Ever since the pandemic began, people around the world had to learn to adapt to a new lifestyle. For different people, this meant different things. Some had to adjust to working from home, while others had to find a completely new job by working online. Additionally, with every shop and institution closed, people were forced to find different sources of entertainment without leaving their homes.
In other words, the more we rely on online sources for our entertainment the number of online transactions will increase. As a result, we are always on the lookout for better and more secure payment options for online shopping. Here we will go over some of the tips on how to choose a reliable e-payment system.
How Can You Choose an E-Payment System?
Given the importance of online payments, a lot of fintech companies stepped up and created different online payment solutions for users all over the world. The infrastructure for these solutions is expanding and more and more regions are gaining access to digital payments. All of this will ultimately lead to cash-free transactions as described in this New York Times article. Given the multitude of different payment solutions nowadays, users typically focus on the following aspects when choosing their provider:
- Account maintenance and transaction fees
- System security
- Amount of money on the account that is insured
- Payment processing time
- Number of currencies available
These are all important aspects of a payment solution, and providers typically focus on improving these aspects to gain a competitive edge. Now we will go over some of the more popular electronic payment systems that are available all over the world.
Top 5 Best Electronic Payment Systems
As stated before there are a lot of different payment solutions or systems out there. Some of them have their own payment gateway capability which is why online merchants typically opt for some of them. From a customer user perspective, this feature is not that important, since they mainly focus on storing funds and making digital payments. In other words, users focus on the digital wallet capability, and how versatile and expensive it is. Here we will list some of the most popular digital wallets.
- PayPal – A well-known brand that has been around for some time, and it’s one of the first companies that tackled the issue of digital payments. So, it’s typically a go-to solution for users who want to shop online or receive money as freelancers.
- Neteller – Another influential player in the e-payments market and popular solution for online gambling. Online casinos and neteller slots are really popular, as they offer the possibility of fast deposit and withdrawal methods. For more information about e-payments at online casinos, visit irishcasinosites.com.
- ApplePay – One of the oldest e-wallets on the market, and boasts robust security features.
- Venmo – Has a large user base, and using the card is free.
- Payoneer- One of the most popular solutions for freelancers all over the world.
What is Neteller?
Neteller is an e-wallet or digital payments service that you can use to shop online and receive money. It has the Net+ card that can also be used for transactions and you can also transfer funds from it to your own bank account. It is owned by Paysafe Group which is a British payment company. It is very popular among online gamblers much like Skrill who is owned by the same group. It’s a bit more expensive than Skrill but it also has way more deposit options, which is why it is a preferred choice.
What is PayPal?
PayPal is a company based in the US and it provides online money transfer services in the majority of countries. Another reason why PayPal is so popular is that it acts as a payment processor for e-commerce shops or online vendors. It was established back in 1998 so it’s one of the companies that pioneered the world of online payment transfers, and today it is owned by eBay, one of the largest online marketplaces.
When it comes to revenue the company ranks among the 500 largest corporations within the United States. This reputation helps it acquire new users, as well-established companies are typically more secured. It is also popular among freelancers who get paid online for their services.
How Can You Use Cryptocurrency?
When it comes to the future of payments, cryptocurrencies are a buzzword that is widely used nowadays. One of the reasons why they are so popular is because using cryptocurrency is a safe and anonymous way of making payments. The technology it relies on is called block-chain, so it operates outside of payment networks like SWIFT or FedWire which were established by Western Powers.
The downside of relying on cryptocurrencies is their current volatility. There are different digital currencies that are available on the market but their value fluctuates, and they are still not widely accepted. Given how it is difficult to regulate this market it is often associated with high-risk, which is why businesses can shy away from accepting crypto payments.
When it comes to money transfer, PayPal provides a variety of options. You can easily connect your PayPal with a cash app by just clicking here. Not Just that, one can connect dozens of digital wallets with PayPal. The main reasons why customer trust PayPal is due to its safety features. One time a hacker made an unauthorized transaction from my PayPal. I got it back within a day. So, pretty safe right.
Still many digital wallets can accommodate crypto-currencies, and a lot of online casinos allow their users to fund accounts or withdraw their winning to their crypto wallet. So in order to use them, you need an e-wallet account that accepts cryptocurrency, and you need to buy those currencies that are supported by the wallet like BitCoin, Etherum, or Light Coin. Alternatively, you can create a rig that supports blockchain networks, and mine cryptocurrencies that are minable.
These were some of the more popular e-payment solutions that are shaping the future of digital payments. This has a huge impact on the world economy, as it gives users more options for shopping, thus increasing the competition on the market. Competition always results in the betterment of the service, and since merchants now have to compete on a global level, the products or services will also improve on a global scale. Governments are also making efforts to regulate cryptocurrencies, as blockchain is pretty much cutting-edge technology for enabling safe transfers. As their usability increases so will their value and availability.