Electronic Payments – The Future has Landed!

The last 60 years have seen electronic payments go from manually processed credit cards that could only be used in your locality to the rise of cryptocurrencies that can be sent from on account to another in a matter of seconds. The changes that we’ve seen have been phenomenal and they’ve happened because we are a society that demands speed and convenience in all areas of our lives.

Speed is Everything

Back in the day, in order to make a payment to someone who lived beyond your own neighbourhood you’d have to write a cheque and pop it in the post. The recipient of that cheque would then have to take themselves down to their local bank and deposit the cheque into their account. The whole process could take weeks. In the mania of today’s hectic life styles it’s hard to imagine anyone willing to accept waiting weeks for anything.

Luckily for us, the credit card evolved quickly to become a speedy alternative to payments made by cash and cheque. And then along came the age of the internet, quickly followed by technology that allowed payments to be made online. Our whole world was transformed!

The Birth of e-Wallets

Many people were sceptical when they first came across the little shopping cart icon – and rightly so. Online security was not what it is today and tales of cyber theft and fraud flooded our news reels. It took state-of-the-art security systems and quite some coaxing to convince consumers to hand over their credit card details to online merchants. Even now, people are wary of using credit cards online and most prefer to at least use a debit card in order to lessen the risk of a fraudster getting hold of their details and racking up charges. Out of this fear, the e-wallet was born.

The e-wallet acts as a safety net between online consumers and their bank accounts. Companies like PayPal and Neteller act as middlemen, meaning that once you have an account with them you never have to hand over your credit card details ever again.

Instead, you select the e-wallet provider as your preferred payment method and use your username to make a payment. The payment is taken from your e-wallet and your e-wallet then takes the payment from your account or from funds held in the e-wallet itself. A much safer solution all round.

The rise in popularity of e-wallets has led to a number of companies offering this service, each with their own terms and conditions and fees. Almost all online retail merchants and businesses now accept payments via e-wallets, as do many online booking services.

Taking it One Step Further

After e-wallets came mobile payments and cryptocurrencies. Mobile payment systems allow you to make a payment using your mobile phone bill. Users of this system simply input their mobile phone number and the charge will then show up on their phone bill. This form of electronic payment is becoming very popular, especially with the generation raised on smartphones.

Cryptocurrencies have also proved a popular option among millennials, particularly those who are disenchanted with the traditional banking system. A cryptocurrency is a digital currency that is mined from the internet. There is no central bank involved and the currency can be moved from one account to another with complete anonymity.

Practically any online purchase can be done using either of these payment methods, but one industry in particular has welcomed both with open arms – the online casino industry. Canadian bitcoin casinos are the new trend and it’s certainly worth looking into if you’re a gambling enthusiast – check out https://mobile-casino.ca/payments/bitcoin for more info.

The Future of Electronic Payments

So here we are in the new age of electronic payments. And thanks to electronic payments we can pretty much live our lives without ever having to leave the house – we can order our food online, pay our bills online and clothe our family if necessary. But what’s next?

Contactless credit cards have already landed on our doorstep, so we don’t even have to enter a pin or sign our name when we physically use our cards. And word on the street is that the next leap forward will come with fingerprint recognition. All we’ll need to do is stick our thumb on a screen and a payment will automatically get transferred from our bank accounts. The question is, is this a super-fast and unbelievable convenient electronic payment or a cleverly disguised tracking/tagging system? Perhaps Bitcoin is the better way to go?

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