In today’s world, the internet has become a marketplace where buying and selling can be done easily. There’s almost no business transaction you can’t carry out on the internet. It doesn’t matter what type of items or services you want to pay for, you can do so online.
For example, one can enjoy online gambling easily with payments services like Google Pay. If you check https://onlinecasinoprofy.com/en/google-pay-casinos/, you’ll find many online casino sites that accept Google Pay and other methods. It is the same in other industries. The number of payment methods available is so much that you may even find it difficult to choose one.
This leads us to the question – what is the best payment method on the internet? Though this question is simple, it does not have a straight answer. The best payment system is determined by individual preferences. A payment method that is convenient for Mr. A may not be perfect for Mr. B. Hence, every individual has the responsibility to choose what works best.
In this article, we will explain the popular category of payment systems available online. You should be able to pick which one is suitable for you.
Online Card Payments
This is unarguably the most popular internet banking method. It is used by small businesses as well as large global companies. What makes it so popular is the fact that almost all adults have a type of payment card. As long as the person has a bank account, they’ll most likely have a payment card. As of 2018, card payments accounted for 41% of global online transactions.
The process of paying with cards takes only a few minutes. The buyer will be required to submit some details from their card. These details usually include the card number, the expiry date, and CVV. In some countries, the buyer may also have to submit the card password or an OTP.
On most platforms, card details may be stored after the first time of payment. This means you will not have to enter the details the next time you’re making another payment on that same platform. But there are prepaid cards that can be used only once.
Cards are widely used in different sectors of eCommerce. They are also widely used in depositing to play casino games as they make one eligible to claim bonuses.
Here are the most popular types of cards used online:
- American Express
Also referred to as digital wallets, electronic wallets are one of the fast-growing internet payment methods globally. The use of digital wallets in some markets has grown beyond that of cards. Thus, e-wallet payments have been projected to account for over 50% of worldwide online payments by 2022.
Just like prepaid credit accounts, e-wallets store your funds outside your bank account. Then, you can make payments directly from your wallet instead of your bank.
Here are the most popular e-wallets at the moment:
Online Bank Transfers
This system involves paying directly from your bank account to the e-commerce merchant. Once you select this method on the merchant’s platform, you are redirected to your bank’s online portal to complete the payment. Some services can also be paid through mobile banking apps.
There are also many other payment systems such as e-checks and cryptocurrencies available online today. And it is expected that as businesses continue to grow online, more payment methods will be developed to make payments more convenient.