2020 has been an amazing year for online retailers. Lockdowns around the world have forced people to stay away from their local highstreets and shopping malls, but that hasn’t stopped us from shopping. Businesses that weren’t online pre-Covid have scrambled to set themselves up with websites and online payment solutions.
In the last few years, concerns regarding online security have been met with beefed up security systems that encrypt data, reputable payment providers, and extra security protocols such as two-factor authorisation. And thanks to the multitude of electronic payment methods, we no longer need to take the risk of sharing our credit card information online. In fact, with modern POS machines and smartphone capabilities, electronic payments are fast becoming the preferred method of payment both online and offline.
As more and more people turn away from traditional banking, it would seem that electronic payments are the future. In this article, we’re going to take a look at some of the electronic payment options available to consumers.
Mobile Phone Payments
Mobile payment systems, such as Apple Pay and Google Pay, allow users to pay for goods and services via their mobile phone. These payments can be made online at any online site that accepts these types of payments, and in-store wherever there is a POS machine that is equipped with NFC technology. Another form of mobile payment, provided by the companies such as Boku and Payforit, is the kind that allows you to make a payment via your phone bill. Whenever you make a deposit at a real money casino such as https://new-casino.ca/real-money for example, the funds will be drawn from your mobile phone bill or phone credit. Mobile payments are likely to become the norm in the future due to the convenience and level of safety that these payments afford the consumer.
E-wallets
E-wallets (electronic wallets) have been around for quite a while now and they are here to stay. An e-wallet is an online account that allows you to store, send and receive money. An e-wallet is connected to a bank account. In order to make a payment using your e-wallet, all you need to do is input the amount you’d like to pay and then confirm the payment with your password. One of the most popular e-wallets is arguably PayPal. This company was one of the early pioneers in electronic payments, and it now boasts of having just under 300 million account holders. Almost every single online business accepts PayPal payments. But PayPal is not the only e-wallet on the market; Neteller, Skrill, Amazon, Apple and Google are all popular alternatives that have also attracted a huge following.
E-checks
The electronic check is an excellent option for those who wish to make a one-off online payment. It works much the same way as a traditional check. The funds are drawn from the user’s bank account, so e-check provider will need the name, account number and routing number of said bank account in order to issue the e-check. Using an e-check is a safe and convenient way to make a payment to a multitude of retailers and service providers and will soon render the paper check obsolete.
Virtual Cards
Virtual credit cards are another electronic option that is suited to one-off payments. A virtual card is created via a computer algorithm that generates random numbers. Once generated, the virtual card is used in the same way as a normal credit card. It works in a similar way to a debit card or pre-paid card in that there is a finite amount of money associated with the card, which makes it a safer option to use online.