
The Faster Payments System
The Faster Payments System of the Central Bank of the Russian Federation includes not only commission-free transfers between individuals but payments for goods and services using a QR code.
Cloud Payments
Cloud Payments enables payments without switching to a third-party payment gateway.
Share
