How Technology and Online Payments Changed the way we buy Online

Using online payments exploded with the birth of eCommerce in the early 2000s. This paved the way for new payment providers and technology to change the way that we pay. Nowadays, the average online transaction looks very different to the way it did just a few short years ago.

Significant Changes to Payments

Over the course of the last few years, payment methods have changed massively. Back in the early days of the internet, a credit card transaction was just about the only way for users to place money in an online account. This wasn’t the safest method and after a while, users became almost frightened by the new concept of online fraud.

As you would expect, as soon as this concept was realized, the number of online scammers boomed. In these early days, it was fairly easy for people to be separated from their card details. There wasn’t a lot of knowledge about protecting your account from fraud and it was easy for inexperienced people to make mistakes.

Creating Alternative Payment Methods

eBay was one of the main eCommerce sites back in this day and they noticed this fraud cutting into their profits. This meant people were less likely to purchase online, which then had a knock on effect to their purchases. For this reason, they began to pioneer alternative solutions and PayPal was born.

Over the years, PayPal became bigger than ever before, with new features and technology added into the software. This has quickly become one of the most used payment methods in the world, with billions of transactions processed every year. As technology has advanced, one touch transaction and fingerprint scanning have become new parts of this payment platform.

One sector in which this has become very popular is within online gambling. Casino and betting sites have effectively used PayPal to make otherwise uneasy players happy to deposit money online. With this in place, users can make transactions quickly and without having to worry as much about fraud.

Casino sites in which PayPal accepted logos are displayed are even more likely to gain new depositors. With PayPal information also able to autofill the registration process, they can also cut out this step too. It’s all about making it even easier for their users to be able to get on and play online.

The Future of Payments

Fraud is still a massive problem online, with unsecure passwords and connections allowing for this to happen. There is still much to be done with regards to safeguarding users and as time goes on, we may see a new payment method that can do it all. With so many of these payment providers struggling to stand out, they are pretty driven to create new technology.

With so many different ways to pay these days, we really should be using all of the technology we can to protect our identities online. As fraud becomes more intensive and ruthless, it’s a sure thing that we will need to create better technology to protect ourselves too.

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