Best Mobile Payment Systems in 2024

Cash payments may soon become a thing of the past as more consumers shift to mobile payments from traditional payment methods. While mobile payments aren’t a novel way to pay for goods and services, such payment methods have become even more popular in the wake of the COVID-19 pandemic. Many consumers and merchants alike also prefer to use mobile payment systems for their convenience, security, and speed.

This article lists 20 of the best mobile payment systems today to help merchants learn more about their functions. We’ve also highlighted each system’s key features and functions. In this way, merchants can easily identify which of these platforms can best meet their needs.

The COVID-19 pandemic has hastened the adoption of technology in various industries, and this is most evident in the growth of mobile payment technologies. Market studies forecast, for instance, that the global mobile payment technologies market will grow from $69 billion in 2021 to $87 billion in 2022. These studies also further explain that the increasing penetration of smartphones and the growing availability of high-speed Internet connectivity have driven market growth.

To illustrate, a study on proximity mobile payments in the United States also indicate that, from 2020 to 2021, the percentage of smartphone users increased from 40% to 43%. Coincidentally, the number of proximity mobile payment users likewise rose from 92 billion to 101 billion.

To help merchants enjoy the benefits of mobile payments, this article lists the 20 best mobile payment systems available today. Through these mobile payments systems, merchants and retailers can efficiently process payments from mobile wallets and apps. We’ve also included each app’s key features and functions to help potential users better understand how these payment systems work.

Because of the convenience they bring, these mobile payment apps also encourage repeat business and customer loyalty.

The Best Mobile Payment Systems in 2025

1. Apple Pay

Apple Pay is a mobile payment service offered by Apple. Through Apple Pay, consumers get the ability to pay for purchases through contactless technology. The payment service can also be used to subscribe to other services like Apple Music, Apple TV+, and Apple News+.

Like many mobile payment systems, Apple Pay comes with an easy setup process. All users have to do is add their credit or debit cards to the Wallet app on their iPhone. There’s also no need to install Apple Pay on Apple devices, including iPad, Apple Watch, and Mac devices. For added convenience, Apple Pay also works in any store or business that accepts contactless payments. The service also works for purchases made through Safari.

Moreover, Apple Pay ensures that all user transactions are private and secure. Instead of storing your card number, the payment system uses a unique transaction code and a device-specific number for each purchase. This helps improve the security of users’ bank information.

Apple Pay also works with a wide variety of ecommerce platforms and payment gateways to help merchants take advantage of contactless payment technology.

2. QuickBooks GoPayment

QuickBooks GoPayment is an on-the-go payment processing solution for credit cards, checks, and other payment methods. The app can be used on any device so merchants can let customers manually enter card details for payment. The app can also be used together with the QuickBooks Card Reader. Through the card reader and the app, consumers can pay for purchases through digital wallets.

In addition to mobile payment processing, the QuickBooks GoPayment app also helps streamline inventory management processes. Through the app, users can add labels, images, and pricing to products. This makes it easier to locate products and services you’re looking for.

Another convenient feature of QuickBooks GoPayment is that it seamlessly syncs with QuickBooks Online. As a result, transactions made through the app automatically appear on the connected QuickBooks Online account. This integration ensures more accurate transaction records and easier reconciliation.

3. PayPal Payments Pro

PayPal Payments Pro works as an enterprise-class payment solution that can help businesses accept a wide variety of payment methods. The platform is designed to be flexible, so it can be configured to work according to your business’ needs. Merchants and retailers can also offer the same flexibility to customers. As a result, customers can choose from a variety of payment options, including mobile payments, credit and debit cards, and even bank transfers.

The platform also ensures that business owners get paid as quickly as possible. After every sale, funds are transferred into the connected PayPal account in minutes. You also get a detailed transaction history, which can be viewed from the dashboard. Once the money is in your PayPal account, you have the option to transfer funds to your bank account.

For added convenience, PayPal Payments Pro also integrates with a wide variety of shopping cart software. In fact, the platform supports most major shopping carts out of the box. Through these integrations, merchants get the tools they need to build professional-grade ecommerce sites. These websites are also designed to work across all devices, ensuring accessibility.

4. Square

Square aims to support merchants in processing different payment options, including contactless payments, credit and debit cards, and remote payments. Through the platform, businesses of any size can start accepting and processing nearly any type of payment. For mobile, contactless payments, the Square software also works best with a connected reader. This combination of hardware and software ensures faster, more secure payment processing.

By using Square for mobile payment processing, merchants can also enjoy various benefits. For instance, the platform helps business owners save money on payment processing. The platform’s pricing is straightforward, and fees are charged on a per-transaction basis, so you’ll know what to expect when accounting for sales.

Another benefit of using Square for payment processing is that the software allows merchants to process more than mobile payments. It can also process remote payments and manually entered payments. Merchants will also be able to accept buy now, pay later payments, which are becoming more popular today.

5. Adyen

Adyen works as a payment platform that helps businesses expand into new markets by adding new payment methods. The platform also serves as a centralized location for accepting and processing payments and settling payments on different sales channels.

Aside from mobile payments, the platform allows merchants to process different types of online and in-person payments. These payment methods include debit cards, digital wallets, and recurring payments. For added convenience, Adyen also offers three ways to integrate digital payment solutions: drop-in, components, and API only. For in-person payments, Adyen also offers a single web-based API for easier integration.

Aside from integrations with third-party applications, such as POS software, Adyen also comes with a dashboard. This dashboard provides various self-service tools to help business owners view terminal status and manage different terminals in their fleet. This feature comes in handy for large retailers with multiple payment terminals at a single location.

6. Venmo

One of the best-known mobile phone payment systems today, Venmo aims to make social and mobile payments as fast and safe as possible. One advantage of using Venmo is that it’s widely used all over the world. By using this platform, businesses can easily meet customers where they are and effortlessly expand their markets.

To start accepting payments through Venmo, merchants and business owners must create a business profile under their existing Venmo account. From the business profile, users can easily track business transactions and also manage bookkeeping if needed. Through Venmo, business owners also get a couple of options for accepting payments: through the app or through a unique QR code. As a business owner, you also have the option to appear in customers’ feeds when they share purchases from your store.

Furthermore, Venmo doesn’t charge monthly fees or setup fees. Like many mobile payments systems, the platform charges a flat rate per transaction.

7. Sage Payment Solutions

Sage Payment Solutions is a payment processing solution that aims to help business owners and merchants save time and money in processing different types of payments. Integrations with Sage accounting products also helps business owners ensure that funds flow easily and that sales are properly accounted for.

Through the platform, merchants and retailers can start accepting and processing different payment methods, including mobile wallet payments, cards, and e-checks. This payment processing solution also gives merchants the choice to offer in-store and online payments. This flexibility makes this platform the ideal choice for businesses with physical stores and ecommerce websites.

Moreover, Sage Payment Solutions ensures the security of each transaction. The platform is PCI- and EMV-compliant, so every transaction is protected and consumers and merchants are protected against fraud.

8. Uphold

Designed as a platform for cryptocurrency storage and transactions, Uphold also works as a platform for mobile payments. Through the program, business owners and merchants get a low-cost means of transacting with clients and contacts anywhere in the world.

One of the most important features of Uphold as a mobile payment system is its flexibility. Through Uphold, business owners can get paid in their preferred currency. At the same time, customers pay in the currency they want as well. As an added bonus, merchants don’t have to deal with the high costs of cross-border payments. These features make it easier for merchants to grow their businesses.

Uphold also comes with various built-in tools for compliance and fraud prevention. These tools include an integrated know-your-customer system as well as anti-money laundering measures that help improve the safety of business owners’ funds.

9. Revel Systems POS

Revel Systems POS is a point-of-sale solution that allows business owners to accept and process mobile payments. This platform is specially designed for retail and food businesses of all sizes, including restaurants, pizza shops, and cafes.

This platform also offers utmost flexibility to merchants. Revel Systems POS is payment processor-agnostic and offers an in-house payment processing solution: Revel Advantage. This combination of hardware and software ensure that checkouts and purchases always run smoothly. Revel Advantage also offers the additional benefit of being EMV-ready, so merchants can accept mobile payments as well as payments from credit and debit cards and gift cards.

Revel Systems POS’ solutions are also EMV and PCI-ready. EMV-supported technology is impossible to counterfeit, so you can count on additional protection for your business and your customers.

10. PayPal Here

PayPal Here combines payment processing features and basic retail management functions. The software supports businesses in accepting a wide variety of payments. Combined with a card reader, PayPal Here also works as an efficient POS system with features for basic inventory management, invoicing, and sales management.

The application works with card readers to process payments from EMV chip cards and NFC mobile payments. This ability comes in handy as more customers these days prefer to pay through digital wallets. Aside from processing mobile payments, PayPal Here also allows business owners to send invoices to customers and collect payments. Business owners will also be able to accept online payments and payments from major credit and debit cards.

Furthermore, PayPal Here makes it easier for business owners to get paid. Payments processed through the application are transferred to the user’s PayPal account in minutes.

11. KakaoPay

KakaoPay works as a digital wallet and mobile payment service incorporated into KakaoTalk, a mobile messenger popular in South Korea. In fact, KakaoPay is the first company to offer mobile payments in the country. Through the application, users can use their mobile phones to scan QR codes and pay for their purchases at stores and restaurants.

The platform also offers an easy setup for business use. Like most mobile payment systems, KakaoPay works best when paired with a POS terminal or card reader. Once the hardware and software are set up, merchants can enter the purchase amount and have the customer scan the QR code to complete their purchase.

Aside from the platform’s extensive user base, KakaoPay also brings the benefit of being completely free to use. This allows merchants to make the most of their earnings.

12. Boku (Fortumo Android SDK)

Boku (formerly Fortumo Android SDK) is a tool that allows users to collect payments within applications or websites. With Boku, payments can be completed through pop-up windows within the application. The user doesn’t have to leave the app, and the payment process is completed in a matter of seconds.

Once integrated with apps or websites, the tool helps users get paid from over 100 countries.  The application also has a coverage of more than 350 mobile operators worldwide, which makes it a good choice for merchants with a large base of international clients.

13. Blockchain

Blockchain works as a cryptocurrency wallet that makes cryptocurrency exchange easier. One of the most widely used crypto wallets today, the platform lets users make mobile payments through popular cryptocurrency such bitcoin and Ethereum.

Moreover, what’s great about using Blockchain and cryptocurrency is that many types of cryptocurrency are portable and accepted in more than 140 countries. Users also have the option to convert cryptocurrency to over 20 currencies, including Euro, US dollars, and British pounds. This means users can utilize the contents of their Blockchain wallets nearly anywhere in the world.

As a digital cyrptocurrency wallet, Blockchain also allows business owners to do away with middlemen and extra fees. Merchants and business owners only have to deal with dynamic transaction fees, which are typically lower than those charged by other payment services. In this way, merchants can keep more of their earnings.

14. Samsung Pay

Samsung Pay is a mobile payment solution that lets users store card and bank account information on their mobile devices. Once the information is saved, users can then complete purchases through their mobile phones. Aside from credit cards and debit cards, Samsung Pay lets users add gift cards and membership cards to their accounts as well.

This mobile payment system can also be used in-store, online, or in-app. For online or in-app purchases, users can forego entering their credit card numbers. Samsung Pay can authenticate the purchase through fingerprint, iris scan, or PIN.

Samsung Pay also ensures utmost protection for your credit and debit card information. The payment system uses tokenization to ensure that your card number never leaves your phone. Moreover, Samsung Knox technology continuously monitors your phone to ensure that your information is safe.

15. SumUp Air

SumUp Air is a contactless payment solution and EMV terminal that makes it easier for businesses to get paid. Through SumUp Air, business owners can offer their customers different options for completing their purchases. These options include EMV chips, magnetic swipes, and tap-to-pay through mobile phones.

This mobile payment solution has been also been designed to be the most advanced of its kind. SumUp has ensured that the payment solution offers the best components. These include NFC and Bluetooth for faster connectivity, along with an integrated Li-ion battery for mobility and on-the-go use.

For easier use, SumUp Air also comes with a dedicated mobile app. Business owners can use the mobile app to input the amount to be paid by customers and ensure accuracy.

16. ProPay

As a payment processing solution, ProPay aims to help businesses in various industries get paid faster. Through the platform, businesses of all sizes can accept credit and debit card payments through mobile apps and mobile card readers. These features also make the platform useful to businesses such as direct selling companies, online sellers, service providers, and government agencies.

Aside from processing credit and debit card payments, the platform also lets business owners send invoices to customers through text messaging and email. In this way, businesses don’t miss out on any potential sales. By pairing the application with a flash card reader, merchants can save up to 71 credit and debit card transactions to computers not connected to the Internet. These transactions are processed once the device regains its Internet connection.

For added convenience, ProPay also offers a payment splitting feature. This feature comes in handy in situations where the proceeds of sales must be split between distributors and wholesale organizations.

17. Lightspeed Retail

A cloud-based platform, Lightspeed Retail aims to provide the smoothest, most efficient retail checkout experience. To make this possible, the platform offers secure, flexible payment processing out of the box. This means the setup process is easy and intuitive, so merchants can quickly start accepting payments from mobile wallets and major credit and debit cards. Merchants can also process payments right at the POS, further improving checkout times.

The platform also helps retailers save money through its straightforward pricing. Currently, Lightspeed Retail processes payments at 2.6% plus, 30 cents. This simple pricing structure plus, the lack of hidden charges, makes it easier to forecast sales. Additional features such as automated amounts also speed up checkouts further.

For added convenience, the platform also ensures security for mobile payments. Through the platform, retailers can get paid securely with end-to-end encryption and PCI compliance. Furthermore, integrated accounting tools also make bookkeeping easier for business owners and ensure accurate business reporting.

Lightspeed Retail also integrates with various third-party software for more robust reporting features and deeper insights into purchasing behavior. These software include ecommerce software, accounting systems, and marketing tools.

18. Bread

Bread is a digital cryptocurrency wallet designed for mobile use. Through this crypto wallet, customers can use cryptocurrency to pay for their purchases. Aside from bitcoin, the wallet can also be used to store bitcoin cash, Litecoin, Ethereum, ERC20 tokens, and Dogecoin.

One of the most important features of the Bread mobile wallet is that it makes crypto exchange easy. For instance, to send bitcoin to business owners, all customers need is the business owner’s bitcoin address. The address, in turn, can also be shared through QR codes, email, or text messaging. Users can also use the “Request an Amount” feature to ensure they receive the correct amount of money from senders.

Bread also secures users’ bitcoin wallets through a “Paper Key.” This Paper Key, which comprises 12 random words generated by the app, can be used to restore access to a user’s wallet in case his phone is lost or stolen.

19. Paymill

Acquired by Klik & Pay in 2016, Paymill aims to help businesses that want to expand the payment options they can accept. As a payment solution, the platform helps businesses process credit card payments. It also allows merchants and retailers accept mobile payments through mobile apps or ecommerce sites.

The platform also provides businesses with the tools they need to expand into the global market. Through Paymill, for instance, merchants can accept payments in over 100 different currencies. Moreover, the platform comes with a developer-friendly API. This API lets users modify and optimize checkout processes to improve conversion rates.

Paymill also ensures the security of each transaction it processes. Security features offered by the platform include 256-bit encryption, SSL, and PCI DSS compliance.

20. Clip

Clip is a payment solution designed for businesses looking for a way to accept credit and debit card payments. Through the platform’s proprietary technology, merchants can turn their mobile devices into POS or bank terminals. The platform also lets business owners accept and process mobile payments through smartphones and tablets.

Through Clip, merchants and retailers can start accepting payments from major credit and debit cards. These include Visa, American Express, MasterCard, JCB, and more. The platform also automatically transfers payments to the merchant’s back account every two days to ensure easy access to funds.

Clip also offers various security features for merchants and customers alike. This payment solution is PCI-compliant, so you can rest assured it meets the highest security standards in payment processing. The Clip reader also meets EMV standards and regulations.

What is the best mobile payment system for 2022?

Since many of the mobile phone payment systems on this list are evenly matched when it comes to capabilities, it can be tricky to figure out which platform will best work for your business. This is why it’s still crucial for you to do your research when it comes to your business’ exact needs and how these solutions can meet those needs. For instance, if you want to be able to accept cryptocurrency for payments, you might want to consider digital wallets that specialize in cryptocurrency trading.

If you’d like some guidance, you can start with our top pick for the best mobile payment systems: Apple Pay. This mobile payment platform offers a free trial so you can test its features before committing to the app, which is also free.

If you want to learn more about using payment gateways, check out this guide on integrating payment gateways into online stores.

Key Insights

• Apple Pay Dominance: Apple Pay is considered the best mobile payment system in 2024 due to its seamless integration with Apple devices, versatile payment technology, and strong security measures that ensure private transactions.
• Increased Adoption of Mobile Payments: The COVID-19 pandemic accelerated the adoption of mobile payment technologies, with market forecasts predicting significant growth, driven by the increasing use of smartphones and high-speed internet connectivity.
• Diverse Payment Solutions: The article lists 20 different mobile payment systems, each with unique features, catering to various business needs, including contactless payments, cryptocurrency transactions, and POS integration.
• Convenience and Security: Mobile payment systems offer significant convenience and security, encouraging repeat business and customer loyalty. Key features often include easy setup, integration with other software, and compliance with security standards like PCI and EMV.
• Technological Advancements: Platforms like Square, PayPal Payments Pro, and Adyen are noted for their technological advancements, such as integration capabilities with third-party software, support for multiple payment options, and advanced security features.

FAQ

1. What is the most secure mobile payment system available today? Apple Pay is highly regarded for its security features, including unique transaction codes and device-specific numbers for each purchase, ensuring that card numbers are never stored on devices or Apple servers.
2. Can I use mobile payment systems for both online and in-store purchases? Yes, many mobile payment systems like Apple Pay, Samsung Pay, and Square offer functionality for both online and in-store purchases, providing versatile payment options for businesses and consumers.
3. How do mobile payment systems ensure the security of transactions? Mobile payment systems employ various security measures such as tokenization, encryption, and compliance with PCI and EMV standards to ensure the security of transactions and protect user data from fraud.
4. Are there mobile payment systems that support cryptocurrency transactions? Yes, platforms like Blockchain and Bread offer support for cryptocurrency transactions, allowing users to pay with and store various types of cryptocurrencies.
5. What are the benefits of using mobile payment systems for small businesses? Mobile payment systems offer several benefits for small businesses, including ease of setup, lower transaction fees, integration with accounting software for streamlined financial management, and the ability to accept a variety of payment methods, increasing customer convenience and satisfaction.
6. Do mobile payment systems charge any setup or maintenance fees? While some mobile payment systems may charge setup or maintenance fees, many platforms, like Venmo and KakaoPay, offer free setup and do not charge monthly fees, making them cost-effective solutions for small businesses and individual entrepreneurs.
7. How do mobile payment systems handle currency conversion for international transactions? Platforms like Uphold and Paymill offer features that support multiple currencies and provide low-cost transactions across borders, making it easier for businesses to operate internationally without incurring high fees.
8. Can mobile payment systems be integrated with existing POS systems? Yes, many mobile payment systems like Revel Systems POS and SumUp Air can be integrated with existing POS systems, providing flexibility and ensuring seamless payment processing in various retail environments.
9. What options are available for businesses that need to process invoices? Platforms like ProPay and PayPal Here offer features for sending invoices via text messaging and email, allowing businesses to collect payments easily and ensuring they do not miss out on potential sales.
10. Are mobile payment systems suitable for large retailers with multiple terminals? Yes, platforms like Adyen and Revel Systems POS are designed to support large retailers with multiple payment terminals, offering centralized management and self-service dashboards to streamline operations and monitor terminal status effectively.

By Nestor Gilbert

Nestor Gilbert is a senior B2B and SaaS analyst and a core contributor at FinancesOnline for over 5 years. With his experience in software development and extensive knowledge of SaaS management, he writes mostly about emerging B2B technologies and their impact on the current business landscape. However, he also provides in-depth reviews on a wide range of software solutions to help businesses find suitable options for them. Through his work, he aims to help companies develop a more tech-forward approach to their operations and overcome their SaaS-related challenges.