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New Ways to Pay Online in 2020
In 2020, many online purchases are still made using credit or debit cards. A lot of consumers prefer to use these tried and tested payment options, and indeed they are usually one of the most secure and reliable ways to pay online. However, there are still some risks attached to entering your card details into an online form, and the process can be a little time consuming.
These days there are many alternative ways of paying online that are quick, efficient and secure. Consumers have a lot of choice and flexibility, and can select various methods depending on what suits their needs. From e-wallets to mobile apps, even a casino where you can pay by phone bill, the possibilities are endless. There are so many ways to pay online, it can be hard to know what to go for, so we’ve compiled a short guide to the best and most recent online payment options available in 2020.
This mobile payment wallet is for Android users, and is the latest iteration what was formerly known as Android Pay and Google Wallet. It allows users to connect multiple bank accounts into a single app, and supports both online and point of sale purchases. Users find it very convenient, as well as being secure. It requires either fingerprint or passcode authentication, and uses a dynamic code that is generated for each separate transaction. Google Pay is available in thirty countries, including Canada, the USA, and the UK.
There may still be more Android than iOS users worldwide, but Apple are starting to close the gap. Apple Pay was launched before the Android equivalent, and the two systems share a lot of similarities. Online payments can only be made when using the Safari web browser, but otherwise the authentication and transactional security are achieved via the same means. It is more widely available than Google Pay, being accepted in around sixty countries and territories around the world.
Stripe have been building their payment gateway for a few years, offering an alternative to PayPal for merchants. Now used by several big international online companies, Stripe supports Visa and MasterCard payments as well as local methods. Unlike PayPal, customers do not need to make a separate account. If they choose to store their banking data, then subsequent transactions can be facilitated via SMS.
P2P Payment Systems
Venmo is big news in the USA, but why has it not expanded into other markets? The app allows you to quickly send money to friends, and is used mainly for splitting bills and generally making small, personal transactions. The reason that it has not caught on in the rest of the world is simply because it would be a little redundant. A UK equivalent known as CashApp didn’t get too popular, because it is so quick and easy to transfer funds directly between bank accounts via internet banking. The same goes for Canada.
Direct Carrier Billing
Although this is not exactly new, it is still a relatively unknown way to make online payments. Direct carrier billing (DCB) is the general term for payment via a mobile phone operator. Different countries have their own providers who make the service possible, but the principle remains the same everywhere. Purchases are made online, and the payment is charged to the mobile phone bill. DCB first gained popularity in developing countries, where cellphone ownership is much higher than the use of credit cards. In the USA, growth of this online payment option is primarily driven by customers who use it as a way to fund online casino accounts.