There are a lot of companies impacting mobile payments, vying to carve their niche in the processing world — particularly when it comes to influencing how both B2B and B2C payments are conducted.
Data from Statista pegs the 2017 FinTech transactional value market upward of $100 billion, with estimates showing the annual growth rate of 20 percent. That means, by 2021, the FinTech market transactional value could top $200 billion. Digital payments alone in the segment are estimated to make up for at least $738 million in transactional value.
But who is making a name for themselves in this market? We’ve broken down five FinTech companies impacting mobile payments that are using their platforms to help transform the digital and mobile payments world. If you’ve been following all the developments going on at Payline, like our mobile payments solutions, you may also be interested to see what others are doing in this space.
With its global presence, Braintree is focused on expanding its mobile and digital payment services for eCommerce companies. As a PayPal company, it’s clear the focus for Braintree is integrating mobile payments deeper into the digital payment ecosystem. This matters when it comes to choosing the right mobile payments processing for your business.
Braintree is growing at a rapid rate of more than 25 times between its Q2 in 2013 to Q2 in 2016. It has focused its mobile payments strategy on expanding its presence in social and in-app commerce transactions. This is a trend worth following.
Two key trends in the mobile payment space today are focused on security and transparency. BillGuard uses its mobile and website app to scan transactions in order to determine where irregularities exist. In turn, this FinTech platform allows its customers to be alerted to billing errors, fraud, and hidden fees. Security is a top trend your business should be following.
This FinTech company, part of Prosper Marketplace, has made a name for itself through its ability to flag suspicious charges. To date, it has flagged more than $60 million in fraudulent transactions.
Specifically tailored for the enterprise, Sipree uses its FinTech platform to deliver faster, verifiable, secure digital payouts. In today’s fast-paced world, customers expect to be paid instantly, through their preferred method and in a transparent manner — which is increasingly shifting toward digital methods.
Because a FinTech company like Sipree is payment network agnostic, it has the power to get payments to people through a number of popular digital payment networks (PayPal, Amazon Balance, Google Wallet, Venmo, etc.). This has transformed how companies manage their payout process — quicker, cheaper and via mobile devices. Thinking digital-first is one trend your company should be taking note of.
There’s one major problem in the SMB space: many can’t secure funding from a traditional bank. That’s where Kabbage’s platform comes into the mix. Because your business may need some quick cash to help expand your payment processing and mobile payments software platforms, Kabbage offers an outlet for SMBs to secure that loan.
As a small business, you’re probably already thinking about how you can pick among the companies impacting mobile payments to fit your business and your customer’s needs. While Payline can take care of your processing needs by connecting you with the right services (mobile payments included), it’s up to you to find the right lending platform to secure the necessary funding to build your business.
Within mobile payment processing, there’s another trend that’s taking the industry by storm: the sharing economy. This multi-billion dollar industry is being disrupted by companies like Yapstone, which focuses on providing end-to-end payment solutions to companies within this ecosystem.
Because many companies impacting mobile payments must process payments across multiple digital payment platforms (mobile payments included), Yapstone’s ability to provide solutions that help companies from start to finish in their transaction processing needs has helped it grow its payment volume significantly. Having the right payments partner, which provides solutions to meet the needs of your growing company, is one thing all businesses should be thinking about.
Anna Kragie is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.