Electronic payments continue to rise globally without any indication that it will even out anytime soon. Customer experience was initially a big force behind the introduction of online banking and then various other over-the-top payment options. Online/digital/electronic banking and payment provided us with more freedom and choice, less queuing and a payment option literally at your fingertips 24/7. Electronic payments are used by customers and companies on a daily basis. Payment options are increasing and you don’t even need to own a card to withdraw money via e-wallet.
Why is it so popular?
Not only is it more convenient to do an electronic payment, but it is also safer than cash or card. More layers of security on banking apps and websites provide customers with greater peace of mind. The increase in speed and convenience and reduction in transaction costs is another advantage of e-payments. As with any form of payment it comes with its own drawback and concerns. One of these has always been the safety of your personal information and money. These concerns have been addressed and as long as you use the e-payment platform conscientiously and you make use of reputable and safe platforms, there is no need to worry. E-payment systems are becoming safer and safer as the technology behind, biometrics and AI algorithms, improve.
What is driving the rise?
The mobile payment market is expected to rise by 33% annually over the next six years. A mobile handset is all you need to make a fast and easy payment and avoid the queues. These payments are not limited to your location and easy local and international payments can be made. The simple reason for this is that having a smartphone and having access to the internet has become an essential part of most people’s lives. This is becoming more true every day and more and more people cannot even imagine a world where smartphones and the internet did not exist. Banks and other third-party payment companies have simply capitalized on this fact and as technology keeps improving so does the convenience with which e-payments can be made. The fact that e-commerce just keeps growing, fuels the use of e-payments via mobile phones.
The use of cryptocurrencies impacts e-payments since there are numerous cryptocurrencies to choose from and an ever-increasing number of people are making use of them. What makes e-payments via cryptocurrencies attractive to customers is the transparency of the payment method as the funds are placed into an unalterable blockchain. It is a cheaper option and cuts out the bank as a middleman.
The technology to accommodate various forms of e-payment is becoming more advanced and readily available in all areas of society. With QR payments, for example, you can be walking a deserted area of the Great Wall and the lady selling chocolates and water at the top will want you to pay her electronically because it is safer and easier for her.