The mobile phone is rapidly becoming the medium of choice for billions of dollars of payments globally.
Whether it’s American girl scouts selling more cookies by taking mobile transactions, Chinese street hawkers accepting peer-to-peer transactions, Kenyan workers sending money home to the countryside or the Australian hipster paying for his almond milk frappucino – mobile payments take myriad forms.
In some cases, mobile payments are merely mobile optimised web payments, but more tailored solutions include apps such as Apple Pay and Samsung Pay or payments facilitated by QR codes sent to a phone to confirm payment.
Online bank transfers represent a global alternative to card payments, but are particularly relevant in regions where many have plastic.
Bank transfer is an increasingly popular way for people to pay for goods online. For consumers, this offers a recognised and trusted payment mechanism with a recognisable interface. In many regions, this is necessary as much as convenient as many customers do not have access to other payment methods.
For merchants, there are various benefits – not only can they reach new territories and open new markets but the lack of chargebacks and lower transaction fees.
Bank transfer solutions tend to be region-specific and many can be catered for with Intrapay Direct, our bespoke Direct Bank Transfer solution.
Prepaid cards and wallets are a multifunctional solution for users without access to traditional payment options in a specific territory.
This could be a vital option for unbanked migrant workers. For parents, they provide an easy way to give children money and control their spending. For employers, they can be used for salaries and / or expenses. Alternatively, for tourists, a one-off payment can provide them with a local currency card, eliminating the need for costly overseas transaction fees. For venues, they can encourage spend at different outlets.
Prepaid payment options are not purely the domain of card schemes, but come in many formats. Digital wallets associated with smartphones (that can also store tickets, travel passes and other practical elements you might find in your old-fashioned leather artefact,) while closed-loop systems such as cashless membership cards for clubs or venues also fit the bill.
Intracard is our proprietary prepaid card solution that can be configured to meet the needs of any client and our expertise ensures that you’ll get the best card programme to match your needs. Our end-to-end solution and proprietary technology means your company can launch its own card product with the minimum of fuss.
Some see cryptocurrencies as the enfant terrible of payments; others the way of a utopian unregulated future.
While nobody can accurately predict the future of this newish kid on the payments block one thing is certain – it’s here to stay on one form or another. While the likes of Bitcoin and Ethereal hog the major headlines when the topic comes up for discussion, microcurrencies such as Burger King’s WhopperCoin offer an alternative way of looking at its capabilities.
It is perhaps the payment solution / currency with the most volatile future and Intrapay will always offer the latest advice, information and best solutions.
While Instant Payments may be taking the industry by storm, certain markets demand a more patient approach.
It might seem counterintuitive to make an online payment by going to your local store and handing over cash, but in regions with a heavy percentage of un- and underbanked it’s an extremely practical solution. Here a traditional ecommerce transaction cannot be complete fully online, whether due to gateway limitations or the consumer’s lack of payment options, the transaction can be concluded in one of several ways.
A cash payment can be made at an associated store; alternatively, payments can be concluded at ATMs using virtual account numbers.
This is a relevant solution in many Asian and Latin American markets.