Who's next in online payments innovation?

The web is currently awash with innovations to monetise social networks and digital business. Google has continued its buying spree by acquiring Jambool which means that it can integrate virtual currency software to its services. The move is indicative of the efforts of many in the industry at the moment to establish the yet-to-be-defined blueprint for delivering social networking revenues.

Empowering the developer and entrepreneur to profit from micropayments and digital currency transactions is big business. However, while some online-only payments providers have proved popular, there is a growing desire for more integrated payments methods that exploit existing mainstream infrastructures such as Visa. Organisations and consumers are increasingly seeing the ‘money internet’ not as a separate channel but just another way to transact alongside their regular bank card.

As a result, financial institutions are already making moves to tap into the revenue potential of social networks and digital business. The next evolution of payments online will be the ability to use established payment infrastructures to create and manage payment apps. Not only will this make it easier for individuals and businesses to transact online but it also creates a greater revenue opportunity for developers and entrepreneurs.

Now is the time to capitalise on the huge growth in application development and pioneer new ways to pay online.