Back in the day, it used to be the case that cash was the only mainstream way to pay for pretty much every transaction. When cheques and bank cards became popular, they were considered to be cutting-edge payment forms that were about to change the world. Now, both of these payment methods are becoming increasingly obsolete. This is evident in the UK as more people use online payment and baking methods. One popular example of this is e-tailer payment methods. Popular examples of these include Amazon’s Amazon Pay and Apple’s Apple Pay. Originally envisioned as an extension of both Apple and Amazon, both payment methods can now be used elsewhere. Meaning that traditional payment methods like debit and credit cards are being used less and less. Another reason for this is the growth of online shopping. In the UK it is estimated that over 70% of households use online shopping. This follows the trend of increased internet usage.

Online payments are now ruling the roost – and from speed to convenience, there are plenty of reasons why this has occurred. Here are just some of the ways that online payments have grown and developed.

Easier and faster

The major benefit for most users of online payment systems, of course, is the speed and convenience that it offers. Many major systems, such as PayPal, are now integrated into online storefronts across the internet, so all it takes to pay is just one click or tap. Balances can be viewed on smartphones and laptops in seconds, while there’s no need to call the bank if you want to arrange a cash transfer to a friend or family member. For businesses, these time-saving methods save vital staff resources – which means that the staff member who may previously have had to visit the bank every day can now do something more productive.

Versatile

One of the major additional benefits of online payment systems, meanwhile, is how versatile they are in an age of unrivalled online choice. The internet is full of products and services, many of which aren’t available at in-person stores – so by shifting your personal finance focus to online rather than physical money, you’ll automatically be making it easier for yourself to pay for everything that the internet offers. Whether you make a deposit in your online casino wallet using Interac payments or simply settle an online shopping bill via PayPal, your trusty online payment system will deliver a versatility that cash simply can’t match.

Secure

When it comes to the internet, there have always been concerns over the security of financial transactions. With many people worried about the ways that data shared over the web can be hacked or otherwise maliciously accessed, online payment systems have to be robust in order to prevent problems. Thanks to developments such as two-factor authentication and end-to-end encryption, however, it’s now harder than ever for malicious eyes to find your payment data. In fact, in many ways, it’s safer to place your cash in a secure and reputable online payment processor than it is to have it in your wallet!

It’s no exaggeration to say that online payment systems truly have changed the world. From the way that they can provide speedy settlements, to the versatility that they offer in the age of online choice, there is all sort of benefits to these innovations. While there are still some important considerations – such as security – to take into account, it’s clear that online payment systems are robust enough now to take over as the primary way to pay for a whole host of transactions.

By Steve Marks

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Only logged in users are allowed to post comments. Register/ Log in

The Market Oracle is a FREE Financial Markets Forecasting & Analysis web-site.
(c) 2005-2024 MarketOracle.co.uk (Market Oracle Ltd) - Market Oracle Ltd asserts copyright on all articles authored by our editorial team and all comments posted. Any and all information provided within the web-site, is for general information purposes only and Market Oracle Ltd do not warrant the accuracy, timeliness or suitability of any information provided on this site. nor is or shall be deemed to constitute, financial or any other advice or recommendation by us. and are also not meant to be investment advice or solicitation or recommendation to establish market positions. We do not give investment advice and our comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to enter into a market position either stock, option, futures contract, bonds, commodity or any other financial instrument at any time. We recommend that independent professional advice is obtained before you make any investment or trading decisions. By using this site you agree to this sites Terms of Use. From time to time we promote or endorse certain products / services that we believe are worthy of your time and attention. In return for that endorsement and only in the cases where you purchase directly though us may we be compensated by the producers of those products.