3 ASX payments shares that could double your money

Here's why I think these 3 ASX payments shares including Splitit Ltd (ASX: SPT) could double your investing returns over the next few years.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Growth Shares

A smiling businessman in the city looks at his phone and punches the air in celebration of good news.
Growth Shares

3 ASX growth shares you'll wish you bought in June

Analysts think these shares could be destined for big things in the future.

Read more »

Father and daughter with hands on a small plant.
ETFs

Focused on growth? Here are 3 ASX ETFs to consider

Growth investors must ignore the current market noise about tariffs and focus on the long-term horizon.

Read more »

A female broker in a red jacket whispers in the ear of a man who has a surprised look on his face as she explains which two ASX 200 shares should do well in today's volatile climate
Growth Shares

Top brokers name 3 top ASX growth shares to buy now

Why are brokers feeling bullish on these names? Let's find out.

Read more »

Two plants grow in jars filled with coins.
Growth Shares

3 ASX 200 growth stocks up more than 100% in 1 year that could charge higher

It's been a memorable year for shareholders of these 3 companies.

Read more »

Afterpay share price a happy shopper with a wide mouthed smile holds multiple shopping bags up around her shoulders.
Growth Shares

The pros and cons of buying Zip shares in June

Should investors buy now or wait until later?

Read more »

A smiling woman holds a Facebook like sign above her head.
Growth Shares

3 ASX growth shares I'd buy for the next 10 years

Let's see why these shares could be top picks for the long term.

Read more »

wheelchair user in an office talking on mobile phone
Growth Shares

Why I'd buy this ASX growth share instantly

I’m calling on this stock to deliver strong returns.

Read more »

A happy boy with his dad dabs like a hero while his father checks his phone.
Growth Shares

2 ASX growth shares to buy in June: experts

These businesses have strong growth potential.

Read more »