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With mobile payments growing to become the norm is something that we’ve seen especially with the ongoing pandemic of covid-19.
Up until 2019, there was probably only PayPal as the real “alternative payments” option, if you think about how this industry has come to be determined. Alternative means another way for you to pay away from the major card schemes such as Visa and MasterCard which are the dominant domestic card options in the world.
Constructing an alternative payment scheme as a method of people to pay and many businesses to accept consumer payments is not a simple task. It can be a classic chicken and egg strategy problem. Consumers are not interested in newer options unless it solves one or multiple problems and is accepted thoroughly amongst businesses online and offline. Businesses aren’t interested if not the payment solution solves a real problem meaning that there will be plenty of customers whom are willingly to pay with this new solution.
The giant which is PayPal opened up a world of payment for not only consumers but also businesses so it would become easier to pay and accept payments online via their platform. The main selling point for PayPal was simplicity because the users simply had to choose a username and password to enter over adding their card details and for the merchants it was simple online payment acceptance tool which wasn’t imposing harsh certifications requirements on them as there was never any card details involved. Which meant, that you could be accepting payments in no time. Now, PayPal is a giant “alternative payment” provider whom are aggressively expanding their business with new products, features and much more.
Payments methods are moving away from the restraints of being a some hardware and a credit card. They’re moving into phones and computers, shown in the form of apps and is also enabling businesses to ensure easy coverage of sales using a digital payment acceptance. You might not need a card or a card machine anymore all depending on business. These apps will connect consumers and merchants with a much bigger flexibility, speed and simplicity, we now know from text messaging. It really doesn’t matter where you’re situated as you could be right infront of the seller in a store, on a plane, ordering new shoes from home or hitting the buy now button in a game. Everything is powered by these payment apps, transacting instantly, maintly using their own rails and they are taking over the world of payments and e-commerce.
Below we have shown you some of the methods PurePay covers -
Klarna was founded in 2005 in Stockholm and has since then grown to become a powerhouse in local payment methods which covers most of Europe and expanding to the rest of the world.
Total customers: 85 M
Merchants: 200.000
Transactions per day: 1 M
Employees: 3.000
Market Share NE: 10 %
Covered countries:
DE, NO, SE, NL, UK, AU, DK, FI.
Bancontact Payconiq has existed since 1989 and is located in Belgium where it holds it services as well. In order to penetrate the Belgium market, you will need Bancontact as part of it.
Total customers: 15 M
Merchants:
Transactions per day: 150.000
Employees: 44
Market Share BE: 41%
Covered countries:
BE.
iDeal came to live in 2005 much like Klarna but they are focused only on their home market, Holland. Their product is a bank to bank solution which is done simply and fast via their app.
Total customers: 11 M
Merchants: 130.000
Transactions per day: 1.8 M
Employees: 79
Market Share NL: 60%
Covered countries:
NL.
Sofort was founded much like most other LPMs in 2005 and grew in mainly German speaking countries but since they got acquired by Klarna in 2014, they have expanded to many new countries.
Total customers:
Merchants: 35.000
Transactions per day: 100.000
Employees: 81
Market Share NE: 10%
Covered countries:
AT, BE, DE, ES, GB, IT, NL, CH, PL.
Blik went live in 2015 after a strong partnership was created between some of the bigger banks in Poland which means the coverage in Poland is 95% and it is a must-have tool to enter and dominate with.
Total customers: 9 M
Merchants:
Transactions per day: 605.000
Employees:
Market Share PL: 24%
Covered countries:
PL.
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PurePay Payments Limited
