Four Major Online Payment Systems for E-commerce Businesses

Four Major Online Payment Systems for E-commerce Businesses

Are you in search of a suitable payment processing solution for your commercial enterprise? A professional online payment provider in Vietnam can offer a range of solutions that will work wonders for your business. Here are four commonly used online payment solutions and their characteristics.

Electronic Payment Cards

The functionality of credit cards in online transactions is seamless, quick and independent of a user’s time and location. Cards are easy to obtain and use, as customers do not require any additional software or hardware to process them. The authentication procedure for cardholders is simple, with the specifications of a name, credit card number and expiry date. To ensure the security of the cardholder’s personal information, credit card companies have developed complementary systems such as MasterCard SecureCode and Verified by Visa. These systems enable consumers to create passwords and use them during online transactions. Debit cards are suitable for micropayments as their usage is low-cost.

Mobile Payments

Mobile app payments offer more convenience, low transaction fees and maximum security. This payment solution has helped companies to gather useful data about their consumers through their purchases. It is suitable for micropayments both offline and online. This payment option is valuable for online merchants, especially because mobile phones have a vast user base. The major advantages of mobile app payments include location-free access, a variety of purchase options, an easy alternative to cash payments and timely contact with one’s financial resources. Another important reason for its compatibility is the flexibility that the system offers. This payment solution can be processed in a contactless manner witha singleclick rather than having to stand in long queues. The device authentication procedure adds to the security of each payment.

Mobile Wallets

Mobile wallets are basically smartphones functioning like leather wallet. It can include digital coupons, digital money, digital cards and digital receipts. This service can be used by installing payment applications from online stores on a smartphone and using them to pay for offline and online purchases. The latest technologies that connect smartphones to the physical world, such as NFC (Near Field Communication), sound waves, QR codes, and cloud-based solutions, make mobile wallets a convenient online payment solution for future consumers.

Electronic Cash

Presently, smart card-based systems are the most commonly used payment options, especially for small amounts. Smart cards rely on a card reader for their use and authentication for safety purposes. In addition to the smart card-based system, numerous other electronic cash systems have been developed. These electronic systems work with the use of pre-paid cards or digital tokens that have a certain value and can be exchanged for hard cash.

Do you want to incorporate mobile payments in your e-commerce site? Contact a leading online payment provider in Vietnam!