These 11 fintech payment solutions make moving money faster, simpler and more secure
It's hard to remember what life was like before mobile apps allowed us to pay friends or merchants with a few taps. Whether it's person-to-person payments or business transactions, the way we move money around now is more convenient than ever.
According to a 2017 study by Capgemini and BNP Paribas, people worldwide will make 726 billion digital transactions by 2020.
“Non-cash payments have increased in volume due to the rise in adoption of digital payment services across all market segments,” Christophe Vergne, cards and payment practice leader at Capgemini, told CNBC.
The following companies are contributing to this growing trend, in the process making payments faster, simpler and more secure.
Remitly
Location: Seattle
How it's using fintech in payments: Remitly is a fintech company that aims to simplify international money transfers and payments. Through its thousands of global bank and cash-pickup partners, recipients can have money sent directly to a bank account or collect it in cash.
Industry impact: Whether sending money online or through a simple mobile application, Remitly users benefit from tracking capabilities plus more choices for speed and price of transfer.
Bitpay
Location: Atlanta, Ga.
How it's using fintech in payments: BitPay creates tools for Bitcoin transactions and currently used by thousands of businesses. Founded in 2011, early in Bitcoin’s existence, the service makes it easier for businesses and consumers to use Bitcoin regularly. Using BitPay's technology, companies can accept payment by email, website or in person. Consumers can also manage and use their Bitcoin.
Industry impact: Ohio recently made it possible for businesses to pay taxes using cryptocurrency. BitPay currently handles those payments.
Billtrust
Location: Lawrenceville, N.J.
How it's using fintech in payments: Billtrust is a payment cycle solution that automates the invoice to payment process. The company provides a range of solutions from credit management and invoicing to virtual payments and cash flow automation.
Industry impact: Billtrust works largely with companies in the manufacturing, distribution, transportation, business services and machinery industries. U.S. Foods used Billtrust’s services to automate payment data extraction, eliminating redundant operations between its headquarters and branches. Doing so centralized the distributor’s payment processing and ultimately decreased order-to-cash costs by 40%.
Braintree
Location: Chicago
How it's using fintech in payments: Braintree, a service of PayPal, is a payment platform for enterprises to accept and process mobile payments from apps and websites that helps decrease cart abandonment and drive conversion rates.
Industry impact: Braintree's payment and mobile tools let companies like Casper and Uber spend more time on important tasks and less on transactional needs.
Paypal
Location: San Jose, Calif.
How it's using fintech in payments: PayPal is a platform for personal and business transactions, transfers, payments and credit services. Currently accepted by millions of websites, PayPal is valid in more than 200 markets around the world.
Industry impact: Beyond digital goods, PayPal is used for government payments, online donations, political fundraising and education payment processing.
Square
Location: San Francisco
How it's using fintech in payments: Square provides payment and point of sale solutions, as well as hardware products for small and mid-sized businesses. The company's popular Square Reader is a mobile credit card processor that lets companies accept payments without a traditional point of sale system.
Industry impact: Square's service lets businesses more easily set up a fee-less transaction service that's safe, quick and eliminates long waits between deposits.
Stripe
Location: San Francisco
How it's using fintech in payments: Stripe provides financial and software services to companies with online businesses like subscription services, on-demand marketplaces and crowdfunding. Stripe helps companies grow quicker by providing foundational tools for starting and growing an online business. The cloud-based service allows companies to setup recurring billing for customers, accept payments or set up an entire marketplace.
Industry impact: Stripe is used by a myriad of well-known online businesses across industries like Blue Apron, Warby Parker and Salesforce.
Veem
Location: San Francisco
How it's using fintech in payments: Veem is a service for international business payments using a network of companies around the world. Veem works with small businesses, allowing them to make transactions in local currency.
Industry impact: As of September 2018, Veem’s services reach 80,000 customers across 96 countries. The company uses proprietary technology, combining blockchain, treasury and existing rails to provide safe, trackable payments.
Venmo
Location: New York
How it's using fintech in payments: Also a service of PayPal, Venmo is a mobile payment platform for users to digitally send money to one another and make purchases. The platform allows users to link cards or bank accounts so money can be transferred quickly to other users or merchants.
Industry impact: Venmo is now accepted at many destinations like Poshmark, J Crew, Forever21, Lululemon and Seamless.
Verifi
Location: Los Angeles
How it's using fintech in payments: Verifi provides payment protection and e-commerce solutions for companies ranging in sizes and industries. The service helps businesses with e-commerce issues like online fraud and chargebacks.
Industry impact: According to Verifi, the company services 25,000 accounts around the world and its solutions can stop up to 50% of chargebacks.
Zelle
Location: Scottsdale, Ariz.
How it's using fintech in payments: Owned by Early Warning Services, a financial services company, Zelle is a person-to-person payment application that sends money quickly. The application enables users to send money with an email address or phone number regardless of the sender or recipient's banks.
Industry impact: Partnering with banks and credit unions across the country, Zelle transfers payments straight to bank accounts in minutes, instead of waiting days.
All images via Shutterstock and social media