The link between online payments and eCommerce lead to other innovative offline payment systems using the power of the internet. Mobile payment methods such as using an e-wallet and other payment platforms now dominate offline purchases. Online payment is now a term that can be used for offline payment.
The world of eCommerce shows no sign of decline with rapid vertical growth. Though eCommerce is the source of innovation in payment methods, the digital transformation of offline payments is drastically changing. Perhaps, in the next couple of years, the transformation of payment methods will make more sectors around the world turn into cashless societies. Because of that predisposition there are many payment providers who developed mobile applications for financial transactions.
For those who do use their mobile devices for making financial transactions, many businesses now are on board to using apps to add to the customer experience. A lot of companies have their own apps to use instead of an eCommerce website. These apps usually integrate rewards and other perks to bring about customer loyalty.
There are also several types of businesses that have boomed because of online payments. One of these is courier services. Delivery is necessary as millions shop online for their groceries, medicine, and other items such as clothing. Delivery is no longer just local like when you order a pizza, but international like when you order clothing from China.
Using a cell phone to pay
There is a trend towards mobile commerce as many use their cell phones to make payment transactions. These payment methods include that via SMS, mobile carrier billing, or email transfers. Banking institutions are expanding their services to accommodate the need for mobile technology. The banks that are consumer-driven have made the changes to become accessible via smartphones, be it by the use of an app or a mobile website. Mobile banking has developed greatly, making it possible to easily transfer funds and make payment transactions.
Offline payment terminals are commonplace in areas such as Singapore, Hong Kong, and Sweden. A cashless society is no longer just a figment of the imagination but a realization. Economy booms due to the advantages of going cashless to include that of speedier payment transactions.
Secure payment systems
When it comes to paying using secure payment services, there is still the risk of being hacked. Though making a payment using a terminal a lot safer than using cash or plastic credit card, there are cybercriminals that target the transaction code. These evil elements that lurk online to do crime create malware and other similar software to make the payments go to their accounts. If one pays using open banking technology, it is possible for sensitive financial information to be hacked. If the bank account details are obtained by a cybercriminal, all the funds can be wiped out.
Choose the safer way to pay
When you send an email to transfer funds, you don’t expose your bank account information nor your credit/debit card details online. By choosing this money services company to use the email transfer method, your financial accounts are a lot safer from cybercrime.