Mobile payment (also referred to as mobile money, mobile money transfer, and mobile wallet) generally refer to payment services operated under financial regulation and performed from or via a mobile device. Instead of paying with cash, cheque, or credit cards, a consumer can use a mobile to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.
Mobile payment is being adopted all over the world in different ways. The first patent exclusively defined “Mobile Payment System” was filed in 2000.
In developing countries mobile payment solutions have been deployed as a means of extending financial services to the community known as the “unbanked” or “underbanked”, which is estimated to be as much as 50% of the world’s adult population, according to Financial Access’ 2009 Report “Half the World is Unbanked”. These payment networks are often used for micropayments. The use of mobile payments in developing countries has attracted public and private funding by organizations such as the Bill & Melinda Gates Foundation, United States Agency for International Development and Mercy Corps.
Mobile payments are becoming a key instrument for Payment Service Providers (PSPs) and other market participants, in order to achieve new growth opportunities, according to the European Payments Council (EPC). The EPC states that “new technology solutions provide a direct improvement to the operations efficiency, ultimately resulting in cost savings and in an increase in business volume”.
Notable mobile wallets include:
A mobile wallet is an app that contain your debit and credit card information so that users can pay for goods and services digitally by using their mobile devices
Alipay (simplified Chinese: 支付宝; traditional Chinese: 支付寶) is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based. mobile wallets
Alipay overtook PayPal as the world’s largest mobile payment platform in 2013. As of 31 March 2018, the number of Alipay users reached 870 million. It is the world’s number one mobile payment service organization and the second largest payment service organization in the world. According to the statistics of the fourth quarter of 2018, Alipay has a 55.32% share of the third-party payment market in mainland China, and it continues to grow.
Apple Pay is a mobile payment and digital wallet service by Apple Inc. that allows users to make payments in person, in iOS apps, and on the web using Safari. It is supported on the iPhone, Apple Watch, iPad, and Mac. It is not available on any client device that is not made and sold by Apple (in particular, it cannot be used on any Android device, nor on any browser running on Windows). It digitizes and can replace a credit or debit card chip and PIN transaction at a contactless-capable point-of-sale terminal. It does not require Apple Pay-specific contactless payment terminals; it can work with any merchant that accepts contactless payments. It adds two-factor authentication via Touch ID, Face ID, PIN, or passcode. Devices wirelessly communicate with point of sale systems using near field communication (NFC), with an embedded secure element (eSE) to securely store payment data and perform cryptographic functions, and Apple’s Touch ID and Face ID for biometric authentication. mobile wallets
Originally launching in the United States, Apple Pay is available in Israel, Azerbaijan, Bahrain, the United Kingdom, Canada, Australia, Brazil, Mexico, Colombia, Costa Rica, the United Arab Emirates, Saudi Arabia, Qatar, Russia, Ukraine, Kazakhstan, China, New Zealand, Singapore, Hong Kong, Japan, Macau, Georgia, Belarus, Montenegro, Serbia, South Africa, and all countries in the European Economic Area (EEA). Apple Pay supports both international payment schemes—such as American Express, Visa (including Electron and V Pay), Mastercard (including Maestro), and Discover—as well as country-specific domestic payment schemes like China’s UnionPay, Japan’s JCB, France’s Cartes Bancaires, Canada’s Interac, Australia’s eftpos, Saudi Arabia’s mada, Germany’s Girocard and Russia’s Mir. Participating banks vary by region.
Apple Pay can also be used to ride some public transport networks either through the use of credit/debit cards (open loop) (for example across TfL in London, and at OMNY readers across New York City’s subway and bus network) or dedicated travel cards such as JR East’s Suica, the Chicago Transit Authority’s Ventra, the San Francisco Bay Area’s Clipper (closed loop) and Hong Kong’s Octopus Card.
BHIM (Bharat Interface for Money) is an Indian mobile payment App developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). launched on 30 December 2016, it is intended to facilitate e-payments directly through banks and encourage cashless transactions. mobile wallets
The application supports all Indian banks which use UPI, which is built over the Immediate Payment Service (IMPS) infrastructure and allows the user to instantly transfer money between bank accounts of any two parties. It can be used on all mobile devices
The app of UnionPay (Chinese: 云闪付; pinyin: Yúnshǎnfù, literally “Cloud QuickPass”) is a mobile and online payment service, developed and operated by UnionPay, the national Chinese bank card clearing service. Launched in 2017, it was designed to compete with the existing third-party Chinese mobile payment platforms, Alibaba Group’s Alipay and Tencent’s WeChat Pay.
The mobile app allows the user to add their UnionPay bank card, and use it for various types of online and mobile payments, including in-app online payments, QR code payments, as well as contactless payments on NFC-enabled devices using UnionPay’s QuickPass feature. mobile wallets
Google Pay (stylized as G Pay; formerly Android Pay) is a digital wallet platform and online payment system developed by Google to power in-app, online, and in-person contactless purchases on mobile devices, enabling users to make payments with Android phones, tablets, or watches. Users in the United States and India can also use an iOS device, albeit with limited functionality. In addition to this, the service also supports passes such as coupons, boarding passes, campus ID cards, car keys, event tickets, movie tickets, public transportation tickets, store cards, and loyalty cards.
As of 2020, it is currently available in 40 countries.
First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company’s STAR Network provided nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and Online outlets for nearly a third of all U.S. debit cards. mobile wallets
First Data has six million merchants, the largest in the payments industry. The company handles 45% of all US credit and debit transactions, including handling prepaid gift card processing for many US brands such as Starbucks. It processes around 2,800 transactions per second and $2.2 trillion in card transactions annually, with an 80% market share in gas and groceries in 2014. First Data’s SpendTrend Report is a key shopping metric for national news networks such as WSJ, USA Today, ESPN, The New York Times, Vox Media, and Bloomberg.
In October 2015, First Data returned to public markets, selling 160 million shares in the New York Stock Exchange’s biggest IPO of that year.
LG Pay is a mobile payment and digital wallet service by LG Electronics that lets users make payments using compatible phones and in the future are other LG-produced devices. The service supports contactless payments using near-field communications (NFC), but also incorporates wireless magnetic communication that allows contactless payments to be used on payment terminals that only support magnetic stripe and normal contactless cards.
The service is available in South Korea and the United States.
HUAWEI Wallet is your ticket to an easier life. Add your bank cards, transportations cards, loyalty cards, coupons, access cards, and more to your digital wallet so you can carry them around without the extra weight. mobile wallets
Mi-Pay is a contactless NFC-based mobile payment system that supports credit, debit and public transportation cards in China. The service was launched by Xiaomi in partnership with UnionPay. mobile wallets
In December 2018 Xiaomi launched Mi Pay in India with partnership with ICICI Bank. Apart from sending and receiving money, one can pay utility bills and mobile and broadband recharges.
Line, styled LINE, is a freeware app for instant communications on electronic devices such as smartphones, tablet computers, and personal computers. Line users exchange texts, images, video and audio, and conduct free VoIP conversations and video conferences. In addition, Line is a platform providing various services including digital wallet as Line Pay, news stream as LINE Today, video on demand as Line TV, and digital comic distribution as Line Manga and Line Webtoon. The service is operated by Line Corporation, a Tokyo-based subsidiary of Softbank Group and the Seoul-based Naver Corporation.
Line was launched in Japan in June 2011 by NHN Japan, a subsidiary of Naver Corporation. Because it was tailored to Japanese consumers’ tastes, and offered free smartphone calls as well as texting, with the help of a massive marketing campaign it quickly outpaced its existing rival KakaoTalk for the Japanese market. It reached 100 million users within 18 months and 200 million users six months later. Line became Japan’s largest social network in 2013, with more than 300 million users. By February 2015 had 600 million users.
In March 2021, SoftBank Group affiliate and Yahoo! Japan operator Z Holdings completed a merger with Line Corporation. Under the new structure, A Holdings, a subsidiary of SoftBank Corporation and Naver Corporation, will own 65.3% of Z Holdings, which will operate Line and Yahoo! Japan. Line is the most popular messaging application in Japan, Taiwan and Thailand mobile wallets
Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices. The service supports contactless payments using near-field communications (NFC), but also supports magnetic strip–only payment terminals by incorporating magnetic secure transmission. In India it also supports bill payments.
The service was launched in South Korea on August 20, 2015 and in the United States on September 28 of the same year. In 2016, at the International Consumer Electronics Show (CES 2016), the telecommunications company announced that Samsung Pay would be coming soon to a variety of banks in Australia, Brazil, Spain and Singapore.
Venmo is an American mobile payment service founded in 2009 and owned by PayPal since 2012. Venmo was aimed at friends and family who wish to split bills, e.g. for movies, dinner, rent, or event tickets. Account holders can transfer funds to others via a mobile phone app; both the sender and receiver must live in the United States. The company handled $159 billion in transactions in the first quarter of 2018.
By default, Venmo publishes every peer-to-peer transaction (excluding the amount), a feature shown by researchers to reveal sensitive details about users’ lives in some situations. In 2018, the company settled with the Federal Trade Commission about several privacy and security violations related to this and other features, and made changes to the corresponding settings. However, Venmo continued to attract criticism for exposing users to possible privacy risks.
WeChat Pay (Chinese: 微信支付; pinyin: Wēixìn Zhīfù) is a mobile payment and digital wallet service by WeChat based in China that allows users make mobile payments and online transactions. As of March 2016, WeChat Pay had over 300 million users. WeChat Pay’s main competitor in China and the market leader in online payments is Alibaba Group’s Alipay. Alibaba company founder Jack Ma considered the red envelope feature to be a “Pearl Harbor moment”, as it began to erode Alipay’s historic dominance in the online payments industry in China, especially in peer-to-peer money transfer. The success prompted Alibaba to launch its own version of virtual red envelopes in its competing Laiwang service. Other competitors, Baidu Wallet and Sina Weibo, also launched similar features
Touch ‘n Go eWallet
Touch ‘n Go eWallet is a Malaysian digital wallet and online payment platform, established in Kuala Lumpur, Malaysia, in July 2017 as a joint venture between Touch ‘n Go and Ant Financial. It allows users to make payments at over 280,000 merchant touch points via QR code; pay for tolls, street parking, payment on e-hailing, car-sharing apps or taxis via RFID or PayDirect; pay bills; top-up mobile prepaid; pay for purchases on e-commerce websites or apps; order food delivery; perform peer-to-peer money transfers; renew car insurance and purchase unique insurance plans; and purchase movie, bus, trains, and airline tickets
PhonePe is an Indian digital payments and financial services company headquartered in Bangalore, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.
The PhonePe app is available in over 11 Indian languages. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, make utility payments, pay at shops, invest in tax saving funds, liquid Funds, buy insurance, mutual funds, and gold. In addition PhonePe also allows users to book their Ola rides, pay for Redbus tickets, book flights and hotels on Goibibo through the Switch platform.
PhonePe is accepted as a payment option at over 17.5 million offline and online merchant outlets across 500 cities in India, covering food, travel, groceries, medicines, movie tickets etc. The app crossed 100 million user mark in June 2018 and also crossed 5 billion transactions in December 2019. It currently has over 280 million users. The company launched the PhonePe ATM in January 2020. The PhonePe ATM allows neighbourhood Kirana stores to dispense cash in real-time to customers.
PhonePe is licensed by the Reserve Bank of India for issuance and operation of a Semi Closed Prepaid Payment system with Authorization Number: 75/2014 dated 22 August 2014.
Paytm (a partial abbreviation for “pay through mobile”) is an Indian multinational technology company that specializes in digital payment system, e-commerce and finance, based in Noida, Uttar Pradesh. Paytm is currently available in 11 Indian languages and offers online use-cases like mobile recharges, utility bill payments, travel, movies, and events bookings as well as in-store payments at grocery stores, fruits and vegetable shops, restaurants, parking, tolls, pharmacies and educational institutions with the Paytm QR code. As of 2020, Paytm is valued at US$16 billion.
As per the company, more than 2 crore merchants across India use their QR code payment system to accept payments directly into their bank account. The company also uses advertisements and paid promotional content to generate revenues.
One97 Communications launched its IPO in November 2021, raising ₹18,300 crore (US$2.4 billion) at a valuation of US$20 billion.The shares began trading on 18 November 2021, opening at ₹1,950 on the NSE, 9.3% below the upper band of the IPO price range. The shares closed down more than 27% at ₹1,560
Amazon Pay is an online payments processing service owned by Amazon. Launched in 2007, Amazon Pay uses the consumer base of Amazon.com and focuses on giving users the option to pay with their Amazon accounts on external merchant websites. As of March 2021, the service is available in Austria, Belgium, Cyprus, Denmark, France, Germany, Hungary, India, Republic of Ireland, Italy, Japan, Luxembourg, Netherlands, Portugal, Spain, Sweden, Switzerland, United Kingdom, and the United States.
Amazon Pay announced a partnership with Worldpay in 2019 allowing Worldpay clients to enable Amazon Pay as a part of the same integration
2C2P is a payments platform provider that works with global enterprises operating in emerging markets to accept payments across online, mobile and offline channels, as well as provide issuing, payouts, remittance and digital goods aggregation and reselling services. It is headquartered in Singapore and operates across more than 20 countries globally.
Adyen is a Dutch payment company that allows businesses to accept e-commerce, mobile, and point-of-sale payments. It is listed on the stock exchange Euronext.
Adyen offers merchants online services for accepting electronic payments by payment methods including credit cards, bank based payments such as debit cards, bank transfer, and real-time bank transfers based on online banking. Adyen’s online payment platform connects to payment methods across the world. Payment methods include international credit cards, local cash-based methods, such as Boleto in Brazil, Internet banking methods, such as iDEAL in the Netherlands and Mobile payment methods, such as Blik in Poland. The technology platform acts as a payment gateway, payment service provider and offers risk management and local acquiring.
Apple Inc. is an American multinational technology company that specializes in consumer electronics, computer software and online services. Apple is the largest information technology company by revenue (totaling $274.5 billion in 2020) and, since January 2021, the world’s most valuable company. As of 2021, Apple is the fourth-largest PC vendor by unit sales and fourth-largest smartphone manufacturer. It is one of the Big Five American information technology companies, alongside Amazon, Google (Alphabet), Facebook (Meta), and Microsoft.
Apple was founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne to develop and sell Wozniak’s Apple I personal computer. It was incorporated by Jobs and Wozniak as Apple Computer, Inc. in 1977, and sales of its computers, among them the Apple II, grew quickly. It went public in 1980, to instant financial success. Over the next few years, Apple shipped new computers featuring innovative graphical user interfaces, such as the original Macintosh, announced in a critically acclaimed advertisement, “1984”, directed by Ridley Scott. The high cost of its products and limited application library caused problems, as did power struggles between executives. In 1985, Wozniak departed Apple amicably, while Jobs resigned to found NeXT, taking some Apple employees with him.
Apple Card is a credit card created by Apple Inc. and issued by Goldman Sachs, designed primarily to be used with Apple Pay on Apple devices such as an iPhone, iPad, Apple Watch, or Mac. Currently, it is only available in the United States.
Apple Wallet (known as simply Wallet in Apple operating systems, formerly Passbook) is a mobile app developed by Apple Inc. and included with iOS and watchOS that allows users to store Wallet passes such as coupons, boarding passes, student ID cards, government ID cards, business credentials, resort passes, car keys, home keys, event tickets, public transportation passes, store cards, and – starting with iOS 8.1 – credit cards, debit cards, prepaid cards, and loyalty cards for use via Apple Pay. Wallet was introduced as Passbook with iOS 6 on September 19, 2012. It was renamed Wallet with the release of iOS 9 in 2015. Wallet is also the main interface for Apple Card, Apple’s credit card released in the U.S. on August 20, 2019.
Atom Technologies Limited is a payment services provider company, headquartered in Mumbai, India. Atom was started in 2006 and is a subsidiary of the Financial Technologies Group, founded by Jignesh Shah.
The company has historically focused upon the distribution of payment and banking services through the use of mobile technology. Atom Technologies has provided products and services for mobile payments, interactive voice response (IVR) based payments, and mobile-based service distribution framework.
NTT DATA, a leading IT services provider headquartered in Tokyo, on 27 November 2018, announced that it has entered into an agreement to acquire a majority stake in Atom Technologies.
Bancomat (interbank network)
Bancomat is an interbank network for cash withdrawals widely used in Italy. It was first introduced in 1983 for use with automated teller machines. The network is owned by the Rome-based Bancomat, S.p.A. and its cards are issued by Italian banks. The service is only used in Italy and the word “bancomat” is used in Italy as a synonym for automated teller machine.
In 1986, an associated debit card network called PagoBancomat was introduced, which is based on the Bancomat service and is intended for PIN-based POS transactions.
Since the Bancomat network is not used outside Italy, almost every Bancomat/PagoBancomat debit card is co-branded with a multinational service, such as Mastercard, Maestro, Visa, Visa Electron or V Pay, for use abroad. A new service called Bancomat Pay was introduced in January 2019. It is intended for electronic payment for online transactions
Bell Identification B.V., or Bell ID, is a Dutch software company that develops smart token management software, including key management, smart card management, EMV data preparation, and host card emulation-based mobile payments software. Bell ID was acquired by Rambus in 2016 and in 2019, Visa Inc. acquired Bell ID from Rambus.
bKash (Bengali: বিকাশ) is a mobile financial service in Bangladesh operating under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. This mobile money system started as a joint venture between BRAC Bank Limited, Bangladesh and Money in Motion LLC, United States of America. As a mobile financial service (MFS) provider in Bangladesh through bKash users can deposit money into their mobile accounts and then access a range of services, in particular transferring and receiving money domestically, making payments. Services like mobile recharge or paying utility bills are also possible through bKash USSD (*247#) and bKash App. A user can receive money from overseas on bKash.
Fortune magazine ranked bKash among the top 50 companies in their Change the World list in 2017. According to Fortune, 22% of Bangladeshi adults use bKash with around 4.5 million daily transactions. Asiamoney magazine declared bKash as the Best Digital Bank(2018). World HRD Congress declared it as one of Asia’s best employees in 2017.
Boku, Inc. (LSE: BOKU) is a mobile payments company that allows businesses to collect online payments through both carrier billing and mobile wallets, and is headquartered in San Francisco, California. Boku utilizes mobile network operator (carrier) data to enhance the security and user experience for consumers online. Boku offers its customers more than 220 mobile payment types in over 70 countries globally, offering a bank-grade payment system.
In 2020, Boku processed over one billion billable transactions and processed over $7 billion in payments volume.
Carta Worldwide is a Canadian financial technology company that offers digital payments technology and modern card issuer processing for banks and financial technology “fintech” companies. In addition to their Canadian headquarters in Toronto, Carta has offices in London and Casablanca. Carta operates internationally, providing financial technology and digital payment software and cloud API issuer processing.
Carta’s clients include Vodafone, PayPal, Banco Sabadell, Westpac NZ, and Novum Bank, nets, TransferWise, and Sodexo. The company also partners with Visa and MasterCard.
Carta was the world’s first processor to complete integration to MasterCard MOTAPS, enabling rapid deployment for NFC programs. Their Charlottetown, PEI, data centre is the only secure third party issuer processing data host for financial services in Canada. Carta was part of the development team that produced ApplePay and was the first processor in the world to perform an ApplePay transaction.
Cash App (formerly known as Square Cash) is a mobile payment service developed by Square, Inc. that allows users to transfer money to one another using a mobile phone app. The service is only available in the US and the UK. In September of 2021, the service reported 70 million annual transacting users and has generated $1.8 billion in gross profit.
CDS Global, Inc. is a multinational corporation based in Des Moines, Iowa, that provides business process outsourcing and customer data management to various industries worldwide.
They handle 710 million consumer sales promotions, 65 million customer service interactions and 1 billion transactions annually, including 180 million payments totalling $7.1 billion, through 16 facilities in the U.S., Canada, U.K. and Australia.
CDS Global is a wholly owned subsidiary of Hearst Corporation and is the largest magazine fulfillment house in North America
Circle is a peer-to-peer payments technology company. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle’s mobile payment platform, Circle Pay, allows users to hold, send, and receive traditional fiat currencies. In September 2015, Circle received the first BitLicense issued from the New York State Department of Financial Services. In April 2016, the British government approved the first virtual currency licensure to Circle. Circle is headquartered in Boston, Massachusetts.
Up until December 2016, Circle Pay also operated as a Bitcoin wallet service to buy and sell Bitcoins. It has since ceased to provide such service, claiming the company “is now more than ever not a consumer bitcoin exchange, and will continue to focus resources on global social payments and future next-generation blockchain technology”.
In February 2020, Circle sold its digital asset trading platform to Voyager Digital.
In July 2021, Circle announced a plan to merge with a special-purpose acquisition company called Concord Acquisition Corp. to go public, a deal that values the company at $4.5 billion. Circle is the issuer of the USDC stablecoin.
Easypaisa is a Pakistani mobile wallet, mobile payments and branchless banking services provider. It was founded in 2009 by Telenor Pakistan in partnership with Tameer Bank, which was renamed to Telenor Microfinance Bank in 2017.
It also provides digital payment service through QR code in partnership with MasterPass and is the only GSMA mobile money certified service in Pakistan.
Easypaisa was initially launched as a money transfer service through Unstructured Supplementary Service Data (USSD) channels. In 2016, Easypaisa mobile app was launched to carry out a host of financial transactions other than money transfer.
Easypaisa is the branchless banking service of Telenor Microfinance Bank which is jointly owned by Telenor Group, one of the world’s largest telecommunications company across the Nordics and Asia with 186 million customers, and Ant Group, an affiliate company of Alibaba Group and the operator of the world’s leading open digital lifestyle platform, Alipay.
EnStream LP is a mobile commerce joint venture company owned by Bell Mobility, Rogers and TELUS—Canada’s three main wireless companies. The three carriers formed EnStream LP in 2005. EnStream provides digital identity verification and authentication services for 3rd party applications, enhancing user convenience and reducing identity theft and fraud. EnStream formerly managed a mobile money transfer service called Zoompass.
Ensygnia is a UK-based technology company. They aggregate across identity management, mobile payments and cyber security acting as an interaction gateway. Ensygnia’s primary product is Onescan, a transaction and identity management platform.
eServGlobal develops mobile software to support mobile financial services, with a focus on emerging markets. It also has a 35.7% share in the HomeSend cross-border payments hub, alongside Mastercard.
The company also developed a platform called PayMobile which covers a spectrum of mobile financial services, including mobile wallet, mobile commerce, analytics, advanced recharge, promotions and agent management.
Fitbit is an American consumer electronics and fitness company. It produces wireless-enabled wearable technology physical fitness monitors and activity trackers such as smartwatches, pedometers and monitors for heart rate, quality of sleep, and stairs climbed as well as related software. The company was acquired by Google in 2021.
In 2019, Fitbit was the fifth largest wearable technology company in shipments. The company has sold more than 120 million devices and has 29 million users. Products are sold in 39,000 retail stores and in over 100 countries.
Fortumo is an Estonian company which develops a platform for digital service providers for user growth and monetization. Fortumo’s products allow digital merchants to acquire new users through telco bundle partnerships and collect payments using carrier billing & mobile wallets. The company connects merchants to a network of more than 300 telcos and digital wallets in Asia, Europe, Latin America, the Middle East and Africa.
The company started in 2007 as a spin-off of the mobile services company Mobi Solutions and currently employs over 80 people. In July 2020, the company was acquired by Boku, Inc., and will continue to operate under its existing brand within the group.
Freecharge is an Indian financial services company based in Gurgaon. It allows users to pay bills such as electricity, gas and telephone, as well as recharge mobile, broadband, DTH and metro cards. In addition, it enables the users to invest in mutual funds and get credit through Freecharge EMI.
On 8 April 2015, Snapdeal acquired Freecharge in what was referred to as the second biggest takeover in the Indian e-commerce sector at the time, after the buy out of Ibibo by rival MakeMyTrip. The deal was for approximately US$400 million in cash and stock. On 27 July 2017, Axis Bank acquired Freecharge for $60 million
Freecharge is an Indian financial services company based in Gurgaon. It allows users to pay bills such as electricity, gas and telephone, as well as recharge mobile, broadband, DTH and metro cards. In addition, it enables the users to invest in mutual funds and get credit through Freecharge EMI.
On 8 April 2015, Snapdeal acquired Freecharge in what was referred to as the second biggest takeover in the Indian e-commerce sector at the time, after the buy out of Ibibo by rival MakeMyTrip. The deal was for approximately US$400 million in cash and stock. On 27 July 2017, Axis Bank acquired Freecharge for $60 million.
GCash is a Philippine mobile wallet, mobile payments and branchless banking service. Introduced in 2004, it is owned by Mynt (formerly Globe Fintech Innovations), which is a joint venture between Ant Group, an affiliate company of the Alibaba Group and the operator of the world’s leading open digital lifestyle platform, Alipay; Ayala Group of Companies, one of the Philippines’ largest business conglomerates; and Globe Telecom, one of the Philippines’ largest telecommunications companies (on Globe’s side, GCash is under 917Ventures).
As of 2019, it had 20 million active users and more than 63,000 partner merchants in the Philippines. However, in two years, owing to the rise of digital payments in the Philippines due to the COVID-19 pandemic, these figures more than doubled, with 46 million active users and 2.5 million merchants and sellers as of August 2021, making GCash the country’s undisputed mobile wallet giant.
PT Aplikasi Karya Anak Bangsa, doing business as Gojek (stylized in all lower case as goȷek, formerly styled as GO-JEK), is an Indonesian on-demand multi-service platform and digital payment technology group based in Jakarta. Gojek was first established in Indonesia in 2010 as a call center to connect consumers to courier delivery and two-wheeled ride-hailing services. Gojek launched its application in 2015 with only four services: GoRide, GoSend, GoShop, and GoFood. Valued at US$10 billion today, Gojek has transformed into a super app, providing more than 20 services.
Gojek operates in Indonesia, Vietnam, Singapore, Thailand, and Philippines (through the acquisition of Coins.ph). Gojek is the first Indonesian unicorn company, as well as the country’s first “decacorn” company. It is the only company in Southeast Asia that is included in Fortune’s 50 Companies That Changed the World in 2017 and 2019, ranked at 17 and 11, respectively. As of June 2020, it has about 170 million users throughout Southeast Asia.
Interac e-Transfer (formerly Interac Email Money Transfer or EMT) is a funds transfer service between personal and business accounts at participating Canadian banks and other financial institutions, offered through Interac Corporation.
From inception until early 2018, the service was provided by Acxsys, a for-profit consortium backed by most of the major partners of the nonprofit Interac Association, and using the Interac brand under licence. In February 2018, the activities of both organizations were combined into a single for-profit organization under the Interac name.
JazzCash, formerly known as MobiCash, is a Pakistani mobile wallet, mobile payments, and branchless banking services provider. It was launched in 2012 as MobiCash by Mobilink (now Jazz) in partnership with their subsidiary bank Mobilink Microfinance Bank. It has a market share of 64 percent in mobile money activity.It also provides digital payment service through QR code in partnership with MasterPass.
Jumio is an online mobile payments and identity verification company that provides card and ID scanning and validation products for mobile and web transactions, which they sell as “Netverify Trusted Identity as a Service”.
KakaoPay (Hangul: 카카오페이) is a mobile payment and digital wallet service by Kakao based in South Korea that allows users make mobile payments and online transactions. The service supports contactless payments using near-field communications and QR codes.
KakaoPay is incorporated into KakaoTalk, the mobile instant messenger from Kakao.
Mir (payment system)
Mir (Russian: Мир, IPA: [ˈmʲir]; lit. peace or world) is a Russian payment system. It facilitates electronic funds transfers based on the national payment system established by the Central Bank of Russia by the law adopted on May 1, 2017. The system is operated by the Russian National Card Payment System, a wholly owned subsidiary of the Central Bank of Russia.
Mir does not issue cards, extend credit or set rates and fees for consumers; rather, Mir provides financial institutions with Mir-branded payment products that they then use to offer credit, debit, or other programs to their customers. Mir cards are accepted mostly by Russia-based companies, such as Aeroflot or Russian Railways, although it is gradually becoming popular among foreign companies with Russian operations
MobiKwik is an Indian digital payment company, founded in 2009 that provides a mobile phone based payment system and digital wallet. Customers add money to an online wallet that can be used for payments. In 2013 the Reserve Bank of India authorized the company’s use of the MobiKwik wallet, and in May 2016 the company began providing small loans to consumers as part of its service.
In November 2016, the company reported having 1.5 million merchants using its service and a user base of 55 million customers. The company employs over 325 people, operating in three segments including consumer payments, fintech, and payment gateway.
Suica (Japanese: スイカ, Suika) is a prepaid rechargeable contactless smart card, electronic money used as a fare card on train lines in Japan, launched on November 18, 2001. The card can be used interchangeably with JR West’s ICOCA in the Kansai region and San’yō region in Okayama, Hiroshima, and Yamaguchi prefectures, and also with JR Central’s TOICA starting from spring of 2008, JR Kyushu’s SUGOCA, Nishitetsu’s Nimoca, and Fukuoka City Subway’s Hayakaken area in Fukuoka City and its suburb areas, starting from spring of 2010. The card is also increasingly being accepted as a form of electronic money for purchases at stores and kiosks, especially within train stations. As of 2018, JR East reports 69.4 million Suica UID’s have been issued, usable at 476,300 point of sale locations, with 6.6 million daily transactions.
Since Suica is completely interchangeable with Pasmo (see Interoperation for the complete listing of companies and lines that accept Suica) in the greater Tokyo area, it is supported on virtually any train, tramway, and bus system (excluding various limited and shinkansen trains, as well as a few local buses as the system is still in the process of being extended to all routes).
MobilePay is a mobile payment application developed by Danske Bank. The service allows payments by means of a smartphone application and was published on May 7, 2013, after Danske Bank discontinued its cooperation with other Danish banks on a common system. It is mainly used in Denmark, but also in Finland. MobilePay was also available in Norway, but shut down in January 2018 due to competition from Vipps. MobilePay is a member of the European Mobile Payment Systems Association. MobilePay is present in Denmark, Finland and Greenland. MobilePay is not available in Faroe Islands.
mopay is a mobile payment platform represented in the U.S. by mopay Inc. mopay and mopay Inc. are registered trademarks of MindMatics Group, a Germany-based mobile marketing company.
M-Pesa (M for mobile, pesa is Swahili for money) is a mobile phone-based money transfer service, payments and micro-financing service, launched in 2007 by Vodafone Group plc and Safaricom, the largest mobile network operator in Kenya. It has since expanded to Tanzania, Mozambique, DRC, Lesotho, Ghana, Egypt, Afghanistan, and South Africa. Meanwhile, services in India, Romania, and Albania have been terminated amid low market uptake. M-Pesa allows users to deposit, withdraw, transfer money, pay for goods and services (Lipa na M-Pesa), access credit and savings, all with a mobile device.
The service allows users to deposit money into an account stored on their cell phones, to send balances using PIN-secured SMS text messages to other users, including sellers of goods and services, and to redeem deposits for regular money. Users are charged a small fee for sending and withdrawing money using the service.
M-Pesa is a branchless banking service; M-Pesa customers can deposit and withdraw money from a network of agents that includes airtime resellers and retail outlets acting as banking agents.
M-Pesa spread quickly, and by 2010 had become the most successful mobile-phone-based financial service in the developing world. By 2012, a stock of about 17 million M-Pesa accounts had been registered in Kenya. By June 2016, a total of 7 million M-Pesa accounts had been opened in Tanzania by Vodacom. The service has been lauded for giving millions of people access to the formal financial system and for reducing crime in otherwise largely cash-based societies
National Payments Corporation of India
The National Payments Corporation of India (NPCI; Hindi: भारतीय राष्ट्रीय भुगतान निगम) is the specialised division of Reserve Bank of India which is under the jurisdiction of Ministry of Finance, Government of India.It was created by RBI for operating retail payments and settlement systems in India.
Immediate Payment Service
Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24×7 throughout the year including bank holidays. NEFT was also made available 24×7 from December 2019. RTGS was also made available 24×7 from 14th December 2020.
It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later that year. IMPS was publicly launched on 22 November 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 PPIi signed up for the IMPS service.
Around 200 million IMPS transactions amounting to roughly US$20 billion of transaction amount happen every month in India. The sender requires to know the bank account number and the Indian Financial System Code of the beneficiary to transfer money.
Unified Payments Interface
Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI) facilitating inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. The interface is regulated by the Reserve Bank of India (RBI) and works by instantly transferring funds between two bank accounts on a mobile platform. As of December 2020, there are 207 banks available on UPI with a monthly volume of 2334.16 million transactions and a value of ₹4,162 billion (US$55 billion) UPI witnessed 22102.3 million transactions till November 2020.
The mobile-only payment system helped transact a total of ₹17.29 lakh crore (US$230 billion) during the 37 months of operation starting from 2016. As of May 2021, the platform has 100 million monthly active users in India with plans to achieve 500 million by 2025. IIT Madras is also working to integrate voice command feature that can support English and Indian vernacular language in future.
Naver Pay (Hangul: 네이버 페이) is a mobile payment service launched by Naver Corporation. It is Naver’s second mobile payment service after Line Pay, which was launched by Naver’s Japanese subsidiary, Line Corporation in 2014.
Naver Pay was launched on June 25, 2015 with support for 14 banks and 3 credit card companies as well as 53,000 member stores. The service allows both mobile payment services through the app and online checkout for online shopping similar to PayPal.
National Electronic Funds Transfer
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology. NEFT enables bank customers in India to transfer funds between any two NEFT-enabled bank accounts on a one-to-one basis. It is done via electronic messages.
Unlike real-time gross settlement, fund transfers through the NEFT system do not occur in real-time basis. Previously, NEFT system settled fund transfers in hourly batches with 23 settlements occurring between 00:30 hrs. to 00:00 hrs.
From 16 December 2019, there would be 48 half-hourly batches occurring between 00.30 am to 00:00 am every day regardless of a holiday or otherwise,
As of 30 November 2019, NEFT facilities were available at 1,48,477 branches/offices of 216 banks across the country and online through the website of NEFT-enabled banks. NEFT has gained popularity due to the ease and efficiency with which the transactions can be concluded.
There is no limit – either minimum or maximum – on the amount of funds that can be transferred using NEFT
Orange Money is the mobile money service of Orange S.A., available in most of the group’s affiliates in Africa. Its users can deposit money into an account linked to their mobile phone number, and then access a range of services, in particular transferring money domestically and internationally, paying bills and buying airtime top-up. Since June 2016, the service is available in France, where it enables international money transfer to Côte d’Ivoire, Sénégal and Mali.
Osaifu-Keitai (おサイフケータイ, Osaifu-Kētai), literally “Wallet Mobile”, is the de facto standard mobile payment system in Japan. Osaifu-Keitai services include electronic money, identity card, loyalty card, fare collection of public transits (including railways, buses, and airplanes), or credit card. The term “Osaifu-Keitai” itself is a registered trademark of NTT Docomo.
The system was developed by NTT Docomo but the system is also supported by other mobile phone operators. It uses Sony’s Mobile FeliCa ICs.
Oxigen Services is an Indian fintech company. It is involved in micropayment of services and remittances in real time. In June 2016, the company reported that the transaction volume rate increased to 600 million transactions per year with a customer base of more than 150 million.
Oxigen Services is an Indian fintech company. It is involved in micropayment of services and remittances in real time. In June 2016, the company reported that the transaction volume rate increased to 600 million transactions per year with a customer base of more than 150 million.
Payanywhere is a payments platform and app that allows merchants in the United States to accept credit and debit card payments while building customer relationships in-store, online, or on the go. Merchants may accept payments on their smartphone via a Bluetooth card reader or on an in-store “Storefront” solution featuring a tablet and stand, which was introduced on April 8, 2014. PayAnywhere offers credit card readers and apps that are compatible with both Apple and Android devices.
Announced in late August 2015, a new Payanywhere reader for iOS phones and tablets added Apple Pay support, as well as NFC, EMV and magnetic stripe acceptance. It was available exclusively from Apple’s retail and online store(s). Android tablet support was added in early October of that year.
A key feature of the solution platform beyond payment acceptance is Payanywhere Inside, an online merchant portal that enables businesses to access reporting, manage employee permissions, accept phone and online payments via a virtual terminal, send and manage invoices, take action on chargebacks, and access additional business management tools
Paym ( PAY-əm) is a mobile payment system provided by banks and building societies in the United Kingdom. Recipients are identified by their mobile phone number instead of bank details such as sort code and account number.
The service was developed by the Payments Council and participating banks and building societies, with Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB involved from the launch in April 2014. More than nine out of ten current accounts in the UK support Paym after Clydesdale Bank, First Direct, Isle of Man Bank, NatWest, RBS International, The Royal Bank of Scotland, and Yorkshire Bank joined later in 2014. Nationwide Building Society joined Paym in June 2015, with Metro Bank and Tesco Bank planning to join later in 2015. The underlying network technology is provided by VocaLink. The name “Paym” is stylised in the logo with a slight gap between “Pay” and “m”, and is a play on words over “Pay ’em”, a contraction of “Pay them”, and “Pay M” alluding to “Pay Mobile”. In 2018 Paym had around 4 million users.
The recipient must register in order to link their mobile phone number with their bank account. Those wishing to make a payment to a registered phone number can use their existing mobile banking or online banking service. Payments made through Paym take place at the same speeds as existing Faster Payments or LINK payment mechanisms.
The sender enters the recipient’s phone number (or selects their number in their own phone’s address book). The sender’s bank then retrieves the account number and sort code associated with that phone number, and then sends the money using the Faster Payments Service. The sender is shown the recipient’s name (in order to confirm that they are paying the right person) but not their account details.
PayMate is a business-to-business (B2B) payment solution provider headquartered in Mumbai. The company offers a cloud-based platform that helps large enterprises and SMBs transition from traditionally slow and costly forms of payments such as cash and cheques to real-time digital payments. It digitizes their entire procurement-to-payment cycle, thereby improving an overall efficiency and saving over 50% in time, efforts, resources and costs.
PayMaya Philippines, Inc., commonly referred to as PayMaya, is a Philippine financial services and digital payments company based in Metro Manila, Philippines. It was founded in 2007. In 2018, its parent Voyager Innovations received a $215 million investment from Tencent, KKR, and IFC.
Two thirds of the population of the Philippines is unbanked, and PayMaya serves that community. PayMaya processed $1 billion in transactions in 2016. As of September 2021, it had 38 million registered users.
PayMe (officially known as PayMe from HSBC) is a mobile payment service from HSBC, currently available only for Hong Kong users with local phone numbers and banks. Users can pay businesses, transfer money to one another using a mobile app, linked to their credit card or (any local) bank account.
As of May 2020, the service had over two million active users, out of a Hong Kong population of 7.3 million.
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.
Established in 1998 as Confinity, PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. In 2015, eBay spun off PayPal to eBay’s shareholders and PayPal became an independent company again. The company was ranked 134th on the 2021 Fortune 500 of the largest United States corporations by revenue.
Braintree is a company based in Chicago that specializes in mobile and web payment systems for e-commerce companies.
Braintree provides clients with a merchant account and a payment gateway. The company was acquired by PayPal on September 26, 2013.
Zettle by PayPal (previously known as iZettle) is a Swedish financial technology company founded by Jacob de Geer and Magnus Nilsson in April 2010, and is now owned by PayPal. Launching its first app and service in 2011, the company offers a range of financial products including payments, point of sales, funding and partners applications.
The company was the first to develop chip-card reader and app for smartphone-based mobile commerce which meets international security requirements
Paydiant, Inc. is a PayPal-owned financial services company based in Auburndale, Massachusetts, which was incorporated in 2010. Paydiant provides cloud-based services for merchants, banks, and point-of-sale and ATM providers.
Pix (electronic payment system)
Pix is an instant payment platform created and managed by the monetary authority of Brazil, the Central Bank of Brazil, which enables the quick execution of payments and transfers. Pix was announced in the summer of 2019, and was fully operational on November 16, 2020. The “Pix” brand name and logo were created in-house by the Central Bank of Brazil in 2020.
Payworld is a mobile financial service company based in India that provides financial services including money transfer, recharges, and bill payments. The company was founded in 2006 by the Sugal & Damani group and has its headquarters in Gurgaon, Haryana.
Pingit, formerly Barclays Pingit, was a system for the mobile transfer of money in the United Kingdom. It was launched by Barclays in February 2012 and was initially only available for use by Barclays current account holders, who were over the age of 18, for the sending and receiving of payments. This was later extended to all UK current account holders and the age limit was dropped to 16. The application used for Pingit is currently available on iOS and Android.
QIWI plc is a Russian company that provides payment and financial services in Russia and CIS countries. The group includes QIWI payment system, QIWI Bank, CONTACT money transfer system, Factoring PLUS, Flocktory, and QPlatform. The company has representative offices in three countries.
The payment network has more than 16,6 million wallets and virtual cards, as well as almost 106 thousand terminals and payment points.
Real-time gross settlement
Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a “real-time” and on a “gross” basis. Settlement in “real time” means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed. “Gross settlement” means the transaction is settled on a one-to-one basis, without bundling or netting with any other transaction. “Settlement” means that once processed, payments are final and irrevocable.
Revolut is a financial technology company that offers banking services. Headquartered in London, it was founded in 2015 by Nikolay Storonsky and Vlad Yatsenko. It offers accounts featuring currency exchange, debit cards, virtual cards, Apple Pay, interest-bearing “vaults”, commission-free stock trading, crypto, commodities, and other services. Revolut has expanded into new markets such as Japan and expanded staff from 1500 to around 5000. In November 2020 it was breaking even and, with a £4.2 billion valuation became the UK’s most valuable fintech. In January 2021 it applied for a UK banking licence. An $800 million funding round in July 2021 brought the value of the company to $33 billion, making it the most valuable UK tech startup in history.
Secure Mobile Payment Service
Secure Mobile Payment Service (SEMOPS) is a project for developing a secure, universal electronic payment service, which allows real time payment transactions independently of the type and value of the purchase.
SimPay was a consortium which was founded to promote mobile payment in 2003 but which was closed as of June 2005. Simpay started in Spain by a number of mobile phone companies to build an open, interoperable solution, but was abandoned when key members pulled out in 2005.
Spice Digital Limited (formerly registed as Cellebrum Technologies) is an Indian telecommunications company headquartered in Noida, India, a subsidiary of Spice Connect. The company specializes in Mobile Value Added Services, along with Telco Solutions, enterprise solutions, financial technology, GST Suvidha Provider (GSP), and digital transformation products and services.
Spice Money provides multiple services to merchants and retail counters. Spice Money is available in 7 Indian languages and offers services like money transfer/remittance(DMT), aadhaar based mini ATM, mobile recharges, utility bill payments BBPS, travel booking, MPOS, buy insurance and buy/sell gold. It is involved in micro-payment of services and remittances in real time i.e. where sender provides cash and the recipient receives money electronically in their bank account simultaneously.
Swish (Swedish pronunciation: [swɪʂː] or [svɪʂː]) is a mobile payment system in Sweden. The service was launched in 2012 by six large Swedish banks, in cooperation with Bankgirot and the Central Bank of Sweden. It had 7.9 million users as of April 2021 (total Swedish population: 10.2 million). Swish is a member of the European Mobile Payment Systems Association.
TagPay is a digital banking platform created by the French company TagPay. This software is used by banks, telecom operators, and other players to offer digital financial services to their clients.
TagPay uses sound-based near sound data transfer (NSDT) technology to secure electronic transactions. TagPay’s target markets are in emerging economies where populations are un-banked and secure payment systems are needed.
TagPay can be used by any smart or feature phone and supports a wide range of mobile money services such as: M-wallet (account management), retail payments, micro finance, health, salary disbursement, airtime top up, loyalty, remittances, and ATM withdrawal.
As of 2021, over 30 digital financial service providers such as the Trust Merchant Bank, Société Générale and Cofina use the TagPay platform to offer their customers financial services via cell phone.
Vipps is a Norwegian mobile payment application designed for smartphones developed by DNB. Vipps was released May 30, 2015 and, having reached 1 million users by November 5, 2015, Vipps became Norway’s largest payment application. Although Vipps was developed by DNB, customers of any Norwegian bank can use it. Vipps is a member of the European Mobile Payment Systems Association.
Wizzit International is a provider of basic banking services for the unbanked and underbanked (people or enterprises that have no or only limited access to banking services) in South Africa. Its services are based on the use of mobile phones for accessing bank accounts and conducting transactions, in addition to a Maestro debit card that is issued to all customers upon registration. Wizzit is a branchless banking business, meaning that its services are designed so that customers can generally conduct transactions without the need to visit bank branches.
While WIZZIT does not operate any branches on its own, it has partnered with the Absa Group and the South African Post Office that act as banking agents and allow WIZZIT’s customers to deposit funds at any Absa or Post Office branch. Similarly, WIZZIT does not have an automated teller machine (ATM) network but its customers can pay for purchases and withdraw funds using their debit card at any point of sale (POS) or ATM accepting Maestro cards. Wizzit has also partnered with Dunns, a fashion retailer focusing on lower to middle-income customer segments that acts as an agent for opening accounts
YooMoney branded as ЮMoney, formerly known as Yandex.Money (Russian: Яндекс.Деньги), is Russia’s second largest electronic payment service after “Sberbank Online” according to a 2020 research by Mediascope. It is an online payment service that works with two types of clients — individual users and merchants.
The service was originally a joint venture of Russia’s leading search engine Yandex (NASDAQ: YNDX), and Russia’s largest bank Sberbank. Currently, Sberbank owns a 100% stake in the company. The program launched in 2002. With new stakeholders, Yandex.Money obtained access to a broad payment infrastructure of Sberbank including ATMs, terminals and online banking.
According to a June 2015 public opinion survey conducted by TNS, 92 percent of Russians are familiar with the service, and 44 percent regularly use Yandex.Money to make payments.
The company’s headquarters are in Moscow, Russia. It has branch offices in Saint Petersburg and Nizhny Novgorod. Ivan Glazachev is Yandex.Money Chief Executive Officer. He became the head of the company on 1 March 2017
ZainCash is a mobile wallet, money transfer, electronic bill payment, funds disbursement service, licensed by the Central Bank of Iraq.
ZainCash allows users to deposit, withdraw, transfer money and pay for goods and services via their mobile phone. It has more than 4000 agents across Iraq.
Vocalink is a payment systems company headquartered in the United Kingdom, created in 2007 from the merger between Voca and LINK. It designs, builds and operates the UK payments infrastructure, which underpins the provision of the Bacs payment system and the UK ATM LINK switching platform covering 65,000 ATMs and the UK Faster Payments systems.
Vocalink processes over 90% of UK salaries, more than 70% of household bills and 98% of state benefits. In 2013 the company processed over 10.5 billion UK payments with a value of over £5 trillion. In July 2016 MasterCard purchased a 92% stake in the company, with the remainder to be held by UK banks for a period of three years
Zelle (payment service)
elle () is a United States–based digital payments network owned by Early Warning Services, LLC, a private financial services company owned by the banks Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo. The Zelle service enables individuals to electronically transfer money from their bank account to another registered user’s bank account (within the United States) using a mobile device or the website of a participating banking institution.
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