Internet Banking: Various payment methods available for online payments

P K Gupta Oct 3, 2019 1338 0

Internet Banking: Various payment methods available for online payments

Bank Transfers

Customers enrolled in an internet banking facility can do a bank transfer to pay for online purchases. A bank transfer assures customers that their funds are safely used, since each transaction needs to be authenticated and approved first by the customer’s internet banking credentials before a purchase happens.

Ewallets

An ewallet stores a customer’s personal data and funds, which are then used to purchase from online stores. Signing up for an ewallet is fast and easy, with customers required just to submit their information once for purchases. Additionally, ewallets can also function in combination with mobile wallets through the use of smart technology such as NFC (near field communication) devices. By tapping on an NFC terminal, mobile phones can instantly transfer funds stored in the phone.

Credit Cards

As a global payment solution, credit cards are the most common way for customers to pay online. Merchants can reach out to an international market with credit cards, by integrating a payment gateway into their business. Credit card users are mostly from North America and Europe, with the Asia Pacific the following suit.

Mobile Payments

A popular payment method in countries with low credit card and banking penetration, mobile payments offer a quick solution for customers to purchase on ecommerce websites. Mobile payments are also commonly used on donation portals, browser games, and social media networks such as dating sites, where customer can pay with SMS.

Prepaid Cards

An alternative payment method, commonly used by minors or customers with no bank accounts. Prepaid cards come in different stored values for customers to choose from.

Direct Deposit

Direct deposits are when customers instruct their banks to pull funds out of their accounts to complete online payments. Customers usually inform their banks on when funds should be pulled out of their accounts, by setting a schedule through them. A direct deposit is a common payment method for subscription-type services such as online classes or purchases made at high prices.