Most likely, you have already completed orders online and made payment over the Internet. Which payment method do you prefer here? In today's digital age, more and more areas of our lives are moving online, from online shopping to travel booking to online entertainment. The need for secure and efficient payment methods that enable purchases to be completed online is greater than ever today, meaning that more and more options and providers are establishing themselves on the market. We will introduce you to some of the most important online payment methods with which you can complete any online purchase quickly, easily and, above all, securely.
Online transactions are increasing
We are currently in an age in which everything possible is increasingly being moved to the digital level. The Internet offers seemingly endless possibilities and has a solution for (almost) everything and everyone. The retail giant Amazon is just one example, through which we can order a suitable product for every need in life at any time and according to our mood. From fashion and accessories to technology, films and books to household appliances, leisure supplies and much more, the online shop is available 24 hours a day, seven days a week and 365 days a year. As Börsenblatt reports, Amazon generated $22.2 billion in sales in Germany in 2019 , which corresponds to an increase of almost twelve percent compared to the previous year. The online shopping trend continues and shows rapidly growing numbers. By 2024 it is predicted that over 71 million people in Germany will be eCommerce users. Visiting an online shop is now as common as going to the supermarket. Which brings us directly to the next point, because nowadays you can also visit the supermarket online and fresh groceries are delivered directly to your front door.
Shopping online is just the beginning, as many other transactions are also carried out online today. From booking travel and food delivery, to buying games and taking out subscriptions for music, movies, fitness and more, to sending money to friends - it's all happening online today. With the increasing number of transactions online, the need for secure payment methods that not only make all these transactions safe, but also efficient and fast increases. Where previously payment by invoice, bank transfer and credit card were the only predominant options, other providers are now also entering the market. The ability to complete secure payment transactions online has never been more important than today.
The good old credit card
The credit card is one of the old hands among online payment methods. Owning a credit card brings with it a variety of advantages and can be very helpful, for example, if you are on a semester abroad. Even as a student, there are a few ways to get a credit card and take advantage of the many advantages of the popular payment method both online and offline. When shopping online, it has probably happened to you that you have selected your favorite products and put them in your shopping cart and only realized when you were paying that your favorite payment method was not available. However, credit card payment is offered because most retailers accept this payment method. Even when booking a flight with an airline, the credit card may be the only payment method available.
The advantages of a credit card for online payments are varied. On the one hand, the credit card, as the name suggests, offers a loan for a short period of time, so that the amount for the purchase is only debited when the credit card bill is paid. This will give you a little time before you spend the money. In addition, the purchase can be completed quickly and easily. To pay, all you have to do is enter your credit card number, the expiry date and the verification digit - and the payment is completed. Paying with a credit card is now even more secure with an additional authentication step, which greatly reduces the risk of fraud. Paying amounts in foreign currency in an international online shop is usually possible without any problems using a credit card, where payment by invoice or direct debit is no longer an option. By the way, when paying by credit card, the provider receives the amount due immediately, so that there are no waiting times that arise with a transfer.
eWallets like PayPal are becoming increasingly popular for online payments.
ePayment via online payment providers such as PayPal
The newest players in the financial sector are providers of ePayment solutions. The number one market leader in Germany is the service provider PayPal. With a market share of around 20 percent , PayPal is one of the most popular payment methods in online retail in Germany, according to the statistics platform Statista . The reasons are obvious, because PayPal offers its users a whole range of advantages. The principle is simple: you first open a customer account and store your bank account or credit card there. When paying online, you simply provide your PayPal account details, i.e. your email address and your password. The payment will then be completed via your registered account. This offers special protection because no bank details are transferred to the merchant; they remain completely safe with PayPal. The service provider ensures even more security online with special buyer protection. Paying with PayPal is also more practical because you don't have to enter long card numbers or make a transfer manually.
While PayPal is the market leader among ePayment methods in Germany, a range of other providers have now established themselves on the market that simplify digital payment transactions and make them more secure. An example is Neteller's eWallet. Here the user account is first topped up with a desired amount before payments are made via the wallet. This offers special protection because you can never pay a higher amount than was initially charged. This payment option has already become particularly established in the iGaming sector, where deposits and withdrawals are sometimes made several times a day while, for example, the most popular casino games such as roulette, blackjack and slot machines are played in the 888 Casino . With the help of services like Neteller, playing for real money becomes particularly efficient and safe. Mobile payment methods are currently becoming increasingly popular. The payment app Google Pay offers the option of making payments directly via your smartphone. In the Google Play Store, among others, you can pay for the best apps directly with one click via the eWallet in your Google account. Numerous other online shops and apps now also enable payment via Google Pay. Many other ePayment providers are already establishing themselves on the financial market with their individual services.
Due to the immense volume of transactions online, it is becoming increasingly important to use secure payment methods. While the good old credit card is extremely practical, providers of ePayment solutions such as PayPal and Neteller also offer a variety of advantages so that you are on the safe side when paying online.
