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A Break Down Of Online Payments Types in Fintech

25 November 2021 | 0 comments | Posted by Natalia Revishvili in Money Talks

Types of online payments

E-commerce and the modern electronic payments market are developing rapidly. The low level of competition contributes to the creation of joint projects by the main participants. The market for cashless payments is constantly growing. Many users prefer online shopping: on marketplaces, social networks and online stores.

The trade goes digital, which is the main trend determining the development of the electronic settlements market.

Trends in the development of online payment

The main trend in developing the electronic settlements market is the aspiration of payment systems, which are based on the use of electronic money, towards multifunctionality.

Electronic payment systems (EPS) were subdivided into several types according to the payment method: digital cash, card payments and payment gateways. Today EPS are constantly expanding, offering new methods of electronic payments. Modern EPS are becoming universal, allowing you to pay for goods and services using mobile applications, terminal networks, SMS services, bank cards and electronic money.

EPS is a technology (service), which is a set of methods and agreements and allows you to perform settlements between counterparties over data transmission networks. We can point out five trends in the development of online payments.

The emergence of new payment methods

The active development of online business, the introduction of the latest mobile applications and forms of payment have allowed companies to offer their customers modern payment methods for purchases:

  • mobile wallets;
  • payment using NFC;
  • digital wallets Google Pay, Paypal, Apple or Samsung Pay;
  • cryptocurrency;
  • contactless payments.

The services allow you to make purchases using electronic transactions conveniently. This makes the checkout process more convenient.

The availability of various payment options is considered one of the main factors contributing to choosing a particular store for making purchases. An online store cannot be competitive without convenient payment methods.

This fact goes not only to online stores but other services as well. In the modern world, trading and gambling are both very popular industries that many people are using. It would be no surprise to say that PayPal is the most attractive method in e-commerce due to its safety, speed and convenience.

In trading, there are a lot of PayPal forex brokers that offer their clients depositing money through this system. The same can be said about casinos. Overall, there is no industry left where PayPal is not used massively.

Contactless payments

Modern banks and commercial companies are encouraging customers to switch to non-cash transactions using contactless payments. NFC-enabled smartphones have become one of the safest and most convenient payment methods.

But even without NFC support, mobile contactless payment is available to any user, regardless of the device model. In addition to that, many applications even allow you to pay using a personal QR code.

Order online - pick up at the store.

The Click & Collect service allows customers to conveniently select products online, make a payment, and pick up the product at the store. This makes it possible to save time on visiting an offline store to pay conveniently (mobile banking, Internet banking).

Online payments by credit card

One of the most popular and simple payment methods for the buyer is online payment by credit card. To make a payment, you need to open an account and get a Visa or MasterCard.

One of the best methods of accepting payments on the site is a service, which makes it possible to pay online on the site, in a mobile application, and make international payments.

Internet acquiring and FPS

Acceptance of payments and payment cards via the Internet using a specially developed web interface that allows you to make payments in online stores and make payments for various services (mobile communications, Internet, telecommunications and utilities) is called Internet acquiring. This service makes it possible to pay in online stores and special electronic systems.

The fast payment system (FPS) makes it easy for the site and the buyer to complete the payment process using a QR code. The buyer can pay for the code received for payment in a convenient way for him. For merchants, SBP means minimal service fees and instant crediting of funds.

The Internet of payments

The Internet today performs not only an information function. In developing modern technologies, it attracts manufacturers and advertisers, shops and small commercial companies, which have made it possible to make purchases conveniently and quickly.

New payment methods contribute to the development of the online trading market by offering modern financial and information services.

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Recommended reading

If you enjoyed this post and have a little extra time to dive deeper down the rabbit hole, why not check out the following posts on small businesses.

Tags: Fintech, Payment Solutions, Guest Post

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