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Current Prevalent Digital Payment Methods – Part 2

With cash becoming obsolete and credit cards being phased out, businesses and consumers alike are now interested in faster, safer, and more convenient payment methods. Mobile and social payment options could be the future of millennial-driven purchasing, creating the sort of instant gratification that millennials expect.

eWallets & Mobile Payment Applications


These apps allow users tocomplete virtually any type of financial transactionlike transfer money, purchase products, pay bills, all with the tap of a finger. Purchasing goods and services with the mobile device is quick and easy by creating an account and storing your payment details in it. Again, mSwipe is an excellent example of this convenient technology being put to use, along with Venmo, Google Wallet, and Apple Pay. A slightly different example is OnlyCoin, in which all of the user’s financial information is stored on a device the same size and dimensions as a credit card that is connected to a mobile app. It allows users to pay with any of his/her payment methods, including credit cards, with only the need to carry one card.

Social Media Payment Options

Social payments are being split into two categories: on-site purchases and peer-to-peer money transfer services. A recent example is SnapCash, a quick money transfer channel by SnapChat that lets users exchange cash from one account holder to another instantly. This is different from mobile payment apps because the money would be transferred directly from one bank account to the other rather than being stored in a separate wallet or app account. Pinterest, on the other hand, is utilizing “Action buttons” within their platform to allow users to add items to their Amazon Wish List or to complete a purchase directly from within the Pinterest site.

We are awarding some of the best Digital Payment Solution of the year along with other categories at the 3rd Indian ISV Awards 2018, an initiative from itVARnews (Techplus Media Publication) to acknowledge the best ICT Solutions by ISVs (independent software vendor), Systems Integrators, Solution VARs, and MSPs across India. To know more, visit the website now.(http://www.isvawards.itvarnews.com/)

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