Confused by all the different online payment options? Here's a quick rundown of the most interesting systems.
E-wallets, cryptocurrencies... Online payment options are becoming more and more numerous, and are designed above all to be fast and convenient, to simplify transactions as much as possible.
Let's take a look at the main methods available and their features.
Credit cards
The great classics of online payments, credit and debit cards are reliable and guarantee worldwide accessibility. All major cards feature advanced security measures, now even more so with two-step verification.
You can register your card on most sites to avoid having to enter your details every time you make a purchase. If you choose to do so, be sure to use a strong password, and check that the site in question is secure ("https" address and small padlock on the browser), as there is always a risk that your account could be hacked.
Bank transfers
These offer a very high level of security, with a direct connection to the user's banking system, and are used in particular for high-value purchases.
Funds are transferred directly from the user's account to the recipient, greatly reducing the risk of fraud and cutting out the middleman.
The transfer speed is slower, however.
Electronic wallets
Practical and fast, they have revolutionized online payments. PayPal comes to mind in particular, having greatly simplified transactions by making it possible to make payments with a single click, thanks to data storage.
E-wallets employ advanced security protocols to protect user information. Some e-commerce platforms also offer additional features such as purchase protection if you pay by e-wallet.
Cryptocurrencies
These electronic currencies are a revolution in online transactions, as they require no bank or central bank.
Once mastered, they enable fast, fluid transactions, and more and more merchants are now accepting them.
Thanks to blockchain technology, which decentralizes data, transactions are secure and highly confidential. The absence of intermediaries also reduces fees and increases the speed of transfers.
The best-known cryptocurrencies are Bitcoin (BTC) and Ethereum (ETH).
SMS payment/mobile billing
This little-known but very simple method lets you charge purchases directly to your mobile bill by linking your account.
There's no need to enter your details, as transactions are carried out by sending an SMS to authorize payment.
This is a practical option for low-value purchases, and offers enhanced security protocols put in place by operators.
A system unknown in Europe, but nevertheless worth mentioning, is the Unified Payment Interface (UPI). Used in India, this instant payment and transfer method launched in 2016 has contributed to the country's digital payments boom in recent years.
UPI can be found on many sites, including online casinos withupi withdrawal games, the number of which has exploded in India since its inception.
This system therefore represents a real upheaval for a country whose economy is largely unbanked, and whose transactions are still largely cash-based.
