3 ASX payments shares that could double your money

When it comes to thinking about which ASX shares you could invest in hoping to double your money, ASX payments shares are the first group that comes to my mind.

The coronavirus pandemic that has changed the world in 2020 has had a lot of consequences for how we live, work and spend our time. Some are direct – such as the lockdowns. Others are indirect – like a decline in using physical cash. We were already heading towards a ‘cashless society’ before the pandemic struck, but this trend has almost certainly accelerated following hygiene concerns and the growing dominance of e-commerce over brick-and-mortar stores.

That’s why I think the companies that cater to this growing trend will be amongst the biggest winners of the 2020s. In my opinion, these shares are some of the most likely to double your money over the next few years.

Here are 3 ASX payments shares that I would be happy to have as an ASX growth investment going forward.

Afterpay Ltd (ASX: APT)

Afterpay is never far from the headlines these days, it seems. Just today, the company made a new all-time high of $62.33 on the back of some exciting growth numbers out of the United Kingdom market. Clearpay (Afterpay’s UK brand) now has over a million active users, despite only being present in the market for 1 year.

Afterpay is the company that pioneered buy now, pay later (BNPL). It has had its fair share of detractors and doubters, but the company has a knack for consistently proving them wrong. This is a company that I could see doubling up over the next few years if everything continues to go well.

Zip Co Ltd (ASX: Z1P)

Zip Co is another BNPL provider that has been going gangbusters in its own right over the last few months. This company’s shares dipped to as low as $1.05 during the March share market crash, but have since recovered strongly and are going for close to $6 today.

Zip recently announced the acquisition of the US-based Quadpay, which gives the company a global presence for the first time. Zip has already grown its active users by 63% over the past year, so I think there is plenty of overseas potential for this company to exploit. I can see this company becoming another potential double-up stock in the years ahead.

Splitit Ltd (ASX: SPT)

The final ASX payments share I’ll look at today is Splitit. This company has been making some waves after its share price doubled over the past week. The catalyst for this move was Splitit announcing a partnership with the global payments giant Mastercard.

Unlike Zip and Afterpay, Splitit is not a credit provider, but it still allows customers to pay off purchases in monthly instalments. I think there is a nice niche in the payments market for Splitit to exploit and I think this could lead to this company giving investors another double up in the years ahead.

More reading

• Australian businesses are running out of cash
• 3 ASX shares I’d buy if the market crashes again
• Why the Afterpay share price hit another all-time high today
• Bull market! Avoid these 3 ASX mistakes if you don’t want to lose money
• How to get rich by investing in ASX shares

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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