Digitalization has not stopped since the time it was invented. Be it the new cars that are launched each day or the various home appliances that made our lives easier, there is no stopping. Every day, digitalization takes a new step forward, and with each step, life seems to become simpler. Do you think money could be digitalized too? If you are struggling through a yes or no, the answer is an absolute yes.

Today, digitalization has entered the world of currency and economy. We do not need to stand in a long queue to get our cash or make a payment. All that we can do is, just pay through the specific apps installed in our devices. All these changes and additions are classified under the term digital payment. This digital payment system has accelerated the increase in digital payment companies. 

Digital payment companies are the focal entities that work in virtual transactions, payments and other related secondary activities. These digital payment platforms continue to come in both the developing and developed countries. However, some amongst these digital payment companies have excelled in terms of their services and provisions. This is why they are classified under the list of top digital payment companies. 

In the following article, there will be a complete elaboration on what is a digital payment company is. Further, there will be a complete understanding on the features of a digital payment company. There will be a complete elaborated list on the top digital payment companies for the year 2022. 

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What Are Digital Payment Companies?

In a basic sense, digital payment companies are the companies which assist in providing all the monetary facilities on a virtual mode. These companies are like any other profit maximising companies. They provide services and in turn attain revenues through it. The basic services provided by the digital payment companies are transactions, recharges, bill payments, paying to contacts and digital deposits. 

By availing to the services of digital payment companies, an individual can deposit their amount by initiating a digital account. This digital account becomes the main source for an individual to transfer, pay or depoite more. The backbone for digital payment is the technical companies. These tech-based companies are regularly providing the digital payment companies with new or modified versions for virtual payments. [1] There are both private as well as government initiated digital payment companies. Also, there are both stand alone digital payment companies and companies which have branched out of banks. 

For the banks, which look into providing the services, digital payment is also an included option. The banks look out to provide for the digital payment services to their users. They might include this option through their personalised mobile banking apps. Digital payment companies are one of the major contributors in increasing the market size and value. 

The digital payment companies, as understood, are one addition to existing ventures. Today, globally the market size and the value for digital payment is USD 68.61 billion as per the year 2021. Experts are expecting this market size value band to increase by 20.5% in the year 2022 till 2030. [2]  The main factor promoting such growth is the recent introduction of mobile wallets. These mobile wallets are digital wallets. Their function is exactly similar to the physical wallets, meaning they can be used for transfers and payments conveniently. 

There are some specific features exerted by the digital payment platforms. These features are also the carrying pillars for the digital payment companies. These are understood in the next section. 

Features of Digital Payment Companies

There are various features maintained by the digital payment companies. These are the driving forces for an ordinary payment company to escalate on the level of digital payment companies. These features are mentioned below: 

Easy Usage And Services

The main feature of the digital payment companies is their provision of easy payment services and usage. The steps involved in using a mobile wallet or a mobile banking app must be simplified and understood by common individuals. This is a basic feature which has prompted an increase in use in digital payment methods offered by the companies. Also, with complexities of life increasing, people would expect to find an easy alternative to carry out daily activities like payments. 

Provision for Security

Another feature of digital payment and its platform is provision for secure payments. This is contradictory to the physical payment which might lack security at certain times. There might be issues in saving the cash or discrepancies regarding the paying entities. But with digital payment methods, the complete process of advancing a payment is secure. The payments are end to end encrypted and both the parties know the details of each other. With this, there are also records for the payments done, which can be claimed in times of conflicts. 

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QR Codes to the Rescue

Payments on digital payment platforms include various methods. These payment methods can be availed as per the individual choice. One of the simpletest on the QR Code availability. It can be used by both the literate as well as least literate population of the society. All that has to be done is open the scanner which is inbuilt in the mobile banking app, scan and make the required payments. 

Customer Service Section

The ideal feature of digital payment companies is their provision of the customer section. Unlike the physical payment methods which have least chances to solve customer queries, digital payment platforms do that. With the chat option or the call option, individuals can easily solve their queries or raise their claims. These queries can be anything related to the payment methods, transaction failures or others. This particular feature is another prominent reason for the digital payment platforms to experience the increased usage and popularity. 

These are the features of the digital payment platforms. These features act as the unique or more simplifying factors for the people to avail of the digital payment methods provided. There are some top digital payment companies that have excelled in providing the digital payment services. These are discussed and elaborated in the next section. 

Top 10 Digital Payment Companies in 2022

While there are various digital payment companies that come up each year, there are some of them which have excelled and are majorly used. Below is the list of top 10 digital payment companies in 2022:

PayPal- USA

This American based financial and technical company was pioneered in 1998. However, the use of this digital payment company has only garnered popularity in recent years. The major services that are provided by PayPal include online banking service, payment services and account opening services. By registering to PayPal, one can send money to any part of the world, open a merchant account or do payments virtually. While these are the best parts about PayPal, there are various disadvantages too. The charge fees are high and security in terms of payment lags too. 

Klarna- Sweden 

Considered as the epitome of revolutionising payments in Sweden, Klarna is a digital payment company. The company was pioneered in 2005 and since then has been providing various financial online services. There are various payment services provided by this company. This includes direct payment methods, payments to merchants and the pay later provision. The outshine feature of this digital payment company is its pay layer feature. With this feature, an individual can purchase the item and pay later for it. With this, Klarna also has the merchant portal, where purchases and sales can be tracked efficiently. 

Adyen- Netherlands

A Dutch digital payment company, Adyen was pioneered in 2006. The headquarters for Adyen is situated in Amsterdams in the Netherlands. There are various payment and secondary services provided by Adyen. With this particular payment company, online payments can be done. In addition to this, Adyen accepts payments through any devices. Further, there is also an option available to link the bank accounts and pay through Adyen. Currently, Adyen is serving more than 150 countries and it has adopted and initiated more than 200 payment methods. 

Gojek- Indonesia

Gojek is a multi service platform, that als has the digital payment services inclusive in it. The platform was first initiated in 2010 and is based in Jakarta. The use with Gojek introduces a user to various services. This includes making online payments, getting food delivery, shopping through online stores and other essential services. With Gojek, the payments are simplified in just minimal steps or options. Currently, the Indonesian born company operates in Thailand, Vietnam and Singapore. 

Ripple-USA

Based in San Francisco, Ripple is a digital payment company which operates on a blockchain pattern of payments. This blockchain pattern is the major source for Ripple to maintain the security of its RippleNet payment chain. Ripple provides the customers to pay through the network of more than 200 banks in the United States of America. It also provides the option for cross-border payments. With the blockchain pattern that Ripple uses, it becomes easier to trace the payment as well as secure it at depth. 

Checkout.com – UK 

Checkout.com is a digital payment company that is more inclined towards business payment methods. The services included in Checkout.com are digital payment methods through debit or credit cards, global payment methods, online bankings and paying cross-border. All these payments, however, pertain to merchant businesses only. With this, the platform also provides the various changes in the currencies, which make the cross-border transactions easier. The security at this digital payment platform is maintained through the tracing of merchant payments backed by technology. 

AeroPay- USA

AeroPay is yet another thriving digital payment method that exists in the US. The digital payment company is based in Chicago. The major service provided by this payment company is transfer of money at a reduced bank charge. While the common bank charges are 5%, at AeroPay, it is reduced to 1.25%. Individuals can make direct payment to various businesses. This digital payment company also makes provision for cross-border transactions. 

Doxo- USA

Doxo is another digital payment platform based in Seattle. This digital payment company is concerned with payment of bills. The platform provides various payment methods that help in paying different kinds of bills. These bills can be merchant bills, electric bills, water bills or any pending bills. According to the platform, there are more than 100,000 payable billers available and built in Doxo. There is a complete app for the platform and it also has notifications that trace in various bill payments. 

Razorpay- India

Considered by various entities for digital payment, Razorpay is a digital payment company that is currently being used the most. It provides payment options through various methods. This can be through debit or credit cards, UPI pins, QR Codes, and net banking. This particular digital payment platform is being used  by various online businesses, physical businesses and individuals. Today, Razorpay is the driving force for payment through various stand alone mobile banking apps in India. 

Naver Pay- South Korea

Launched by Naver Corporation, in South Korea, Naver Pay is the most used digital payment platform. This platform provides the payment for various online stores as well as has its own products that can be purchased. This payment platform also has subscriptions that can be purchased by the individuals. In this digital payment platform, the customers can link their bank accounts with Naver Pay. Once they do it, they can use the card wallet and make payments or receive it too. 

These are the top 10 digital payment companies in 2022. The basic reasons for these digital payment platforms to excel is due to their integrated programmes. They continue to modify the payment methods to facilitate to the best of users’ needs. 

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Parting Note

In the above article, there is complete understanding of what digital payment companies are. 

In a basic sense, digital payment companies are the companies which assist in providing all the monetary facilities on a virtual mode. These companies are like any other profit maximising companies. They provide services and in turn attain revenues through it.

Further, there is discussion about the features of digital payment companies. These features are:

• Easy Usage And Services
• Provision for Security
• QR Codes to the Rescue
• Customer Service Section

Further, there is also a discussion about the best 10 digital payment companies. These are:

• PayPal- USA
• Klarna- Sweden
• Adyen- Netherlands
• Gojek- Indonesia
• Ripple- USA
• Checkout.com- UK 
• AeroPay- USA
• Doxo- USA
• Razorpay- India
• Naver Pay- South Korea

Commonly Asked FAQs

1. What are digital payment companies?

In a basic sense, digital payment companies are the companies which assist in providing all the monetary facilities on a virtual mode. These companies are like any other profit maximising companies. They provide services and in turn attain revenues through it. The basic services provided by the digital payment companies are transactions, recharges, bill payments, paying to contacts and digital deposits. 

2. What do digital payment companies do?

Digital payment companies provide various payment methods and services in a virtual mode. They provide payment methods through debit or credit cards, pins and scanners. In addition to these, digital payment companies also cater to the customer queries and smooth plus secure transactions. 

3. What are the benefits of digital payments?

The benefits of digital payments are:

• Easy Usage And Services
• Provision for Security
• QR Codes to the Rescue
• Customer Service Section

4. What are the best digital payment companies in 2022?

The best digital payment companies in 2022 are:

• PayPal- USA
• Klarna- Sweden
• Adyen- Netherlands
• Gojek- Indonesia
• Ripple- USA
• Checkout.com- UK 
• AeroPay- USA
• Doxo- USA
• Razorpay- India
• Naver Pay- South Korea

References

[1] Franciska, A. M., & Sahayaselvi, S. (2017). An Overview On Digital Payments. International Journal of Research, 4(13), 2101-2111.

[2] Digital Payment Market Size, Share & Trends Analysis Report By Deployment (Cloud, On-premise), By Solution (Payment Gateway, Payment Processing), By Mode of Payment, By Enterprise Size, By End Use, And Segment Forecasts, 2022 – 2030

[3] These 36 Fintech Payment Processing Companies Make Moving Money Faster, Simpler and More Secure