Emerging Payment Technologies

What are the Emerging Payment Technologies?

Choosing the right payment gateway can be a challenging task. In order to make the right choice, you’ll need to consider certain factors that will benefit your business. Online gateways such as Payment Asia provide a secure mode of online payments that protect your customers’ information. Along with trust, your business is also dependent on payment options available to your customers. Thus, you need to partner with a payment service provider that allows transactions through various modes. Read on to find out the emerging payment technologies to make an informed decision.

E-cash Payment Technology

This payment technology was one of the earliest online payment modes used. Although e-cash was not the best mode of payment, it evolved into the invention of smart cards. This mode was seen as an effective mode of online transactions owing to its cryptographic features and processing capabilities. Online service providers such as Payment Asia provide smart cards that ensure secure transactions. This mode also provides anonymity and liquidity of traditional cash payments. It is, however, important to pick this mode of payment for your business only if you have a secure payment gateway.

Mobile and Cryptocurrency Payment Technology

For countries with low credit card and banking penetration, mobile payments provide the optimum digital payment solution. Mobile payments are swift and easy and allow customers to purchase items in bulk from your website. Along with this, if you host donation portals or browser games on your website, this is a great mode of payment. Customers can instantly make payments and will tend to purchase a larger quantity. Along with this, e-wallets are a secure mode of transaction. It stores the customer’s personal data and funds which then enable an online purchase. E-wallets can also be combined with mobile wallets through technologies like Near Field Communication devices. All you need to do is tap on the NFC terminal mobile phones can immediately transfer the funds that are stored in the phone. Payment gateways like Payment Asia make the process simple for you. All you need to do is enter your information once while signing up for the e-wallet. Cryptocurrency is another mode of online payment preferred by many customers. This form of currency uses a complex encryption that makes theft and counterfeiting difficult thus, securing your transactions.

Bank Transfer Technology

This mode of technology is available to customers linked to an internet banking facility and enables them to easily do a bank transfer. Payment Asia reviews have shown that bank transfer technology is one of the preferred options with regard to online purchases. Payments through bank transfers assure the customers that their funds are secure. Every transaction in this process is required to be authenticated and approved by the bank of the customer. Once the credentials are approved, the transaction is complete.