Five alternative payment solutions: way to national success

14 March 2017

Electronic payments have become more popular over the years, therefore platform developers have tried to find new ideas to attract users and make optimal offers. While some systems are widely known, others are initially created for countries of their origin, and now control national banking and digital solutions. The five platforms listed below managed to provide consumers with variety of options, depending on their everyday needs and business purposes, and found their ways to success.

iDEAL

iDEALiDEAL is an online payment system, developed in 2005, and widely known in the Netherlands, where it has been the most popular digital transfer solution over the past decade, as it is usually used for over 54% of all national online payments. Having started out strong with over 4 million payments in 2006, the platform has raised the number of payments to the mark of one billion by 2017, which can be called a huge success. iDEAL system works in companionship with the immense majority of Dutch banks, including ING Bank, ASN Bank and ABN AMRO and accepts plastic cards.

The platform provides merchants with a real time payment method, allowing them to accept online transactions, and offers consumers the interface similar to digital banking solutions. All transactions are secure, since they are equipped with two-factor authentication; additionally, personal information stays confidential. The lack of chargeback can be considered an inconvenience for customers; nevertheless, it is profitable for merchants. The security level is stronger due to connection to the majority of Dutch banks; however, there are some terms and conditions that should be taken into consideration. Thus, consumers should be careful and obtain goods only from reliable companies, and opt for other payment methods when in doubt.

Tenpay

TenpayLaunched in 2005 by one of the largest Chinese internet companies, Tencent, Tenpay has become one of the most popular online payment systems in its country. The platform allows merchants and consumers to safely transfer money and even charge their portable gadgets. The corporation has also created a QQ.com social network, which is widely known in China, and provided with a QQ wallet by Tenpay, which helped the company reach out to consumers who live far away from big cities.

For international payments Tenpay has invented an addition, WeChat payment, giving consumers an opportunity to obtain goods through social networks. Should local clients decide to take care of their utility bills, they can do it by using plastic cards, which are added to the app’s list after registration. The platform supports C2C, B2B and B2C transfers and sends employees to users, if they want to add money to their accounts in person. In some areas of China it is possible to refill transport cards using the app, and the company also offers their own credit cards.

Razorpay

RazorpaySuitable for businesses, Razorpay is an online payment system that helps receiving online transfers and works in partnership with over 55 Indian banks. The process of registration and holding an account is free, which makes it stand out from the competition in its country. The platform accepts different kinds of payments, from plastic cards, such as VISA and MasterCard, to digital wallets like MobiKwik and PayUMoney, and lets consumers transfer funds through pop-up windows, without being redirected to banking sites.

The payments can be easily refunded, should such necessity occur, and plastic card numbers can be saved for regularly used online services. Signing up is quick, but to activate an account consumers should submit documents and may wait a few days for an approval. By special assets Razorpay can be connected to other platforms, such as Shopify and Magneto, since it is developer-friendly. The system also provides its users with a high level of security, protecting payment data, but merchants’ websites should be safe as well. Razorpay also features international payments, and while business owners should use only local currency, foreign consumers are free to choose the preferable way of transferring.

WebMoney

WebMoneyCreated in 1998, WebMoney Transfer has become one of the most popular payment solutions in Russia and closest countries, with over 31 million clients. By developing its own units, the company gave its users an opportunity to send and receive transfers by signing up at the platform, without a bank account or a credit card; nevertheless, it is also possible to deposit money with plastic cards. Additionally, it offers P2P payment solutions, consumer services and a transparent transfer tracking system.

Conditions of registering an online purse depend on its type and on consumers’ choice, since they can opt for the most convenient currency, including Vietnamese dong and Bitcoin. WebMoney works with thousands of online stores and offers prepaid cards with WM units to fund an account. The company also offers WebMoney Keeper software, which is available for Android, iOS, Blackberry Windows phone and popular social networks. High security level is provided by several methods, including E-NUM that may be used as a substitute for SMS.

WePay
WePayCreated in the United States in 2010, WePay platform specializes in P2P payments and gives companies and individuals the opportunity to transfer and collect money; moreover, it has recently focused on crowdfunding, encouraging their clients to collect money from visitors while making the process profitable. The operation of approval after registration is fast and there are no hidden fees for consumers; additionally, the system allows fund transfers while staying on merchants’ websites by using payment buttons, which distinguishes WePay from its competitors.

Three years ago the platform introduced WePayClear, the app for clients seeking to personalize their own transaction services, while taking care of security issues and providing users with an easily adjustable product. WePay also offers a transfer management solution for iOS, enabled with an online terminal that allows group payments. Time of transactions can vary from two to five business days, and the company suggests special button codes instead of usual tools to be placed on consumers’ websites.

Depending on the country, online payment solutions are developed to fill the gaps in the system and provide customers with exclusive offers and business solutions, while making their life easier. In some cases these digital options are connected to corporations or forge partnerships with local banks, allowing them to attract more users along with making profit. The mobile apps, introduced by the majority of platforms, listed above, give consumers access to their funds on the go, which is also essential for progress in every part of the world.

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