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The best online payment platforms make it easy to accept and process payments made with credit and debit cards. Simply put, a “mobile wallet” or “digital wallet” is a “virtual wallet” on your phone where you can store cash and use it to pay for things on your phone, online, or in person. There are different kinds of mobile wallets, semi-open, semi-closed, and closed.
These terms refer to how the wallet can be used and what kinds of payments can be made with it. Wallets are growing quickly because they make transactions faster, especially for e-commerce companies. With the release of UPI, it’s even easier because the money is transferred directly from a bank account instead of a wallet. Here are the best Online Payment Platforms that you can use right now.
Best Online Payment Platforms
PayPal
PayPal is the most popular payment processor in the world. In 2021, it will handle more than 19 billion payments. PayPal is used by more than 30 million stores and 400 million active customers. Payments can be made with a credit card or the user’s existing account.
Money can be sent straight to an email address, which requires users to create a new PayPal account. PayPal not only accepts payments, but also lets its users send money. This is a feature that only a few other online payment services offer.
Features
Pros
- Easy to set up and use
- Many buyers have PayPal accounts
- Customization options
Cons
- You’ll need a PayPal account
Google Pay
Google Pay is like PayPal from Google. Google Pay lets people pay for things with an account that is linked to their Google profile. Google Pay has a big advantage over its competitors because millions of Internet users already use Google for other services. This makes it easier to buy something with Google Pay.
Features
Pros
- Lets you easily pay stores (with NFC), sites, and people
- All functions work on Android, iOS, and web
Cons
- No buyer protection
Dwolla
Dwolla is another payment platform that focuses on making things easy and safe. It has many features, like digital wallets, the ability to send up to 5,000 payments at once, real-time payments to banks that are part of the RTP® Network, and ACH payments that can be made the same day.
Features
Pros
- Low transaction fees
- White-label service
Cons
- No credit transactions
Stripe
Using Stripe’s powerful API, web developers who want to add a payment system to their projects can get a great payment solution from Stripe. By skipping the usual signup process, Stripe acts as a merchant account for its providers, taking care of PCI compliance and merchant approvals.
Features
Pros
- Built-in APIs and developer tools
- Mobile payments
Cons
- Tech understanding needed
Payline
Pineapple Payments runs the company Payline, which is based in Chicago, Illinois. It helps businesses of all sizes, from startups to the Fortune 500, with solutions that focus on the payment experience. Payline offers payment processing through gateways, and its web solutions are made to work with more than 175 online shopping carts.
The company also has solutions for mobile apps that can be used to accept payments. The Payline payment processing gateway also works with QuickBooks to make managing payroll and keeping track of a business‘s finances easier.
Features
Pros
- Built-in security and fraud protection
- Mobile app integration
- Lower monthly fee
Cons
- Transaction costs not fully transparent
Adyen
Companies like Uber, Spotify, Microsoft, and eBay use Adyen to handle customer and business transactions. The software lets you accept all payments made to your business from a single platform. It also gives you tools to keep track of results and manage risks.
Adyen accepts more than 250 payment methods and 150 global currencies. It also lets you look at transaction data to get “data-rich insights to learn customer behaviour.” For example, you can see how customers act and what patterns they follow, which lets you change your products and services in the right way.
Features
Pros
- Works from one platform
- Used by major firms
- Integrated data insights
Cons
- Complex pricing structure
Authorize.net
The main goal of these solutions is to make the payment process easier, which is exactly what Authorize.net (from Visa) does. The platform was made with businesses of all sizes in mind, and it gives you the tools to sell items and take payments online or in a store.
With this solution, you can quickly transfer money from a website payment to a merchant bank account. It works with Visa, MasterCard, American Express, Discover, Diner’s Club, and JCB, which are all major credit cards. The platform also works with digital payment systems like Apple Pay, PayPal, and Visa Checkout.
Features
Pros
- Merchant account provider
- Support for credit cards and digital providers
Cons
- Costly for smaller concerns
Dhani
Dhani App is part of the Indiabulls group and has many features. It is not only a regular e-wallet app, but it can also be used with the Dhani SuperSaver Card. Dhani also has a reward and loyalty programme for its customers.
Through this programme, customers can play games and win cash that they can use to pay for new Dhani products, mobile recharges, EMI payments, insurance, and more. This can be combined with the Dhani Super Saver Rupay, which guarantees 5% cash back on all purchases made with the card and is free for the first month.
Features
Pros
- Good brand Value
- Fast withdrawal process
- Multi-utility app
- Instant doctor consultation
Cons
- ID verification is a must
- It can take time to get used to the UI
FAQs
What is the number 1 payment gateway?
Answer: The top 5 best online payment gateway providers are Fondy, PayPal, Authorize.Net, Stripe, 2Checkout, and Adyen. They have many useful features that can help you make more sales by making the checkout process easier and giving your customers more ways to pay in different currencies.
What is the safest way to pay online?
Most of the time, credit cards are the safest and most secure way to pay when you shop online. To keep your accounts and personal information safe, credit cards have online security features like encryption and fraud monitoring.
Which UPI is best?
Paytm UPI is used by millions of people, which is why it won the Best UPI app award at the Global Fintech Fest.
Is PhonePe better than Google Pay?
PhonePe gives users more than one way to sign in, but once a user adds their phone number, Google Pay automatically moves on to verifying mobile numbers. Someone could say that Google’s way is quick and safe.