Top 10 Online Payment platforms

Important news about Online Payment platforms

2024. Revolut receives long-awaited UK banking license



Revolut, a London-based fintech company with 45 million global customers and 9 million in its crucial home market, has secured a banking license from the U.K.'s Prudential Regulation Authority (PRA) after pursuing it since 2021. This achievement allows Revolut to expand its comprehensive range of products and services in the U.K., where it offers more than in many other markets. The company already holds a banking license in the European Union, obtained through the Bank of Lithuania in 2018, and has been leveraging European passporting rules to operate across various European countries.


2024. Proton launched own cryptocurrency wallet



Proton, a Switzerland-based company renowned for its secure email, VPN, and storage services, is launching its first cryptocurrency product, the Proton Wallet, designed to simplify the process of getting started with bitcoin. Currently, the wallet supports only bitcoin, but the company plans to incorporate additional currencies in the future based on user feedback. Proton Wallet is a self-custody wallet, meaning users retain control of their private keys. When sending cryptocurrencies, users must approve transactions using a pair of public and private keys, which the wallet manages behind the scenes upon clicking the send button. In contrast, cryptocurrency exchanges like Coinbase, Binance, and Kraken handle this complexity for users by holding cryptocurrencies on their behalf and signing transactions without requiring users to understand private keys.

2024. PayPal to pilot new AI-powered updates including Smart Receipts



PayPal is incorporating AI-driven personalization features. Among the introduced enhancements is the "CashPass" cash-back program, known as "Smart Receipts," which offers personalized recommendations, improved checkout and guest experiences. Additionally, the company is rolling out Venmo improvements tailored for small businesses and a new merchant offers platform. The CashPass feature within the app provides customers with access to a multitude of personalized cash-back offers, utilizing AI to curate recommendations based on individual shopping behaviors. Users can easily click on preferred offers, shop at the respective brand, and complete transactions using PayPal. The app will regularly present new offers, encouraging users to check for updates frequently.


2023. PayPal launches PYUSD stablecoin for payments and transfers



PayPal revealed its own stablecoin, named PayPal USD (PYUSD), designed for facilitating payments and transfers. Issued by Paxos Trust Company, PYUSD is secured by U.S. dollar deposits, short-term U.S. Treasuries, and comparable cash equivalents. The stablecoin's gradual rollout to U.S. customers represents a groundbreaking move by a major U.S. financial institution. Eligible U.S. PayPal users can now engage in various transactions using PYUSD, such as transferring it between PayPal and compatible external wallets, making person-to-person payments, funding purchases at checkout, and converting supported cryptocurrencies to and from PYUSD. PayPal emphasizes transparency by disclosing exchange rates and associated fees during cryptocurrency transactions, including crypto checkouts.


2022. Facebook Pay rebrands to Meta Pay



Facebook Pay has officially been rebranded as Meta Pay. The existing product features and general user experience that people are accustomed to with Facebook Pay will stay consistent across Facebook, Instagram, WhatsApp, and Messenger. The change is being introduced in the United States first and will then be launched worldwide gradually. Zuckerberg notes that while the service will stay the same, the rebranding marks Meta’s initial step toward developing a digital wallet for the metaverse. He envisions a digital wallet in the metaverse that will allow users to securely manage their identities, possessions, and payment methods.


2020. PayPal to let buying and selling cryptocurrencies



PayPal has received a conditional BitLicense from the New York State Department of Financial Services and has teamed up with cryptocurrency firm Paxos to introduce a new service. PayPal users in the U.S. will soon be able to purchase, hold, and trade cryptocurrencies. Additional countries will be added in the near future. Initially, PayPal intends to support Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. You’ll be able to link your PayPal account to buy and sell cryptocurrencies.


2020. Facebook unveiled e-wallet Novi for Calibra e-currency



When Facebook introduced Libra, its cryptocurrency initiative, there were two separate entities — the Libra Association, a non-profit that manages all aspects of Libra, and Calibra, a Facebook subsidiary that is developing a Libra-based wallet with integrations in WhatsApp and Messenger. Today, Facebook announced that Calibra has a new name, Novi. By rebranding Calibra to Novi, Facebook is aiming to clarify that the Libra project isn’t solely a Facebook endeavor. Facebook is merely a member of the Libra Association, alongside many other members, including Andreessen Horowitz, Coinbase, Iliad, Lyft, Shopify, Spotify, Uber, and more.


2020. Facebook-backed association revamps Libra following regulatory concerns



The Libra Association, the group formed by Facebook to manage all aspects of Libra, has revised its white paper to implement some modifications. The association is abandoning its initial strategy of creating a global stablecoin directly linked to a mix of fiat currencies and securities. Instead, the Libra Association now intends to launch several stablecoins — each one will be supported by a fiat currency, such as USD, EUR, GBP, or SGD. There will be a multi-currency Libra “coin,” but it won't be a cryptocurrency per se — it will be a digital composite of those individual-currency stablecoins. When you transfer one Libra, you will actually send a portion of USD-backed, EUR-backed, GBP-backed (etc.) stablecoins.


2018. PayPal integrates with Gmail and other Google services



Google earlier this year rebranded all of its payment services under Google Pay to reinforce its efforts in making transactions across its platform more seamless (and more widely adopted). Now comes another advancement: PayPal and Google are initiating a comprehensive integration, where users who link their PayPal accounts to their Google Play profiles will be able to pay bills and purchase items using PayPal, without logging in and without leaving Google services. The integration, which will launch later this year, will encompass apps such as Gmail, YouTube, Google Store, and any services utilizing Google Pay — and it will include not only payments but also peer-to-peer transfers.


2018. PayPal acquired Square of Europe - iZettle



PayPal is making its largest investment yet in point-of-sale transactions, small businesses, and markets outside of the U.S. as it aims to enhance its position against Square, Stripe, and other payment players. The company has confirmed that it is acquiring iZettle — the Stockholm-based payment provider often called the “Square of Europe” — for $2.2 billion in a cash-only deal. Similar to Square, iZettle has made significant progress in developing a point-of-sale business through a card-reading dongle that connects with a smartphone or tablet, catering to smaller businesses that may have previously avoided card services due to the high costs of accepting card payments. From this foundation, it has expanded into additional financial services for those businesses, including inventory management and loans.


2018. Microsoft Pay comes to Outlook.com



Microsoft Pay (Microsoft’s counterpart to Google Pay and Apple Pay) is integrating into Outlook. This means that when a company sends you an invoice via email and you are reading it in Outlook, you can settle that bill directly, without needing to exit Outlook and open a different app or service. As it rolls out — Microsoft says it will initially be available to a select group of Outlook.com users over the next few weeks, with a broader release expected over the coming months — Stripe (using Stripe Connect) and Braintree will be among the payment processors supporting the service. Additionally, Zuora, FreshBooks, Intuit, Invoice2Go, Sage, Wave, and Xero will be among the billing and invoicing services initially utilizing the feature.


2018. Android Pay becomes Google Pay



Google is consolidating all of its various payment tools under the Google Pay brand. The company is launching the Google Pay app for Android and introducing new features aimed at making its payment service widespread — both in physical stores and online. The Google Pay home screen now displays nearby stores where you can use Google Pay. Additionally, Google is also rolling out a redesign of the Google Wallet app for transferring and requesting money — and it’s now named Google Pay Send.


2017. PayPal acquired small business lending service Swift Financial



Global payments processing firm PayPal has agreed to acquire Swift Financial, which offers working capital to small business owners. The acquisition will provide PayPal with enhanced tools to grow its own Working Capital product. PayPal introduced its Working Capital product for businesses in 2013, and since then, competitors like Square, Kabbage, and others have started offering their own credit lines to small business clients. To strengthen its position, PayPal has acquired Swift to enhance its underwriting capabilities and increase the amount of data available to evaluate the creditworthiness of its customers. This should allow PayPal to increase the amount of capital it provides.


2017. PayPal launched small biz toolset Business in a Box


PayPal launched a new service called Business in Box, aimed at bringing more U.S. small business owners to its payments platform. The service, which was developed in partnership with WooCommerce and Xero, offers merchants a suite of tools for running their online businesses, including an online storefront, accounting tools, the ability to apply for working capital from PayPal, and of course, support for taking payments either online or offline, via PayPal. Business in a Box is largely aimed at first-time business owners who already know what they want to sell and have a roadmap in mind, as well as at established offline businesses that want to make the move online.


2017. PayPal teams up with Android Pay for mobile payments



PayPal and Google have announced a collaboration aimed at extending PayPal's presence in both mobile apps and physical stores. This partnership will enable PayPal to be used as a payment option within the Android Pay service, allowing U.S. users to make purchases at locations such as Uber, Walgreens, and dining establishments like Dunkin’ Donuts and Subway. The integration into Android Pay will initially permit Android users to choose their PayPal balance as a payment method, with plans to include the cards added to their PayPal account in the coming months.


2016. Samsung Pay gets in-app payments and Masterpass support



Mobile payment platform Samsung Pay, which allows users to store all their bank cards in digital form on their phone and use them for contactless transactions, has teamed up with Mastercard to incorporate support for Masterpass, a digital wallet solution that stores users' payment and shipping details, simplifying online payments. This feature will be available to users starting early 2017. U.S. Samsung Pay users will also gain support for in-app payments in November, enabling them to choose Samsung Pay when making payments in merchant apps that support the service. Additionally, the new Deals feature will automatically find nearby discounts and coupons at stores and restaurants, allowing users to redeem these offers instantly.


2016. Payoneer raises $180 million for its global payments technology



Payoneer, an international provider of payment processing solutions, has secured $180 million to expand its payment services. Already profitable and with a substantial amount of capital on hand, the new funds will enable the company to double its product development and technical teams, as stated by the company’s CEO, Scott Galit. Global payment processing for businesses is a substantial market in its own right. Payoneer, Adyen, Bluesnap, and PayU are all multi-million dollar enterprises addressing various aspects of the payment challenges for companies operating in international markets.


2016. Apple takes on PayPal with Apple Pay on the web



Apple announced that Apple Pay is coming to the web this fall. Mac users will be able to pay online in Safari using a “Pay with Apple Pay” button and authenticate their purchase using Touch ID on their phone or watch. Previously, Apple Pay could only be used in select iOS apps and at physical retail stores. While retail partners will need to incorporate Apple Pay into their checkout process, Apple stated it has already enlisted numerous merchants to the payment platform. These include companies like Target, Expedia, United Airlines, and others. Apple also announced that Apple Pay will debut in Switzerland, France, and Hong Kong this summer.


2015. Samsung Pay Launches In The US



Samsung Pay, the device manufacturer’s contender to competing NFC-based payment services such as Apple Pay and Android Pay, is now operational in the U.S. following its earlier introduction in South Korea, where it achieved over $30 million in transaction volume during its first month. The payments platform, based on technology obtained from LoopPay, provides Samsung with what it anticipates will be a competitive edge in the payments sector, as it’s not restricted to NFC-based payments alone. Instead, Samsung Pay allows consumers to pay using their Samsung smartphones via either NFC technology, like Apple and Google’s solutions, or by simulating a magnetic stripe card. Samsung believes this will give its mobile payments service an advantage in the short term. As payment terminals transition to support EMV and NFC technology, Samsung Pay will continue to be compatible with them as well.


2015. Samsung and MasterCard to launch Samsung Pay together in Europe



Samsung and MasterCard will broaden their collaboration to introduce the mobile payment system Samsung Pay in Europe. Driven by LoopPay, the Apple Pay rival that Samsung acquired earlier this year, Samsung Pay is expected to launch in the U.S. shortly and commenced trials in South Korea earlier this month. Smartphones equipped with Samsung Pay will utilize MasterCard Digital Enablement Service (MDES), the same system employed in the iPhone 6 and the Apple Watch to facilitate contactless payments through NFC. A significant distinction between Apple Pay and Samsung Pay is that the latter supports magnetic strip technologies (MST) in existing point-of-sale terminals, so retailers don’t need to upgrade their systems to use it. Samsung has stated that MST will enable it to reach up to 30 million merchants globally, provided that partnerships with payment providers are established.


2015. Payment processing company Stripe partners with Visa



Payment processing firm Stripe is now valued at $5 billion following its latest round of funding. Additionally, the company raised nearly $100 million and signed a partnership with Visa, which will see the two collaborate on various projects, including digital transactions and security. The company has been concentrating on expanding its global reach for some time, which is a key reason for its collaboration with Visa. CEO and co-founder Patrick Collison told The New York Times that Stripe will leverage the payment giant’s international presence and expertise to broaden its current coverage of 20 countries.


2015. PayPal acquired international money transfer company Xoom



PayPal has acquired money transfer firm Xoom for $890 million, a move that adds millions of international customers to the company. Xoom promotes itself as "an international money transfer service" that enables people to send funds across borders. Xoom recently extended its services into China and Pakistan, and is popular in various developing markets — a benefit that PayPal President Dan Schulman emphasized. The acquisition is PayPal's first significant action since its announced separation from eBay, a decision investors had advocated. PayPal is anticipated to finalize the split later this year. Xoom will continue to function as an independent entity under PayPal.


2015. Apple rebrands Passbook to Wallet extends Apple Pay to UK



Apple chose to rename the Passbook app to Apple Wallet to align it with the updated Apple Pay service. In addition to adding your regular debit and credit cards, Apple Pay now allows you to include store cards, as well as loyalty and rewards cards. Kohl’s, JC Penney, and BJ’s will be the first retailers on the platform to support Apple Pay with their own store credit cards. Moreover, Kohl’s, Walgreens, and Dunkin' Donuts will bring rewards cards to the Apple Pay platform. This coincides with a major expansion of Apple Pay, which is coming to the UK and will soon work with 70 percent of UK debit and credit cards. Additionally, Apple announced a new partnership with Square, which will launch a new card reader allowing small businesses to accept Apple Pay and chip card payments (but not card swipes).


2015. Google launched Android Pay in US



Google has introduced Android Pay—a service that will allow users to make payments with a "single tap" either within apps or at physical stores. The new service will also integrate rewards programs for frequent customers. The current Google Wallet service will shift to a method for transferring money between individuals, similar to Venmo or Square. Google is catching up to Apple Pay, which launched in September 2014. One of the major distinctions between this initiative and its previous payments product is the partnerships Google has established. American Express, Visa, Mastercard, and Discover are all supporting Android Pay. The system also operates in over 700,000 stores in the U.S. that accept "contactless payments," as well as in apps for various companies.


2015. Money transfer service CurrencyFair raised €10 Million



Dublin-based money transfer/currency exchange startup CurrencyFair has secured an additional €10 million. The startup states it will use the new funding to capitalize on the expanding market for peer-to-peer currency transfer — as numerous startups leverage technology and lower fees to provide an alternative to banks and traditional FX exchange companies, such as Western Union and others — and to increase the number of currency corridors it can offer. CurrencyFair currently specializes in money transfers between the U.K., Europe, and the Asia-Pacific region. CurrencyFair's main rival, TransferWise, has also recently secured an additional $58 million.


2015. Google Wallet integrates with Shopify and other merchant platforms



Google Wallet mobile payment system is adding several key integrations with merchants and merchant platforms. Customers using Android apps from Dunkin’ Donuts and Seamless, and merchants creating online stores through Shopify, will now be able to use Google Wallet for making and receiving swift payments. In November, Google Wallet was also integrated with Papa John’s Android app, as well as merchant platforms ChowNow and Shopgate. However, the overall rollout for Google Wallet has been relatively gradual: prior to today, there were only about 30 mobile sites and 30 apps integrated with the service. Currently, Google Wallet's payment services are limited to U.S. users and businesses only, although the company has begun expanding the money transfer feature to international markets, making it available to Gmail users in the UK.


2015. Samsung Pay takes on Apple Pay and Google Wallet



Samsung unveiled a new mobile payments solution, Samsung Pay, which will debut on the new Galaxy S6 and S6 edge smartphones this summer. While Apple and Google may have introduced their contactless payment technologies to the market first, Samsung Pay addresses significant gaps in the services offered by Apple Pay and Google Wallet. Samsung Pay utilizes both near-field communication (NFC) and magnetic secure transmission (MST) technology from LoopPay. This means it can not only perform the same secure contactless transactions as Apple Pay but also handle “swipe” purchases on the majority of older payment terminals that haven’t been upgraded to NFC. Samsung has enlisted MasterCard and Visa as partners, along with four of the largest card-issuing banks: JP Morgan Chase, Bank of America, Citi, and US Bank.


2015. Google acquired Softcard to power its Wallet



Shortly after Samsung acquired LoopPay to counter Apple Pay's growing dominance in mobile payments, Google also took action. It announced that it has acquired technology from the mobile payments app Softcard, and that Google Wallet will soon be pre-installed on Android phones from three of the four largest U.S. carriers later this year. The Softcard app (like Google Wallet and Apple Pay) uses near-field communications (NFC) for its mobile transactions. Google Wallet enables users to make purchases at physical stores by tapping their phones on contactless payment terminals. Although it predates Apple Pay by several years, Google's NFC payment system never gained the same visibility as Apple Pay, despite favorable reviews.


2015. Samsung buys Apple Pay alternative LoopPay



Samsung has acquired the mobile payments platform and Apple Pay competitor LoopPay. LoopPay enables users to make mobile payments through their smartphones. However, unlike Apple Pay, which employs near-field communications (NFC), LoopPay uses magnetic secure transmission (MST), akin to the magnetic strip on conventional credit cards. Users store credit card details in a digital wallet via LoopPay's app (available on iOS and Android), but transactions also necessitate the company's $59.95 card case or $10 key fob, which facilitate MST payments. LoopPay has previously promoted its platform as being superior and more widely accepted than Apple Pay — since it relies on external hardware, it doesn’t require merchants to implement the same technology as Apple Pay — although the need for additional hardware introduces an extra, potentially inconvenient step to transactions.


2014. Microsoft begins accepting Bitcoin in the Windows Store



Microsoft is now accepting Bitcoin for purchasing games and other digital content on its Windows, Windows Phone, and Xbox platforms, in collaboration with payments company Bitpay. There are a few caveats to keep in mind, though. Customers can use bitcoin to add funds to a Microsoft wallet or to create digital gift cards, but direct payments with the cryptocurrency are not available at this moment. Additionally, bitcoin transactions seem to be restricted to customers in the U.S. Traditionally viewed as a slow-moving giant with one foot in the past, Microsoft’s acceptance of Bitcoin doesn’t directly align with its recent (and somewhat unexpected) decisions to make core services like Office available on competitor platforms and implement premium pricing models. However, the fact that Microsoft is willing to adopt emerging technology ahead of many of its competitors suggests that its approach may have modernized.