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Almost all payment service providers (PSP) now provide a web and mobile interface for users to accept electronic payments. These electronic payments are made using methods such as credit card, bank transfer, direct debit, online banking and even cryptocurrencies.

These PSP rely on a platform-as-a-service (PaaS) model, which is a type of cloud computing service allowing developers to build, host and launch applications without having to worry about the complexities of setting up and managing a server. The cloud is an important model that is bringing payments and people closer together.

Cloud computing (PaaS specifically) provides a way for apps to be built and hosted using an on-demand service for their resources. Rather than hosting it on a traditional server, which is just a lump sum and set limitations, cloud services will scale with your app in both cost and resources and can cost a lot less. PaaS services also make it easier for developers to test, edit and scale their apps whenever they need to—making it a little easier for them to regularly update their apps based on user feedback.

This may be great for the development and deployment of large apps; it also made it easier for individuals to build their own apps when they weren’t satisfied with their current selection, opening the door for a massive wave of apps and websites.

On the other hand, your ability to efficiently get through each day of work may be tied to the use of another type of PaaS called payments as a service, which is a platform as a service connected to multiple international payment systems offered by different PSPs. This gives the users the ability to send and receive payments across borders without heavy reliance on a financial institution. Also, not having to establish a direct connection with banks for international transactions and bulk transactions could mean lower fees.

Today’s advantages can be tied to the mode of operation of P2P (person to person) where a single payment gateway is formed for multiple payment methods. In this case, service providers use the first payment as a service model to connect multiple acquiring banks, cards and international payments together. As a result, the merchant is not required to manage technical connections, external network and bank accounts.

There are many different apps and websites that use the payments as a service model. Some that may stand out are PayPal, Yandex or Alipay. Although digital wallets have become somewhat of a staple in our lives, what’s distancing is how they’re regionally restricted. There are very few cross-platform banking apps, meaning, for the most part, you must rely on what’s available in your country, the country you’re in, or the country your seller is in.

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