The global population of internet users reached 3.8 billion this year. Technology is easier than ever to access and use, attracting more and more people every year. The internet and the many forms of tech are here to stay and will continue to grow in the future.
As a swift rule of thumb, most people begin to adopt new technology rapidly. From buying a foreign gift to buying a book, e-wallets led the way in payments in the past years.
Read on and take a look at some of the different kinds of payment methods that are used in e-commerce today. Let’s get into it!
Debit Cards
Debit cards are linked to your bank account and allow you to spend the money you have in it. They are accepted at most businesses, including those online. These cards are safe and offer protection against fraud and allow you to track your spending.
Using this card makes it a safer option than carrying cash or writing checks. When you use a debit card, the money is transferred immediately from your bank account to the merchant.
However, if your card is lost or stolen, someone could access your account and withdraw money. So if you have a problem with a purchase made while using it, you need to contact your bank to dispute the charge.
Prepaid Cards
Though prepaid cards are not as popular as debit or credit cards, they have the ability to make purchases, both online and in person. These cards are not connected to a bank account, so they can be a good option for people who don’t have a bank account or who want to limit their spending.
In addition, they can be used anywhere that debit or credit cards are accepted. However, they usually have fees, so be sure to read the fine print before you purchase one. Furthermore, they can be reloaded with money, so you can use them over and over again.
For online purchases, you will need to provide the prepaid card number, expiration date, and security code.
PayPal
PayPal is a popular online payment processor that allows businesses and individuals to send and receive money online. It is a safe and secure way to make online payments, and is one of the most popular payment methods used by online shoppers.
It is accepted by many online retailers and businesses, and offers buyer protection in case of fraud or dispute. To use PayPal, you simply need to create a free account and then link your bank account or credit card to it.
So if you’re looking for a secure and easy way to pay anything online, PayPal is a great option to consider. Whether you are using it for business or personal transactions, it is guaranteed a payment method that you can trust.
Bitcoin
One of the most popular digital payment methods is Bitcoin. This is a decentralized digital currency which means that it is not controlled by any central authority. It is a digital asset that is stored on a decentralized network called the blockchain.
Bitcoin can be used to buy goods and services online. However, it is also becoming increasingly popular as a way to invest and trade. The value of Bitcoin is so volatile that it can go up or down in value very quickly.
Moreover, it is still a relatively new payment method. As such, it is not yet widely accepted. But, this is changing rapidly as more and more businesses start to accept Bitcoin.
Credit Cards
Credit cards are one of the most convenient methods of payment, but they can also be one of the most expensive. If you are not careful with your spending, you can end up with a high interest rate and a large bill.
If you live in Malaysia, you’re fortunate. There are several companies that offer rebates and give bonuses on specific categories. The best cash back credit card in Malaysia will let you earn rewards, which you’ll earn on your credit card purchases.
Additionally, you can use them to make purchases online, over the phone, or in person. When you use a credit card, you are responsible for the charges you make. If you do not pay your bill, the lender can take legal action against you.
Apple Pay and Android Pay
Android Pay is a similar contactless payment method that allows you to pay for goods and services using your Android device. To use it, you just have to link your card to the Android Pay app on your device.
Both of these are accepted at millions of retailers and businesses around the world. Overall, both of these are convenient ways to make payments using your smartphone. If you have an iPhone, then Apple Pay is the best option for you.
If you have an Android device, then Android Pay is a good option, although it is not as widely accepted as Apple Pay.
The Advantages of These Payment Methods in the Digital Age
In a digital world, cash is no longer king. In fact, there are many advantages to using alternative payment methods, such as credit cards, debit cards, and even cryptocurrencies. Here are some facts you should know about using these methods nowadays:
- Allows you to build credit
- Easier and faster to use
- Offers protection against fraud
- Quick and efficient
Now, we can use our phones, tablets, and computers to pay for everything from groceries to gas. Technology has revolutionized the way we live, work, and play. It has also changed the way we pay for goods and services.
Gone are the days of cash and check transactions.
There are many payment methods available nowadays. So you should learn about the different options to find the one that best suits your needs. If you’re looking for the best method of paying, you may want to consider these alternatives.
If you find this article helpful, check out the rest of our blog now!
