The development of the internet has become the new playground for emerging online payment methods. Checks overtook cash, credit cards blew right through the progress checks had made, and online payment methods have paved the way for companies to collect payments in increasingly diverse ways.
Websites like MaxBet have gone completely away from the acceptance of cash as legal tender and developed online payment systems to collect payments. The emerging payment methods have exploded so here is a handy guide to help walk you through the best payment methods in Asia today.
Grab
Grab started off as Myteski, a transportation networking corporation that started its days in Singapore. After moving to Singapore, the company started offering food service and then began to get into digital payment services. This app company is the pinnacle of Asian app technology, with everything from food delivery, bike sharing, and online grocery shopping to the functionality of the app to increase the usage of the app and payment method. Another feature that has drawn in more customers is the ability to transfers funds to anyone in the world just by scanning a simple QR code.
Go-Jek
Go-Jek followed the same path as Grab in its inception. Once a ride-hailing app, Go-Jek has moved towards the mobile payment methods to increase the overall product. Go-Jek has made strides where Grab has come up short. In an effort to their ability to make payments, Go-Jek bought three payment companies. Kartuku has started to process their offline payment system while Midtrans and Mapan have stepped in to handle their savings and online payment methods. By purchasing these three companies and creating a headquarters in Seattle, Washington, Go-Jek has laid the foundation for developing a global mobile payment system.
Ant Financial
While Grab and Go-Jek have taken off in southeast Asia, companies in China have developed a tremendous online money management system. Ant Financial recently received over fourteen billion dollars for a global expansion plan. While at the time being, they are focused on making their payment system available for Chinese tourists, the company have set their sights on developing their own smart card. This card will be used for transportation fee payments and then will eventually develop this firmware into an all-around payment card to handle the heavy traffic of modern payments.
WeChat Pay
WeChat began their hunt for mobile payments by beginning a social media app. Released in 2011, it has quickly become the world’s largest stand-alone program with over a billion active users every month. With the increased amount of users, the company began to add more and more features, the most important being a social media payment feature. By simply adding your credit card information, users can pay their bills, order food and services, transfer money to friends, or even pay in store if they have the WeChat payment option in their stores. Because of these amazing features, Berkshire Hathaway has recently expressed that WeChat can soon become a major competitor of Visa, Mastercard, and American Express.