Jun
05

New Online Payment Systems

Those engaged in the business of online shopping or online retailing are coming up with more ways to make the life of online shoppers simpler and easier. One of the ways by which they are doing this is by providing the online shopper with more online shopping payment options. Although most online shoppers still prefer to use their credit cards to make online purchases, there are new online payment systems that have recently been introduced to the public. These new online payment systems include payment through debit cards, “e-money,” and “e-wallets.”

Debit cards authorize merchants to electronically debit the cost of your purchase from a pre-loaded account. Money is immediately transferred from your account to the merchant’s account the minute you use the debit card, so you have to be very careful when choosing this new payment option.

“E-Money” or Electronic-Money allows you to transfer a cash value to a card. This new online payment system is slowly taking the place of gift cards and gift certificates. The beauty of this new online payment system is that it is very flexible. Some of these cards can be used for both online (for internet purchases) and offline (for traditional retail stores) transactions. Some are disposable, meaning you can only load it up with cash once. On the other hand, others have a re-loadable feature, meaning you can load it again and again with cash.

For online micro-payments or for online transactions that have minimal costs, such as buying a CD, magazine, or fast food, there are new online payment devices that you can make use of called “E-Wallet.” An e-wallet is usually linked to an online account that you have created over the internet and that you have loaded up with cash. Every time you use your e-wallet to pay for something, your online cash account automatically gets credited.