Instant payments are becoming crucial to consumers participating in the platform economy.
These consumers want to be sure that they can both send and receive money seconds after they’ve completed a transaction. To meet this need, platforms are searching for new ways to bring instant payments onto their marketplaces. This is especially essential as consumers start to flock to marketplaces for things outside of typical retail purchases, but for more unique experiences.
In the July edition of the Payments And The Platform Economy Playbook, PYMNTS looks at how instant payments are making their way into the platform economy and how mobile apps and payments are becoming make or break to the sharing economy itself.
Around the Payments And the Platform Economy
More providers are searching for ways to bring faster payments to consumers and merchants.
In India, the influence of payments provider Paytm is continuing to grow, having captured 50 percent of the country’s total payment gateway market share. The company is also seeing an increase in the number of transactions it’s processing in the country, even as it faces more competition in the market from new entrants.
Others are still relying on card networks to create more support for faster payments over mobile channels. Spanish bank BBVA Group has just created a mobile payment platform with the help of card networks Mastercard and Visa, which will allow customers to make payments without inputting sensitive customer information.
More companies are looking to expand the number of payment options they offer, such as internet giant Google. The company has expanded its longstanding partnership with payment provider PayPal, allowing customers to access PayPal through additional Google Apps.
For more on this and other news in the platform economy, visit the Playbook’s News and Trends section.
Why TickPick Is Betting On Instant Payments, Fee Transparency
With more competition in the ticket selling platform space than ever before, making sure that both buyers and sellers are satisfied and secure has become more and more important. When it comes to buying or selling online tickets, consumers are looking for a fast experience — and most importantly, they’re looking to pay or get paid in real time. That’s why instant payments are becoming critical to competing in the online ticket world, says Brett Goldberg, co-founder and co-CEO of online ticketing marketplace TickPick. To learn more about how TickPick is approaching instant payments and other innovations on its platform, visit the Playbook’s feature story.
How IfOnly Is Making the Experience Economy Friction-Free
In other areas of the platform economy, consumers are starting to request more personalized, well, experiences. Far from purchasing retail goods or looking for freelance jobs, these customers are looking for ways to take unique classes, book excursions or find other unique events at which to spend their time. But creating a marketplace that can cater to that customer need while still supporting those vendors and individual sellers on the other end is trickier than it sounds, said John Boris, CEO of online experience marketplace IfOnly. To learn more about how IfOnly is innovating its platform as the modern experience economy takes shape, visit the Playbook’s case study.
About the Playbook
Payments And The Platform Economy
The monthly Payments And The Platform Economy Playbook, a PYMNTS and Yapstone collaboration, aims to help platform payments decision-makers identify and manage the risks and rewards inherent in optimizing their operations and navigating real-time challenges.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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