FinTech Companies Firing Up The Mobile Payments Market

[“FinTech Companies Firing Up The Mobile Payments Market” originally appeared on Let’s Talk Payments and is written by Sofia.]

The FinTech industry in recent years not only attracted attention from traditional financial institutions and disrupted certain sectors, but also made a significant transformation in consumers’ minds. Our expectations went so far beyond of what was really available and all of it was because FinTech ‘spoiled’ the customer.

One wouldn’t imagine not having an option to make a mobile payment as there are tons of options to choose from (which makes it even harder). In fact, in 2016 total mobile payment transactions are expected to reach $27.05 billion, with users spending an average of $721.47 annually. Total mobile payment sales will rise faster than average spending per user in 2016 because of the growth in the number of overall users of the technology.

Almost every other month a tech giant introduces its mobile wallet or other integrated payment solutions for merchants across platforms and devices. To understand how dense the market is, here are some of the companies offering integrated solutions for payments, in particular, mobile payments. So if you are looking for a seamless experience (whether as a business or individual) with mobile-shopping, consider having one of those solutions installed.

The obvious one, Square, offers POS solutions to take care of digital receipts, inventory, and sales reports, as well as provide analytics and feedback.

Dwolla is a free web-based software platform allowing users to send, receive, and request funds from another user.

iZettle, a leading mobile payments company, offers small businesses portable point of sale solutions and free sales overview tools.

LoopPay is an m-commerce platform provider that enables retail consumers to pay with their mobile phones. Samsung acquired LoopPay in 2015.

Stripe is a technology company that allows both private individuals and businesses to accept payments over the Internet.

Revel Systems provides an iPad POS solution for restaurant and retail establishments.

Softcard is a mobile payments platform that enables users to make payments, redeem offers, and store loyalty, membership, and reward cards.

Boku is a global mobile payments network providing mobile-enhanced payments in ecommerce and at physical POS. Austrian DaoPay acquired Boku’s ‘pay by call’ business in 2015.

Fortumo is a mobile payments company enabling carrier billing in 90+ countries through 350+ mobile operators to over 130,000 merchants.

Passport is focusing on integrated urban mobility solutions offering mobile payments.

Payfirma offers businesses a multi-channel payment platform for mobile, ecommerce and in-store payments.

SumUp is one of the leading mPOS providers in Europe set to empower the world to accept card payments.

PowaWeb is a flexible SaaS cloud-based commerce platform. PowaPOS is a hardware and software platform that customizes the payment experience in store and on the move.

orderbird AG is a provider of iPad POS systems that facilitate reporting functions in the hospitality industry.

Carta Worldwide is an international digital transaction technology company specializing in mobile and emerging payments.

Mozido is a global provider of trusted and inclusive digital commerce and payment solutions for both unbanked and developed markets.

YapStone is a global provider of full-stack payment solutions for global marketplaces and large vertical markets.

JUSP is an app facilitating debit card and credit card transactions on smartphones and tablets.

Kuapay is a mobile payment technology provider enabling users to make payments in participating stores.

Apriva is a leading provider of end-to-end wireless transactions, gateway services, and secure information solutions.

GoCoin develops a payment gateway for online and retail merchants to accept bitcoins.

Hyperwallet’s global network provides companies with a wide range of payment capabilities, integrated financial tools, tax reporting solutions, and small business support services.

Beamm is a cloud-based small business commerce platform. Beamm merchant solutions include cloud-based real-time inventory, smart point of sale, promotions engine and performance analytics.

The Kopo Kopo platform is a web based mobile payment gateway that enables SME owners to accept mobile money payments.

Lightspeed provides POS for retailers and restaurateurs to manage their businesses.

Danal provides mobile business solutions, enabling mobile payments, mobile commerce, marketing, and mobile wallet services.

boxPAY is a mobile payments platform that provides web merchants, game developers, and other e-businesses the ability to charge customers for digital content through a mobile phone.

Nuspay works with financial institutions, payment networks, processors and businesses to enable the acceptance and processing of all forms of payments through its technologies.

BYNDL is a mobile transaction services company providing payments, permissions and relationship solutions for Unattended Retail environments.

Tappr is a tech startup specializing in a user friendly end-to-end mobile payment solutions for both businesses and individuals.

FreshBooks Card Reader helps small business owners get paid on-the-spot using their mobile devices while also preventing credit card fraud.

BluePay is a technology-enabled credit card payment processing services provider for businesses of all sizes in the US and Canada through physical POS, online and mobile interfaces.

PayClip enables users to accept card payments at any time by turning their smartphone or tablet into a card terminal.

payworks provides an mPOS platform that lets merchant service providers quickly build payment functionality into their applications.

CardFlight enables app developers to easily take in-person payments within their own iOS and Android apps.

Zoop offers a mobile payment platform that enables individuals and businesses to process electronic payments remotely.

Judo provides secure in-app payments to leading companies globally to help them make payments in apps faster, easier and more secure.

PAAY provides mobile payment solutions for card processors, merchants and consumers.

As we mentioned, the list in not exhaustive. However, it already demonstrates the level of concentration of similar services in the market. As with the story of mobile wallets, payments solutions providers could end up on their islands hitting the wall of expansion. We have also been looking at companies specifically focusing on mPOS, which demonstrates the wide range of options for businesses to choose from.