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Cash Payments

Mobile Money Payments

Debit & Credit Cards Payments

Bank M-Wallet Payments

Cryptocurrency Payments

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Cash Payments

According to the WORLD PAYMENTS REPORT 2017, despite the increased adoption of digital payments, cash continues to be in the mainstream, especially for low-value transactions. Apart from transaction sizes, the use of cash is strongly correlated with demographics. Other key factors for high usage of cash are the lack of modernized payment infrastructure and lack of access to banking systems in emerging markets. Although the share of cash in the total payment volumes is declining in the majority of countries, cash in circulation (CIC) remained stable or increased slightly over the past five years. The CIC to Gross Domestic Product (GDP) ratio is increasing at a higher pace globally and this may hamper the progress toward cashless societies.

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Mobile Money Payments

According to the GSMA’s STATE OF THE INDUSTRY REPORT ON MOBILE MONEY 2016, the rise of mobile money has generated important gains in financial inclusion. By 2011, registered mobile money accounts grew to 86.8 million, with more than a quarter of them active. Between 2011 and 2013, the net number of total mobile money services nearly doubled, from 116 services in 60 countries to 230 services in 82 countries. When the Global Financial index survey was updated in 2014, it showed the number of unbanked people globally had dropped from 2.5 billion to two billion in just five years.27 Much of the gain in low-income countries has been attributed to the spread of mobile money. The biggest impact was felt in Sub-Saharan Africa, where 12% of adults in the region had a mobile money account. In 2015, mobile money accounts surpassed bank accounts in the region. By 2016, there were 277 million registered accounts in Sub-Saharan Africa, of which more than 100 million were active via 155 Mobile Money Service Providers.

Debit & Credit Cards Payments

According to the WORLD PAYMENTS REPORT 2017, global non-cash transaction volumes grew 11.2% during 2014–2015 to reach 433.1 billion, the highest growth of the past decade, and slightly above last year’s prediction. This growth was driven to a large degree by developing markets, which recorded a 21.6% increase in 2015 while mature markets grew by 6.8%, a nominal rise over the 6% recorded in 2014.

Debit cards and Credit payments were the leading digital instruments in 2015, while check usage continues to decline globally. Debit cards accounted for the highest share (46.7%) of global non-cash transactions followed by credit cards with 19.5% in 2015. Although credit cards volume grew 10% globally in 2015, growth rates across regions declined or grew marginally, except in Emerging Asia. Owing to growing usage of electronic payment methods, the volume of checks continued to fall in 2015 as well, by 13.4% globally.

Bank M-Wallet Payments

With the very slow adoption of traditional banking services such as bank account openings, use of credit cards and wire transfers, emerging markets traditional banks are on the way to their digital transformation. Most of them are going mobile and launching their bank mobile wallets (m-wallets) linked to traditional bank accounts or not.

So in our vision of maximizing the financial inclusion loop, we are also integrating mobile wallets from banks to enable the people who already have bank accounts and who use their m-wallets to avoid sharing their credit cards details online to pay with their m-wallets. This increases the level of security for them and reduces the risk of getting their banks details exposed to fraud.

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Cryptocurrency Payments

Since the arrival of Bitcoin in 2009, cryptocurrencies have proliferated. Currently, over 700 cryptocurrencies are actively traded, with a total market capitalization of more than $74.3 billion (as of September 06, 2017), according to Coinmarketcap.com. Most of these are minor currencies with a small circulation. But the top 10 or so cryptocurrencies by market capitalization are a different matter. They aim to create fast, inexpensive and fully secure global payment solutions, challenging and potentially disrupting traditional B2B payment methods.

We have integrated all of them in our system. Your organization can now accept and push any kind of cryptocurrency payments from/to any crypto-wallet worldwide via WeCashUp.