Who Is The Leader In Digital Payments

Innovations in digital payments technology benefit merchants and consumers. Shoppers use mobile wallets to make fast, convenient payments while business owners streamline their accounting needs through digital transactions. With all these advancements, POS transactions via cash dropped to 12% in 2020

Several tech and banking institutions contributed to the modernization of digital payments. However, the most crucial leaders behind payment processing innovations include Visa Inc., Mastercard Incorporated, and JP Morgan Chase & Co. Of course, third-party processors like Stripe, PayPal, ACI Worldwide Inc, and Fiserv are pretty prominent as well.

Are you having doubts about the safety of digital payments? Let Processing Card shed some light on the issue! Read our brief explanation on the overall safety of making digital payments through smartphones.

The Biggest Leaders in Digital Payments

Commercial Institutions

Financial institutions like card networks, banks, and global fintech companies dominate the digital payments industry. In most cases, these companies run in-house front- and back-end payment processing.

  • Bank of America Corporation
  • JP Morgan Chase & Co.
  • Mastercard Incorporated
  • Visa Inc.
  • Wells Fargo & Company

Third-Party Processors

Third-party processors rely on another commercial institution for front- and back-end processing. They often have less stringent guidelines. Some processors even work with businesses from high-risk industries.

  • ACI Worldwide Inc.
  • Fiserv Inc.
  • Global Payments Inc.
  • Intuit Inc.
  • PayPal
  • PayU
  • Stripe

Carefully assess your business when deciding between commercial banking institutions and third-party payment processors. Remember: one-size-fits-all processing systems do not exist. Only submit your application after weighing the pros and cons of your prospective digital payment processor and meeting their requirements.

However, don’t obsess over just one or two companies. There are dozens of processors on the market, so you can reapply as many times as you want. Find the ideal provider based on your individual processing needs.
Do you find yourself stuck between payment processors? Processing Card has you covered! Use our in-depth comparison review of the best digital payment processing systems as a starting point.

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