Advances in Electronic Payment Methods Means Faster Business Growth
New E-Payment Methods Act as Catalysts for Modern Businesses
The Internet has rendered time and distance virtually irrelevant and people from all over the world can interact on multiple levels. Commerce is just one type of interaction and one facilitated by the advances in electronic payment methods. Over the last two decades, the number of financial instruments that people can use to pay for products and services has surged. Credit and debit cards as well as wire transfers are still used routinely, but they lost their dominant position to electronic wallets.
Hybrid solutions between popular payment methods were also developed and quickly embraced by companies operating online. E-Wallets such as PayPal are no longer regarded as fringe technologies but mainstream payment methods. Bitcoin payment processors took the world of online commerce by storm and are promoting cheaper alternatives for Internet payments. The wheels of online trade are perpetually in motion and e-commerce payment methods are the ones that keep them spinning.
In Online Commerce, Security Comes First
Selling and buying products over the Internet has obvious advantages, but also a series of risks and insidious threats. Security has always been the Achilles' heel for online shops and there is no shortage of cyber criminals trying to take advantage of any weaknesses. The proliferation of mobile shopping means that even more security breaches can be exploited by the wrongdoers. They go to great lengths to steal both money and personal information, with identity theft emerging as a major threat for Internet shoppers.
The good news is that those who run online shops invest significant amounts in security and use highly sophisticated encryption protocols. They do a hell of a job at keeping unauthorized third parties away and prevent them from interfering with the exchange of sensitive data of all nature. Users need to do their due diligence and protect themselves by not revealing personal information and keeping their passwords secure. Security breaches can still happen but if both users and online shops do everything by the book, the risks are greatly reduced.
The modern payment methods used today are increasing security and have two factor authentication. Bitcoin payment processors take great pride in being not only cheaper but also offering superior protection from fraud. They have the merit of maintaining a higher level of privacy and anonymity that the vast majority of financial instruments. Add to this the fact that the crypto currency is nowadays regarded as a good investment and it's easy to understand the surging popularity of Bitcoin payments.
Local Payment Methods Gain Traction
Security concerns compelled online shoppers to stick to the established brands, generally regarded as more reliable. For a long time, the main electronic wallets reigned supreme and crushed their competitors. Things have changed and with local payment methods increasing their popularity worldwide, many have emerged as alternatives to PayPal. People prefer them for being cheaper, sometimes faster and more convenient because they have local customer support.
Internet banking is used worldwide as an alternative to both electronic wallets and credit cards and it comes in different flavors. In the Netherlands and other Western European countries people use the payment method known as iDEAL. Paymentwall is also quickly closing the gap separating it from established financial instruments, thanks to its personalized approach.
Major operators still dominate the market and are featured by online shops, service providers and online casinos. The latter are very flexible when it comes to cash out and withdrawals and have many popular payment options available. They want to give their users a lot of freedom in choosing the financial instruments that are the least expensive and the most convenient.
Post Date: March 15th, 2017