Online payment is nothing new, but how many of us actually understand the mechanics of purchasing items online?
In fact, there is arguably a large gap in knowledge when it comes to online payments systems, their functions and the level of security that they offer to users. This should come as no surprise, especially when you consider that goods only became available online at the turn of the century. Since then, the range of online payment options available has evolved considerably, as has the technology that underpins them and the quality of service accessible through such solutions.
In previous years, online payment options were slow, difficult to navigate and conducted through insecure websites. The development of 128-bit encrypted sites changed this, however, and in 2015 the majority of financial and e-commerce websites use this technology to underpin the service that they deliver. This has also helped to trigger a surge in the number of payment options available, with multiple e-wallet service providers’ now accessible and offering instant payment solutions. Operating through secure, HTTPS websites (which offer secure communication across a wide computer network), customers can use resources such as Neteller, Skrill and PayPal to complete a range of financial transactions online.
The presence of HTTPS, 128-bit encrypted websites certainly enables us to feel secure as customers. Further advancements in innovation have also ensured that these payment solutions are more efficient too, with the majority capable of completing instant transactions in real-time. This applies to both purchases and withdrawals, while providers such as PayPal even issue cards that enable customers to take money directly from an online account. This was unthinkable years ago when wallets were corporeal items that stayed firmly in our pockets.
In addition to this, we should also consider how such innovation has helped to spread the popularity of online payment options across multiple industries. While it will always be synonymous with online retail and e-commerce sites such as Amazon, for example, online payment technology has also encouraged in-store retail outlets to diversify their revenue streams online.
In this respect, the sophistication and development of online payment options have helped to popularise the online gaming market and similar sectors that require customers to share financial details and complete transactions online. Essentially, they offer customers the opportunity to spend their money as they wish and in real-time, without forcing them to compromise the security of their hard-earned capital.
This is already old news, however, which in itself underlines the pace of progression and the way in which innovation impacts all of our lives. With m-commerce and smartphones now also capable of processing secure payments, customers can also use refined technology to make payments on the go and enjoy their favourite casino games on the move. This is simply the latest stage in the development of online and remote payment options, which is a growth industry that continues to drive prosperity in others.