Here is a simple statistic of online payments. The subject matter is Paypal which needs no introduction. To sum up their history the online payment gateway was cofounded by Elon Musk, Peter Thiel. Luke Nosel and Max Levchin around 2000.Ebay purchased Paypal in 2002 for 1.5 billion dollars after Paypal had a successful IPO. eBay's success as an e-commerce giant is greatly attributed to incorporating Paypal's payment technology.
In 2015Paypal's revenue was nearly 8 billion dollars contributing to 44% of eBay's revenue. There were over 160 million users on Paypal and nearly 13 million transactions were handled each day. In 2015, eBay decided to split Paypal from eBay to became an independent entity. From July 2015Paypal is a separate business. The competition that Paypal faces is coming from Alipay (spin off from e-commerce giant Alibaba), Apple pay( a division of Apple) Google Wallet (under the umbrella of Alphabet) Square and Stripe. In Asia, there are Tenpay, Payment Asia, PayTM and several other startups. Alipay by dint of operating in China has an inherent advantage of a strong domestic base – China’s internet population is nearing 600 million.
Prior to 2014 only about 25% of payments online were conducted on mobile devices. With over 2 billion smartphones in the world, this statistic is morphing in the sense that over 60 % of online payments are conducted on mobile devices worldwide. New technologies such as blue tooth, NFC (near field communications) fingerprint sensors for authentication, other biometric sensing devices are invading payment gateways. So too is fraud as scammers are also keeping touch with technology. Taking a leaf out of Payment Asia's fraud detection and encryption technology the Payment Asia reviews on social media forums testify to the customer satisfaction and excellent user experience. Trust issues will score over technology eventually.
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