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Online Payment Methods: Past, Present and Future

Published on 18 December 15
Online Payment Methods: Past, Present and Future - Image 1

The internet has revolutionized our lives, everything that we used to do undergoing a drastic change in some kind of way. The World Wide Web has brought everything right into your living room; whether you want to shop for clothes or someone’s presents or you want to pay your bills, there’s now need for you to rush out to do any of these things with the internet at your fingertips. Still, it’s essential to remember that none of this could be possible if it weren’t for the online payment methods, enabling you to pay for everything via the internet.

PayPal - the E-Wallet Pioneer

One of the most notable names in the online payment world is PayPal. Anyone who has shopped online is aware of PayPal’s services and has probably used them at one point or another. Almost 8 million payments are processed by PayPal on a daily basis spread over some 193 nations. There are approximately 137 million active accounts on PayPal, and it operates in some 26 countries worldwide, making it immensely easy for people to request and transfer payments.

Other Payment Methods

PayPal isn’t the only method available for making online payments though. There are a number of others that can also be used for conducting monetary transactions over the internet such as:

Digital Wallet Payments: Digital wallets are basically used by online shoppers to link their credit cards or other payment methods to a virtual wallet. The stored value in the wallet is then used by consumers for making instant payments wherever they wish. Google Wallet is an excellent example of a digital wallet and can be used for making payments in app stores, websites etc. as is Paysafecard

Card Payments: Who isn’t familiar with these? There are both local and global card schemes available that enable you to use your debit or credit cards like VISA or MasterCard to make payments online.

Instant Banking: Banks have also incorporated online payments into their systems allowing consumers to connect their bank account directly to a merchants account such as that offered by e-check. E-checks incorporate the same banking principles as old paper checks with the instantaneous payments offered by e-wallets

The existence and availability of online payment methods is obviously crucial for the internet economy, with online payment services, businesses and their customers are able to exchange money electronically via the internet instantaneously. But any business that’s providing a product or service online stands to lose significant money not only if they aren’t able to accept online payment, but also if they can’t provide a good range of online payment method choice to their customers. The importance of offering multiple electronic payment methods is illustrated by the online gaming industry, one of the biggest B2C online leisure verticals, where a key criteria for many players in choosing a site is its selection of depositing and withdrawal methods.

New E-Payment Trends and the Future

What is the future for online payments? One key trend will be the development of mobile payment methods. As web use on phones eclipses that on desktop, and more and more people make purchases directly through their phones, consumers will want mobile specific payment methods rather than having to make purchases via online payment methods that were designed for the wider desktop/laptop environment

One method which contains potential is via SMS. All users require is a phone that has an SMS capability which is consistent in all phones and this can be used for making person-to-person payments and for goods and services.

The introduction of Apple Pay, a mobile payment method by Apple Inc has further revolutionized the online payment industry as it brings about the concept of NFC or Near Field Communication payments where radio frequency identification is used near NFC enabled points of sale for transferring information. There are also WAP payments, which use the Wireless Application Protocol on your smartphones for connecting to the internet and them making payment via credit card or an online payment method like Google Wallet or PayPal.

Whatever methods finally materialize and deliver, technology hold out a future, where you will no longer have to carry money with you, using the technology and data on your phone to make payments both ‘online on your phone and in stores.
This blog is listed under Telecommunications , Mobility and E-Commerce Community

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