Once upon a time not that long ago, cash was king and at many establishments, the only way to pay for your purchases. Next came cheques and credit cards, with the latter especially considered to be a revolutionary payment method that would change the way we shop. Nowadays however, these old-school payment options are being swapped out for their contemporary alternatives – online payment methods.
The rise and rise of online payment methods is a phenomenon that shows no sign of slowing down any time soon, with experts estimating that e-wallets are expected to make up around 46% of payments worldwide by 2021. While there’s no denying that Paypal is the popular favourite when it comes to online transactions, there are now several huge competitors on the market that are giving the household name a run for its money.
Here’s just the top 5 to look out for this year:
1) Skrill
Formerly known as Skrill Moneybookers, this online payment solution has become a highly common alternative to Paypal. Offering features such as low fees, instant deposits and withdrawals, special discount schemes and accepts a grand total of 40 currencies.
2) Google Pay
If Google put its trademark on it, you can be sure it’s legit. This service allows you to transfer money easily and securely from your pc or smartphone and can even connect to your Gmail account, where you can store credit, debit and loyalty card information.
3) Amazon Payments
Accepting payments through Amazon is another way for online businesses to get in their customers’ good books since making a purchase on your site will redirect them to Amazon’s checkout, making the process a lot more trustworthy since it’s from a platform they are already familiar with.
4) Apple Pay
Online businesses should definitely consider Apple Pay as one of their accepted payment methods. Apart from quick and secure transactions, this payment method makes use of touch ID confirmation, meaning using your fingerprint to pay for stuff. While still in its early stages, the service is set to continue growing, with rumours that there is currently a P2P payments system within iMessage in the works.
5) Payza
Payza allows users to send and receive payments across the world in just a few short minutes, with a user-friendly interface, rigorous security features and is free to register for too. What’s more, this is one payment method that also accepts major cryptocurrency Bitcoin.
Why Online Payment Methods are Awesome
While there are now a wide variety of payment methods on the market, each with slightly differing features, they all have a few key points in common which make them a more viable option than traditional bank cards.
Simplicity
One of the major advantages of online payment methods is the convenience that they offer users. All it takes to complete your online payment is a simple tap or click since many major brands, like Paypal, have been integrated into the internal payment system of multiple ecommerce sites across the web.
Versatility
In an age where variety is the staple of the online world, the versatility of online payment methods makes them a natural choice when it comes to purchasing online. More and more consumers are making the shift to purchasing goods and services online, especially those that can’t be found in physical stores. Some payment methods are also country specific, offering their services in collaboration with your local bank.
Speed
Online payment solutions are also more efficient in that they save users precious time when it comes to completing transactions as well as checking balances or transferring cash. This is also great for companies who are able to use their man hours on more productive things than making employees spend long hours at the bank.
Security
Despite all the wonderful things the internet has regaled us with. It’s also brought up some serious concerns when it comes to security, especially where financial transactions are involved. With fraud and hacking becoming an unfortunate reality, people have become increasingly concerned when it comes to sharing sensitive personal and financial data online. This is why most reputable online payment systems have developed robust security features that prevent this from happening thanks to in-built tools such as two-factor authentication and rigorous encryption measures. These developments have now made it a lot safer to pay for goods and services online.
