Digital payments have revolutionised online purchases in more ways than one. Not only are they more convenient, but they are also more efficient and secure.
For eCommerce businesses specifically, this has helped to change the landscape, while paving the way for faster shopping experiences that don’t compromise security or user experience.
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Transactions Are More Secure Than Ever
Consumers are often concerned about sharing their financial information online, but recent developments in payment gateway technology have helped to put an end to this. Modern gateways tend to utilise features such as artificial intelligence, advanced encryption, tokenisation, and even real-time fraud detection.
Instead of card details being sent over the internet, sensitive data is encrypted, meaning that every transaction is authenticated and validated along the way.
Not only does this mean transactions are more secure, but it also means that payments can be made without slowing down the shopping experience. It’s not just eCommerce that has benefited here either.
Within the entertainment sector, sites like Netflix use authentication methods to stop multiple people from accessing the same account. Not only does this mean recommendations are more accurate, but it also means that security can be implemented on a higher level.
Netflix also uses tokenised payment accounts to ensure user data is protected. Within the iGaming world, this is also a common security method.
When you play online pokies at various online casinos, two-factor authentication is used, along with account verification to ensure consumer trust is maintained at all times.
Security like this allows sites to accept more payment methods, with popular options including Skrill, Visa, PaySafe Card, WorldPay, and Apple Pay.
Trends like this just go to show that as transactions become more secure, more doors open, and this has had a widespread impact on the online world.
Payment Gateways Are Undergoing A Revolution
When you break everything down, it’s clear to see that payment gateways are showing no sign of slowing down. Real-time payments are now the norm, and global markets are adopting different systems to try and keep up.
You have UPI in India, and you have FedNow in the US. Even PIX in Brazil is helping to make instant payments more possible.
With merchants able to capitalise on improved cash flow, and customers receiving immediate confirmation of their purchase, it’s evident to see how powerful this revolution is.
Even blockchain-powered wallets, including MetaMask, are allowing low-fee transfers, which helps businesses to reach a global audience without having to go through the complexity of cross-border payment systems.
Voice-activated payments are also becoming faster, which aids the hands-free experience, a current trend we are seeing in e-commerce, particularly.
We are also seeing embedded payments increasing in use. These are being woven into customer relationship platforms. This is helping to create frictionless payment opportunities across different touchpoints. To try and complement this, we are also seeing a rise in AI-driven fraud protection.
This is helping to protect both consumers and companies alike. Tokenisation is also advancing beyond credit card data. It won’t be long before we see entire access rights, digital identities, and even subscriptions secured through tokenisation, which will not only give businesses more protection, but also consumers as well.
With so many advancements being made in payment gateway technology, it’s really no surprise that we are seeing not only leaps in online purchases, but also the security that protects them.
Disclaimer: The above references an opinion of the author and is for information purposes only. Never gamble for more than you can afford to lose. Gambling can lead to a serious addiction. Gamble responsibly.
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