Internet Personal Finance

The Best Payment Solutions for Any Online Transactions

Nowadays, transacting online is normal and many people are comfortable doing this. For some, it’s even part of their daily lives. Many people do their shopping and many other activities online that involve their money.

Even gambling online has become more popular these days as people are now trying to find ways to entertain themselves while they are staying home during this pandemic.

Most Popular Online Payment Solutions

Online Payment Solutions

In 2019, it is estimated that around 1.92 billion people purchased goods or services online. When it comes to online retail sales in that same year, it reached over 3.5 trillion US dollars worldwide.

2020 has also been a big year for online businesses and experts are still forecasting that online transactions will continue to grow in the next year or even decade.

Now, when it comes to online transactions, you have plenty of options. The question of the security of making payments online is still important to ask but today, it’s just really about how you will be able to make a payment.

Here are the options that you have when it comes to making payments online whether it’s for shopping or even real money gaming.

Digital Wallets

For transactions online, many prefer using Digital wallets or eWallets. This is generally the fastest payment method online and there are so many platforms that you can use for this. Some of the most popularly used digital wallets are PayPal, Skrill, Neteller, and Astropay banking methods in India or any part of the world.

Generally, digital wallets are global payment solutions that anyone could use for any online transactions. They can use this for shopping for goods and services. Some online casinos and bookies cater to digital wallet users.

Many also prefer this option as these platforms protect the transactions of their users. Users can directly file disputes and complaints on the digital wallet platform which would make their claims easier to solve.

It’s simply a secure way of transacting online as you also usually only need an ID or your email address to make a transaction. No need to disclose your bank information

Credit/Debit Cards and Prepaid Cards

The use of a credit or debit card is still one of the most popular ways to make a transaction online as it is almost as easy as swiping it up on a machine. Transactors only need their card information (card number, card expiration date, and security code) to be able to make payments online.

For credit and debit cards, some of the most used card names are Visa, MasterCard, American Express, and Entropay. You can get these cards if you have a bank account or payroll account.

Some people use prepaid cards. These function like debit cards and you don’t need a bank account to get such cards. You typically only need to purchase this card and “reload” to your account. Many prefer using this because they can transact anonymously with such a card.

Bank Transfers

There are a few ways to make a bank transfer when transacting online. Some do this through their online banking accounts. Some still use ATMs to do this and some only use a banking mobile app to transfer funds.

This is also one of the quickest ways to transact online. However, bank transfer can also take place in a local bank and this can take longer than other options online.

Cryptocurrencies

The use of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more is also quickly becoming popular. This is especially these days that the value of Bitcoin is going up. Currently, Bitcoin is now worth over 35,000 US dollars and it will likely continue to go up in the next few weeks or even months.

Since 2017, many have already noticed the potential of cryptocurrencies as this was also a good time for digital currency. Since then, many businesses have started to embrace its use. You can now shop and gamble online with cryptocurrencies and more big companies are also likely to adopt its use shortly.

Many prefer transacting with Bitcoin and other cryptocurrencies because it is fast, safe, and private. You only really need a wallet address to be able to make a cryptocurrency transaction.

Since it runs on blockchain technology, you can also easily track transactions with any crypto. Many predict that this is the future of online transactions.

Other Options

While there are now plenty of online payment solutions, there still are people who are hesitant about this. This is why there are still online businesses that are happy to transact with their customers offline.

Some online businesses partner with third-party services and stores like Western Union and Walmart so that customers can top up their online accounts. Going to the bank to transfer funds is still an option for some retail sites too.

About the author

Ajeet Singh

Ajeet has done Bachelors in Journalism and Mass Communication. He has extensive experience in community management, social media consultancy, child safety, and crisis management.