A computer besides a wallet, symbolizing payment gateways, online payment and ewallets

Ewallets or Payment Gateways – A Comparison

Online payment, via ewallet or payment service providers, is very convenient. At least that’s what over 3 billion customers in e-commerce could easily argue. Of course, it is a very different kind of convenient than we were used to over decades.1 Handing the cashier a number of coins from one’s pocket or wallet is no big deal either. Or waving with one’s credit card at a point-of-sale. 

The convenience deriving from modern digital payment is one of mobility – and sometimes the lack thereof. We can flexibly pay wherever we are, without the need of carrying around our physical wallets (our smartphones suffice). At the same time, shopping can take place at home. Even if we are bound to our own four walls, we can pay for goods and commodities with just a few clicks. 

But payment is just as much a broad term as convenience is. Behind the scenes of your checkout page, in the technical profundities of the software, it makes a huge difference whether the payment happens via an ewallet balance or a bank or credit card transfer, facilitated by a payment gateway. 

Payment Gateways vs. Ewallets? Not Quite!

However, make no mistake and don’t take “Payment gateways or ewallets” literally. The two are not exact opposites: You need PGs to process a transaction no matter what. The real question is: How exactly does using ewallets vs. regular payment providers influence the payment process, especially regarding user experience? 

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A software developer working on coding a payment gateway

How to Develop a Payment Gateway

Online marketplaces are complex systems. That’s true all the more when you decide to equip them with a custom payment gateway you developed (and there are many good reasons why you should do so). 

As a development company, offering CoreWallet, a software foundation for payment and ewallet applications, we are familiar with the complexity of creating payment gateways.  It’s important to approach the development process with a clear plan. To help you master the technical challenges, we have compiled the common stages of such a payment gateway project for you. And we’ve also collected a few best practices. 

So, let’s walk the walk. Let’s build a payment gateway. 

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Two businessmen lining out a payment gateway for their online marketplace and other platforms of the platform economy.

Empowering the Platform Economy

aye4fin Managing Partner Thomas Tittelbach, presenting 5 important topics when creating payment gateways on a business level.
Thomas Tittelbach, Managing Partner at aye4fin gives you a detailed overview of how to approach building a payment gateway from a business perspective.

E-commerce is a growing market – but it’s not taking place entirely within single online shops. By far not. Online marketplace environments have cemented their presence all over the web, be they specialized in dealing with certain types of goods or all-in-one digital warehouses. In addition to retail, service platforms and even comparison portals have found their niches as well. In short: We live in the age of the platform economy – driven by smooth-flowing online payment solutions.

Yet sometimes the last part is more wishful thinking than reality. Payment processing requires a payment gateway designed for the specific transaction flows, which occur in marketplaces. And if you want to design such a well-functioning solution yourself, you can turn it into a business case on its own.

Of course, there are things to keep in mind, from a business perspective. In this second part of our Article Series on Payment Gateway Building, we give you an overview of those. Here are five topics to consider when building payment gateways for marketplace platforms.

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A person holding a credit card facing an online marketplace, symbolizing online payment and the payment gateways in charge of the transfer

How to Build a Payment Gateway: Definitions and Central Questions

Digital platforms are the go-to spots for e-commerce – and terminals for countless payment transactions. Online marketplaces like Amazon or Alibaba present themselves as the popular top dogs in this area. But they only compose a fraction of the platform economy. 

Today’s online marketplace platforms offer goods, services, jobs, and business partners. And then, we’ve said nothing about comparison portals like Check24. They browse external platforms to find the best offers, acting as “meta marketplaces” of a kind. 

But whatever platform you use: The point will come when you will have to pay for what you have obtained. At this point, Payment Service Providers and Payment Gateways make their appearance. It’s their job to detect fraud and validate the purchasing agreement. And ultimately, to debit your account and move your money – in the virtual as well as the physical sphere.  

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