How Online and Mobile Payments are Changing Fast

online payments
What are the latest options when making payments online? We compare eWallets, crypto and mobile payments methods.

For anyone over thirty, it may not seem like too long ago that the vast majority of financial transactions were done with cash, physical debit or credit card, or even cheques. The internet age has changed the way we pay beyond all recognition, and it can be hard to keep up with the different ways to deposit, move and receive money.

Most customers value security above all else, but there are other factors at play when it comes to online payments. Convenience is key, so finding a method that is simple and user-friendly is a top priority.

Then there’s the question of fees. Traditional bank transfer systems often hit users with heavy costs every time money changed hands, and some of these newer ways to pay seek to avoid charging the customer over the odds every time they make a transaction. Here are some of the best ways to safely make online payments in this new era.

eWallets

There were in fact many more which came before, but it was PayPal which put eWallets on the map. Also known as digital wallets, these services essentially offer customers a place to keep their money online and make transactions. The payments can be kept entirely in cyber space, with individuals sending and receiving payments for goods and services via the eWallet provider or providers. Alternatively, the online account can be linked to a bank account, allowing the customer to deposit and withdraw money between the physical and the cyber world.

eWallets have become the top choice for online casino deposit and payment methods, which is an industry that sees some of the largest annual transactions online. Players are more likely than ever to entrust their deposits and withdrawals to an eWallet.

Since 2015, some of the top deposit methods online players use have come from the Paysafe Group, which owns Skrill, Neteller and Paysafecard. This is despite the fact that many online platforms in Canada, and elsewhere, don’t allow players to claim bonuses when depositing with these eWallets. Anyone looking for further information on payment methods online casino should use a resource like livecasinoonline.ca to find out more.

Pay by Mobile

Mobile pay has been a great innovation in payments, allowing customers to make payments for goods and services using nothing but their mobile phone number. This is known as carrier billing, with payments taken directly from the mobile phone bill. This way to pay has become increasingly popular with players across the globe.

The biggest mobile payment company in the world is Boku, and more and more sites are accepting deposits this way. It’s a good option for those not wishing to disclose personal or banking details, but there is a daily limit on deposits, and withdrawals must be made using a different method.

Cryptocurrency

The advantages of bitcoin or other cryptocurrencies are tempting. Nothing is truly anonymous online, but crypto comes pretty close. Your Bitcoin ID is simply a randomly generated number, and it’s not connected to any real-world identifying information – not even an email address. In fact, the only thing more anonymous is cash. On top of the anonymity, crypto transactions have the lowest possible fees.

The maverick of online payments, paying with Bitcoin or other cryptocurrencies comes with a warning. Those wishing to use a crypto wallet to make payments to an online account should be aware of the volatility of the currencies. Fiat currencies fluctuate in relative value, but the past few years have seen wild swings in the worth of crypto, so caution is advised.

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