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What is Mobile Payment Systems?

Mobile payment systems is a vast term that includes payments made at restaurants with your phone, a card swiped on a friend’s tablet, and money transfers made with your mobile device to your contacts. Mobile payment systems include everyday transactions made with an app or mobile wallet, point of sale payments done by tapping your phone on the card reader, closed-loop mobile payments facilitated by companies like Starbucks for faster ordering, carrier payments facilitated by your cell phone company, and mobile card readers that you can plug into your tablet or phone to accept payments on the go. Show moreYou can download a mobile payment app to make payments and top phones nowadays come with a built-in mobile payment feature. Start by checking our leader Apple Pay, and other recommended solutions in this category.Show less

How was this ranking made?

In order to create this list of best Mobile Payment Systems we have checked 121 leading apps currently available on the market, analyzing their features, how easy are they are to learn, client service, possible integrations with other systems as well as mobile support with our unique SmartScoreTM rating algorithm. This list has been created by Nestor Gilbert, our software expert dedicated to the Mobile Payment Systems category.

List of Top 12 Mobile Payment Systems

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1. Revel Systems POS

Our score: 8.7 User satisfaction: 98%

A powerful point-of-sale tool for the food and retail industries. It offers an extensive range of sales management tools that can be accessed via its Revel Assistant tool, a smart Management Console. Its other features include kitchen management, product management, menu building, and employee management.

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2. Lightspeed Retail

Our score: 8.4 User satisfaction: 98%

An innovative POS solution designed to help businesses sell more efficiently and process payments with ease to improve customer experience and grow their bottom line. Lightspeed Payments provides all the tools you need to offer a fast, secure, and consistent checkout experience, whether in-store or online.

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3. Apple Pay

Our score: 9.9 User satisfaction: 97%

A game-changing mobile payment system that delivers an exceptional shopping experience to Apple device users. It is an intuitive platform that lets consumers make fast and secure payments on the web, in apps, and in-store, wherever they buy goods or services.

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4. QuickBooks GoPayment

Our score: 9.6 User satisfaction: 81%

A robust mobile payment app and credit card reader designed by QuickBooks to help businesses accept payments anytime, anywhere. QuickBooks GoPayment allows you to accept all major debit and credit cards, and also functions as a mobile wallet for the consumers.

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5. PayPal Payments Pro

Our score: 9.5 User satisfaction: 99%

PayPal Payments Pro integrates merchant accounts and payment gateways into a unified solution, enabling users to process payments easily. It's built on PayPal’s technology that can handle credit card, mobile, and retail card payments. What’s more, it doesn’t require buyers to have a PayPal account.

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6. Square

Our score: 9.4 User satisfaction: 97%

A reliable mobile payment system designed to help retail businesses and restaurants accept payments more securely, easily, and quickly. It’s a flexible solution that lets you accept card payments the way you want on phones, tablets, PCs, or the web.

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7. Adyen

Our score: 9.2 User satisfaction: 100%

An all-in-one payments platform that provides flexible features to help businesses deliver seamless payment experiences. It helps unify commerce customer journeys and accept payments on mobile and at the point of sale. It also supports global payments, which is an excellent feature for businesses that want to expand globally.

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8. Venmo

Our score: 9.1 User satisfaction: 87%

A PayPal-owned payments app designed to simplify the digital payment experience for users. Businesses can tap into the capability of this app and allow customers to quickly check out on the web, app, or mobile device. Millions of consumers use this digital wallet to make and share payments.

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9. Sage Payment Solutions

Our score: 9.0 User satisfaction: 100%

A scalable payment processing solution for businesses of different sizes and types. Sage Payment Solutions makes it a breeze to accept and make payments, anytime, anywhere. It also integrates with Sage accounting products to help manage all your money from one system.

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10. Uphold

Our score: 8.9 User satisfaction: 85%

A strongly secure and compliant multi-assets currency storage, exchange, and transaction platform that enables users to trade between national currencies, cryptos, and more. It operates in more than 35 countries and accepts 27 national currencies, 30 cryptocurrencies, and up to 4 metals.

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11. Fortumo Android SDK

Our score: 8.7 User satisfaction: 100%

A payment integration for processing payments for advanced and premium features.

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12. MANGOPAY

Our score: 8.5 User satisfaction: 97%

A secure and customizable payment management system for marketplaces, crowdfunding platforms, and collaborative economy players; supporting multiple currencies, and local and international payment methods, and employing anti-money laundering methodologies.

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Mobile Payment Systems Guide

Table of contents

Mobile payment tools are a boon to consumers and businesses as they are fast, secure, and convenient. There are a number of mobile payment apps available in the market. So, how do you do educated comparisons to select the best mobile payment apps for your business? We help you in this task by detailing the main features and factors you should look for in your selection process.

Get to know each product with free trial

Start your search for the best mobile payment tools by signing up for the free trial or demo offered by leading vendors. This will enable you to perform a general comparison of features and gauge each app’s suitability for your needs. We recommend you shortlist the following programs and try them out: Apple Pay, Samsung Pay, and PayPal. These platforms have received high rankings and good reports in our mobile payment app reviews.

Targeted Businesses

Best mobile payment systems offer convenient solutions that can be used by consumers, retailers and restaurants, merchants, and other businesses.

Examples of Mobile Payment Systems

  1. Apple Pay: A simple app for Apple devices. You can make safe purchases on the web, in apps, and in stores. Plus, you can use the Messages feature to receive and send money to family and friends. It is easier than using your credit or debit card and more secure too.
  2. Samsung Pay: Convert your phone into your wallet. Samsung Pay enables you to add all your membership, gift, debit, and credit cards to your devices. It has entered into partnerships with Visa, MasterCard, Discover, and American Express payment card networks. The best part is that you get extra rewards for making daily purchases.
  3. Android Pay: A digital wallet designed by Google to facilitate tap-to-pay and in-app purchases on mobile devices. You can make payments with your Android phone, tablet, or watch. Simply add a card from any participating bank. The highlight is that your info is kept safe as your card number is not shared. Instead, the app uses a virtual account number and keeps your card details hidden and safe.
  4. PayPal: Use the PayPal mobile wallet app to shop online and in-store. It is safer than carrying cards in your wallet. The digital wallet securely stores your financial info and does not share the details with merchants. All you need to do is remember your login info and you don’t even need to carry a physical wallet to perform transactions.
  5. Google Wallet: Makes it easy, fast, and free to send and receive money. You can send money to anyone in the US even if they don’t have the app. Request funds from your contacts and keep track after they make the payment. Cash-out with a bank account or debit card and access the funds you receive in minutes. Finally, you can automatically transfer the money you receive to a bank account or debit card.
  6. Adyen. A comprehensive mobile payment system designed to streamline the payment experience. With is flexible features, Adyen enables consumers to make payments anywhere anytime on mobile devices.

Types of Mobile Payment Systems

There are 4 main types of mobile payment systems:

  1. SMS payments. Pay for a product or service by sending a text message from your phone. This method is ideal for users who don’t have a smartphone.
  2. Mobile wallets. A mobile wallet stores payment info in an app. It utilizes technologies such as QR codes and Near Field Communication (NFC) and allows you to make payments on the web and card terminals and make in-app purchases.
  3. NFC payments. Near Field Communication (NFC) phones use radio frequency identification to communicate with each other and with NFC-enabled points of sale. The phones have to be within four inches/ten centimeters of each other. NFC technology is widely used in China, Japan, and France, among other countries, to make payments and purchases.
  4. WAP payments. Use the Wireless Application Protocol (WAP) facility on your smartphone to access the internet and then utilize an online payment method like Google Wallet or PayPal or your credit card to make payments. If your company wishes to accept WAP payments, contact a SMS payment solutions firm to get a WAP payment gateway installed on your website.

Key Features of Mobile Payment Systems

  1. Offline transactions. Don’t worry if you don’t get a Wi-Fi signal as the transactions can be stored and uploaded later for processing when network access is available.
  2. Tax and tip. Enables your customers to select a tip amount and automatically adds a tax rate based on your GPS location.
  3. Multi-device accounts. You can simultaneously use your merchant account on multiple devices and track sales on each individual device.
  4. Sophisticated fraud protection. The mobile payment app ensures secure and safe transactions and card data is not stored on the app, phone, or card reader.
  5. Attractive receipts. With some apps, you can print or email itemized receipts with a map of the transaction location and customer signatures.
  6. Detailed reporting. You can generate real-time transaction reports on your top-selling products. Plus, you can produce reports with custom date ranges.
  7. Instant payment. This is arguably the focal point of all mobile payment systems. The ability to make payments fast and secure is the main reason businesses implement these systems. For customers, instant payments mean that they can check out at the point of sale with speed and ease.

Benefits of Mobile Payment Systems

  1. Customer convenience. Businesses can make it more convenient for their customers by accepting mobile payments. Plus, you can engage them on their smartphone by offering them coupons and upsell added products. This helps you to boost conversions and turns customers into repeat buyers and brand advocates.
  2. Minimizes expenses. You don’t have to buy costly point of sale machines as you can simply use a card reader or app to convert your mobile device. Plus, you can save on paper and ink as you can avoid taking printouts and simply text or email receipts to your customers.
  3. Boosts cash flow. First, many customers prefer using their card or phone to make payments instead of cash. Second, most mobile payment processors will transfer funds to your business account within three days. In addition, new technologies like blockchain facilitate real-time transactions.
  4. Integrates rewards programs. You can integrate rewards and loyalty programs as customer info is stored in the app. You can send your customers a coupon when they come near your store. Plus, you can give them coupons or reward points for every purchase they make. Research shows that repeat customers spend much more than first-timers, so you can integrate loyalty programs to boost your profits.
  5. Access to actionable info. You get access to customer data such as their preferred payment method, how much they spend, how frequently they shop at your store, and other info. You can use insights on their shopping behavior, demands, and patterns to market to them individually and enhance customer service. Best mobile payment systems also automatically track your inventory. For example, if you run a food truck you can track your stock levels at all times and order food items well in advance to ensure you don’t run out.

Focus on mobile security. The growth in the mobile payments sector has attracted the attention of hackers and fraudsters who think it is a new opportunity to steal consumers’ payment data. Therefore, mobile payment providers are focusing on improving security by using technology advancements such as tokenization which replaces your financial data on your device to provide extra protection. This kind of technology ensures the info hackers can get their hands on becomes totally useless.

Greater mPOS adoption. Merchants are increasingly adopting mobile point-of–sale (mPOS) systems as they are encouraged by the safety and ease of use provided by mobile payments. ABI research predicts there will be about 51 million mPOS devices by 2019. This is about 50% of the current number of POS systems. Many retailers have designed a business model that allows the use of both types of platforms.

Potential Issues

Outdated infrastructure and technology. Mobile payments are less costly than conventional POS systems but you still need to invest in new hardware like terminals or phones that support Near Field Communication. In short, if you don’t have a smartphone or use an older credit card terminal, you can’t accept mobile payments. Plus, you need updated infrastructure and a reliable internet connection to process mobile payments. This can be an issue for small businesses in developing countries.

Read the fine print. Mobile payments are undoubtedly convenient for consumers and businesses. But businesses need to pay a price for them. For instance, a mobile payment processor like Square charges a 2.75% swipe fee for transactions. For each manually entered transaction, they charge 3.5% plus $0.15. Therefore, make sure to read the fine print about processing fees to learn exactly what it will cost you to accept mobile payments.

How Do Mobile Payments Systems Work?

It’s simple. Mobile payments systems leverage near field communication (NFC) technology to work. Typically, when mobile devices and payments terminals are close together, they communicate wirelessly to complete the transaction. Essentially, when the two devices are two inches close to each other they pass encrypted information using specific radio frequency to get the transaction rolling. 

What is a Mobile Wallet?

A mobile wallet is simply a digital wallet that is accessible via a mobile app. The app provides a secure channel to add or update bank details linked to a debit or credit card. Once the details are authenticated, you’ll no longer require the physical cards to make payments. You simply authorize the payment on your phone at the point of sale system to complete the transaction. 

List of Mobile Payment Systems Companies

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Product name:
Category:
Smart Score:
Price:
User Satisf.
User reviews:
Novopay reviews

Novopay

Mobile Payment Systems
8.0
By quote
79%
AAZZUR reviews

AAZZUR

Mobile Payment Systems
8.0
By quote
96%
RPay reviews

RPay

Mobile Payment Systems
8.0
By quote
-
SwipeSum reviews

SwipeSum

Mobile Payment Systems
8.0
$100
-
FinX Mobile Money Suite reviews

FinX Mobile Money Suite

Mobile Payment Systems
8.0
By quote
-
4Pay Networks Payments reviews

4Pay Networks Payments

Mobile Payment Systems
8.0
By quote
-
PhonePe reviews

PhonePe

Mobile Payment Systems
8.2
₹1 lakh
95%
PayPal Here reviews

PayPal Here

Mobile Payment Systems
9.8
$0.15
98%
Payline reviews

Payline

Mobile Payment Systems
8.0
15€
99%
MANGOPAY reviews

MANGOPAY

Mobile Payment Systems
8.5
€0.18
97%
Inner Fence reviews

Inner Fence

Mobile Payment Systems
7.7
$25
93%
Moneymailme reviews

Moneymailme

Mobile Payment Systems
6.5
By quote
100%
PayAnywhere Mobile reviews

PayAnywhere Mobile

Mobile Payment Systems
7.6
$39.95
88%
Payline Mobile reviews

Payline Mobile

Mobile Payment Systems
7.7
$7.50
100%
Samsung Pay reviews

Samsung Pay

Mobile Payment Systems
8.7
Free
100%

Things to consider when you invest in a SaaS

Pricing details are a vital consideration when you analyze SaaS providers. Ask the vendor if they offer price protection and contractual flexibility. “Shelfware” has become a major problem in SaaS licensing as customers end up shelling out for more than they need. Plus, to get pricing predictability, consumers are forced to subscribe to long-term contracts. Make certain you don’t get saddled with perpetual licensing and get locked in for a long time with a single vendor. Ask about easy exit policies that enable you to move on to another provider if you are not satisfied with the services provided by the current one. Select a provider that offers a convenient standard annual termination facility as well as long-term price protection.

Another important aspect to consider is whether the cloud provider meets compliance and security requirements. Your business is accountable to staff members, consumers, business partners, and regulators. Therefore, you should choose a provider that has deployed a technically sound and comprehensive security program. Map your security control needs such as availability, integrity, confidentiality, privacy, and accountability to the provider’s capabilities. Ask the potential provider about the processes and systems they use to protect your sensitive data. Do they meet general as well as industry-specific compliance and security regulations? Do they provide special measures to meet the unique security needs of your specific industry? Get satisfactory answers to these questions before you make the investment.

Frequently asked questions about Mobile Payment Systems

What is the best mobile payment system?

The best mobile payment system is Revel Systems POS, a cloud-based, iPad point-of-sale solution for every type of business. Being one of the leading POS systems, the platform has carved a name in the niche thanks to its speed, security, and stability of payment processing. Besides, it offers flexible features that are designed to scale with your business. 

Revel Systems POS has remained in the fore of POS innovation and it’s therefore unsurprising that the system is used by more than 20,000 businesses. Beyond the iPad as a POS, which the vendor pioneered, the platform offers advanced reporting, customer display screen, and self-service kiosk. The features work in unison to streamline customer checkout, overall order accuracy, quality of service, and customer experience.

What are the benefits of mobile payment systems?

Merchants, regardless of the industry or size, have embraced mobile payments. This mainly because these systems deliver multiple benefits which include:

  • Seamless cash flow. Mobile payment systems are the enablers of the contactless and cashless payments which is the new darling for today’s consumers. When customers use their card or mobile wallet to make payments, the funds are transferred to your bank account within days. Even better, the advent of blockchain technology has given mobile payments a new lease of life by enabling real-time transactions. 
  • Better customer experience. Customers crave expediency of service and with the mobile payment systems a business can live up to this expectation. The solutions allow your customers to make payments anytime, anywhere on their mobile devices. Besides, it allows you to accept mobile payments, engage customers, and take rewards and coupons to their doorsteps. 
  • Reduce expenses. With mobile payments, you no longer need to purchase expensive point of sale machines. Plus, receipts are offered in a digital format, which cuts the cost of printing out physical receipts.  
  • Better rewarding programs. As aforementioned, mobile payment systems offer an excellent channel to reach out to your customers with rewards and coupons. Since everything is done online it’s easy to track the activities of every customer. This way, you can pinpoint your frequent customers and reward them for their loyalty.
What are the features of mobile payment systems?

To deliver the benefits mentioned above, mobile payment systems should include a set of standard features. These features include: 

  • Instant payments. Mobile payment systems should facilitate instant payment between the consumer digital wallet to the merchant’s wallet. Solutions that make the cut, always complete the transactions within seconds, and not hours or days. 
  • Offline transaction. The system should also be able to complete transactions when customers are in remote areas without an internet connection. This is only possible if the system supports an offline mode. Generally, such solutions complete transactions even without an internet connection and sync the transaction information later when internet access is available. 
  • Tips and tax processing. Besides, a suitable mobile payment system should enable consumers to add tip amounts. Moreover, there should be a feature to facilitate tax rating based on the consumer region. 
  • Advanced reporting. As a merchant, reports are like staircases guiding your way to the top. They provide insights and help you make informed decisions that drive your business forward. Mobile payment systems provide real-time reports about your transactions, allowing you to determine your best and worst selling product. The reports empower you to know where to double down your effort to improve performance.
What is the easiest mobile payment system to use?

Mobile payment systems are designed to simplify payments, as a result, they are generally easy to use. We analyzed numerous products on the market today and found the following systems to be the easiest to use: 

  • Lightspeed Retail. A reliable POS solution that leverages modern technologies to streamline the management of service, inventory, employee, and customer relationships. The POS system is primarily designed to simplify stocking and payment processing. It allows you to accept mobile payments anywhere in your store to cut customer wait times. 
  • Apple Pay. A simple mobile payment system that works seamlessly on Apple devices. It allows consumers to make payments anytime, anywhere in-store, on the web, or in apps. Beyond that, users can send or receive money from family and friends with unprecedented ease. 
  • Venmo. An easy to use digital wallet designed by PayPal to help users make and receive money from friends and family. Besides, it enables consumers to make payments anytime, anywhere at approved merchants. On the other hand, Venmo gives merchants a seamless way to accept payments on mobile websites or apps.
What is a good free mobile payment system?

Mobile payment systems are typically free to use for specific transactions. However, there are certain fees associated with the services they offer. The following solutions were the best in terms of their fee:

  • Square. A reliable payment solution that has no monthly or setup fee. However, like many mobile payment systems, Square charges a processing fee per every mobile payment transaction.  
  • Adyen. A robust mobile payment solution that has no monthly, setup, closure, or integrations fee. However, the vendor imposes a minimum invoice of $120 per month, based on the region and monthly transaction volume. 
  • Venmo. A reliable mobile payment system that embeds a social aspect to its operation. The platform is primarily designed to help users send and receive money from family and friends. It is free to send money from a linked debit card account, plus there are no monthly or setup fees.
Nestor Gilbert

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

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