The fintech revolution, which initiated more than 20 years ago, has enabled billion of people and businesses worldwide to pay and receive payments digitally in a faster and more affordable, convenient, and secure way.
According to the most recent statistics, total transaction value in the Digital Payments segment is projected to reach US$6,685,102m in 2021.
Several digital services have allowed millions of users to manage their money for business and enterteinment reasons without having to wait the long times and high costs associated with traditional banking services. Even if in the latest years it is has showed a strong expansion, new advances let us think that the industry is always evolving with new technologies (e.g. DeFi) always ready to overcome the status quo.
Below, have a look at some of the most used services globally by consumers:
- PayPal provides a technology platform today enabling more than 375 million consumers and merchants in more than 200 markets to make transactions in the global economy. In order to continue to grow its reach, the company recently announced its commitment to expand the role that digital currencies will play in the future of financial services and commerce. To drive innovation in this area, the company recently created a business unit focused on blockchain, crypto and digital currencies and has just acquired Curv, a Tel Aviv, Israel-based provider of cloud-based infrastructure for digital asset security.
- The Wise Borderless Account is a specialized service for international money transfers and providing a local, virtual bank account in major regions. Using it, people can send, receive and convert currencies all in one Electronic Money account, getting the real exchange rate.
- ecoPayz is a secure online payment service, allowing people to send, spend and receive money worldwide with no credit checks required. The account is based on virtual and physical cash cards, which can be used for up to 47 currencies and 173 countries. It is used to play online casinos. E.g., in Norway, ecoPayz casino is increasing its market reach following that services like Skrill and Neteller left the country at the end of 2020.
- Established in 2001, Skrill is a digital wallet provider offering a range of online payment and money transfer solutions. Since launch, the service has grown to operate in more than 120 countries with its digital wallet offered in over 40 currencies.
- Founded in 2005, Payoneer provides online money transfer and digital payment services with a particular focus on ecommerce, online advertising, freelancing, and vacation rentals. These allow account holders to send and receive funds into their bank account, an e-wallet, or onto a re-loadable prepaid Mastercard debit card that can be used online or at point-of-sale. The company also delivers a suite of services that includes cross-border payments, working capital, tax solutions and risk management. It can be used by such platforms as Airbnb, Amazon, Google and Upwork, and others. The company has 1,000 plus employees and 15 offices around the globe.
- Neteller is an e-money transfer service used to transfer money to and from merchants, such as forex trading firms, social networks firms. It can withdraw funds directly using the Net+ card or transfer the balance to their own bank accounts.
- Among the startups advancing next generation services, Bottlepay aims to facilitate instant payments, including micropayments, in conventional currencies and Bitcoin. Its mobile app permits social payments, allowing people to send and receive money anywhere at any time via platforms such as Twitter, Reddit and Discord. The company, which recently closed a $15m seed funding round, already gained over 20,000 users for a beta version of the app with no marketing.