With the expansion of the cashless transactions, there are several new methods of digital transaction are introducing to us every day. Now the transaction is faster than ever before. Every enterprise wants fast money flow to generate more revenue. To support fast money flow enterprise support to cashless or digital transactions. Now digital transaction has become mainstream. However, banks are providing different digital interfaces for the digital transaction but there is a number of third party payment services also present. PayPal, Venmo, Cash App, Zelle pay are a few most popular payment services. In current times these parties are carrying way many transactions than any individual bank.
PayPal – PayPal is an American online transaction company. PayPal is the leader of this segment. PayPal is established in 1998. Now payment volume of PayPal is exceeding 150 Billion USD in a single quarter of 2019.
Venmo- Venmo is a mobile payment service. Venmo is owned by PayPal. In the early days of starting Venmo fund transfer service was not fast but in 2018 PayPal launched a new feature of instant transfer which allows users to deposit funds to their debit cards.
Cash App- Cash App is another leading mobile payment method. CashApp introduced in 2015. But the cash app became popular rapidly, it achieved 7 million active users till 2018. Cash App is relatively easy to use than other payment methods but its service less reliable than others.
Zelle– Zelle is USA based digital payment service provider company. Zelle’s instant payment service launched in 2017. In spite of being the latecomer in the market, Zelle captured a significant portion of the market. In Q4 of 2018 Zelle processed payments of 35 Billion USD. Evolution of the digital payment platform made life simpler for a common man. On the other hand, it provided a new pace to the business. E-commerce business model is totally dependent on digital payment services.