Digital transactions have taken the world by storm while giving users the flexibility to pay in a way that suits them. Online payment methods are acceptable everywhere, whether in grocery markets, shopping malls, or even for online entertainment such as gaming. There are several options that enable you to receive payments online, thus eliminating the hassle of carrying cards and cash.
But while the digital transaction landscape is expanding, it automatically gives rise to fraudulent transactions and scam losses. Nilson Report in December 2022 predicted that US losses from card fraud would be about $165.1 billion over the next ten years.
However, that doesn’t mean you take a step back. All you have to do is ensure your purchases are secure when shopping in a store or browsing the web. Multiple online payment gateways keep your personal information safe and secure. Ahead, we have compiled a few of them. Scroll through the page and pick the safest payment method to continue online transactions.
The Rise of Online Payment Methods
The cashless payment system is growing exponentially, as two-thirds of adults across the globe now make or receive digital payments. While many still prefer cash payment methods, digital and e-wallet options are equally gaining popularity.
The involvement of Digital payments has increased to 89% in 2022. Additionally, the share of respondents who report using two or more forms of digital payments has grown to 62%.
Besides grocery stores and shopping malls, digital payments are equally prevalent in online gaming. For example, players at high paying online casino sites need to deposit and withdraw money to be able to play their favourite casino games. Players want to ensure that they are using a fae payment method to keep their financial information secure and protected.
Statista’s recent study suggests that the total transaction value in the Digital Payments market is projected to reach US $9.46tn in 2023. Additionally, the number of online sales made every day has been growing with a 7.7% increase year after year.
The 5 Safest Online Payment Gateways
Now that you’ve got the basics of online payment methods and their popularity, it’s time to outline the safest payment gateways to keep your sensitive information safe and secure. The information transmission during online payment processing can be intercepted and stolen. Hence, you must be very cautious when selecting the online payment method.
Below we have mentioned a few of them.
1. Credit Cards
Let’s start with the best and the safest – Credit Cards. This financial tool allows individuals to make purchases or obtain cash advances on credit. It uses online security features, including fraud monitoring, high-end encryption, to keep your accounts and personal information safe and secure.
Credit Cards also provide zero fraud liability, so you won’t have to pay a cent for fraudulent transactions charged to your credit card. They routinely monitor for fraudulent activity, and if fraudulent activities do occur, customers are liable for any of those transactions.
Don’t worry if your credit issues don’t offer zero fraud liability coverage. If any fraudulent activity happens, you are legally liable for up to $50 owing to the Fair Credit Billing Act.
2. ACH Payments
The second-best online payment method is ACH Payment. ACH refers to Automated Clearing House, which lets you make payments directly from your checking account to another bank account. This payment method adheres to plenty of security features that keep your banking information safe, such as encryption and the implementation of access control.
ACH payments are steadily growing and processed more than 25 billion electronic payments in 2016. For businesses, ACH payments are a popular alternative to paper checks and credit card payments. They are faster than checks, thereby helping to automate and streamline accounting.
3. Digital Wallets
Payment apps or e-wallets are gaining popularity these days. These apps store credit or debit card information in one portal, so you can make payments without having a physical card or without adding the card details repeatedly.
Multiple digital wallets are available to opt for, such as PayPal, Google Wallet, Venmo, Samsung Wallet, Apple Pay, Cash App, and more. All these payment apps are safe and secure while allowing account holders to perform transactions without sharing their private information with third parties.
4. Wire Transfers
Last but not least is Wire Transfer or wire payment. It allows money to be moved quickly and securely without the need to exchange cash. This payment method allows two parties to transfer funds even if they are in different geographic locations.
The sender must provide the bank with the necessary information, such as the recipient’s name and other details, the recipient’s banking information, and the reason for the transfer to get started.
Wrapping Up
It’s time to conclude the post. Digital payments drive the growth of the digital economy, and the trend is here to stay for a long. So, why wait? Choose any of the online payment methods mentioned above, and make digital transactions without putting your financial information at risk.
I am Terrance Carlson, author at News Bulletin 247. I mostly cover technology news and I have been working in this field for a long time. I have a lot of experience and I am highly knowledgeable in this area. I am a very reliable source of information and I always make sure to provide accurate news to my readers.
