online payment

Introduction

The emergence of the Internet has greatly promoted the development of society and the evolution of human civilization. With the development of technology,payment methods have gradually become diversified and perfect. And internet payment is a kind of payment methods mainly applied in e-commerce. Internet payment is convenient, fast and safe, which becomes a hot topic in the present world.

Development of internet payment

The development of Internet payment can be traced back to the development of electronic commerce in the 90s . In December 1995, the first online bank was established in the United States. Since then, the technology of Internet payment has rapidly improved. In 1998, Internet payment was recognized by the FFIEC (Federal Financial Institutions Examination Council). At the same time, many companies started to invest in the research and development of this technology. In 2000, e-commerce had a rapid growth in the world. At this time, online shopping became popular in the market and paypal was established. After that, internet payment has penetrated into all aspects of our daily life.

Working Principle

The working principle of internet payment includes two parts: the payment system of Transactions and the payment system of clearing and settlement. The payment system of Transactions is the system of using third-party payment platforms to complete the buyer-seller mutual payment. The payment system of clearing and settlement is the system of credit card companies to transfer money between buyers and sellers through communication interface. These two systems are used together to complete the internet payment process.

Advantages of internet payment

Timely delivery: Internet payment can complete the payment quickly, which increases the efficiency of the whole payment process.

Cost reduction: Internet payment can reduce the cost of transportation. All you need to do is to use a few clicks of the mouse and then the payment process is completed.

Safety: Internet payment can avoid the risks of information safety, which increases the safety of the whole payment process.

Convenience: With the development of mobile payment, internet payment can be used by any device with an Internet connection, which gives users more convenience.

Limitations of internet payment

Network requirements: The network quality is essential for internet payment. If the network is unstable, it will affect the process of payment.

Regional restriction: Internet payment is restricted by regional currencies and laws. It is difficult for some consumers to pay in another country by internet.

Transaction limits: Internet payment is subject to certain rules. Moreover, there is a limit on the amount of transaction.

Fraud risks: The risk of fraud will exist in Internet payment, which brings additional burden to users.

Conclusion

Internet payment is increasingly becoming one of the main payment methods. As the technology becomes more mature, the application of Internet payment will have gradually improved. Internet payment can not only increase the convenience of payment, but also reduce the cost of transactions. In the future, Internet payment will undoubtedly play an important role in our daily life.

Online Payment

The development of the internet has made our lives easier, and one of its most popular applications is shopping. With the convenience of shopping online, customers no longer have to spend so much time travelling to the store, lining up to make payment in person, or even facing the disappointment of sold-out items. In addition, customers are also able to easily compare prices and find the best deals without stressing themselves out.

To shop online, customers would first have to find items they desire among the many products listed on the website. Then, they would select the desired item and proceed to make payment by selecting the correct payment option. In the old days, customers were limited to either paying via credit card or cash on delivery. However, due to the rapid growth of online payment methods such as PayPal, online banking and credit-card payment, customers can now choose from a wide array of options to make payment for their purchases.

For customers who opt for credit-card payment, the process has also been simplified and is now more secure than before. Instead of having to manually enter all the details, customers can now scan their credit card details directly from the store’s authorized payment app, which is encrypted to keep the customer’s information safe and secure.

Other than credit cards, various online payment services are now widely available as well. For instance, customers can make payments via PayPal, Apple Pay, Google Pay, etc. to make purchases with greater convenience and security. Generally, customers would first have to register for the payment service, or link their credit or debit card to the payment service before they can make payment.

Online payments are increasingly becoming the norm in the modern era. With the help of convenient, secure, and user-friendly payment methods, customers nowadays can complete their purchases without having to worry too much.