The need for online payment methods comes from the fact that online shopping has become a trend in recent years. It’s a very convenient way to get the things that you need delivered right to your door. You don’t even need to say a word to eat your favorite pizza anymore. Buying your favorite items on the internet is also very convenient because you don’t even need to leave the house to get a new pair of shoes, for example. There is a tendency in the online world to offer discounts and special prizes for buying online, which is a reason plus people decide to shop online instead of wandering around shops for hours.
It all started back in 1969 when Pizza Hut made it possible to place an order from home. Since then, the payment system and the authentication system have been so much developed in the digital industry that today they offer various cyber protections and a high level of data privacy. The e-commerce revenue is worth about $2.4 trillion and it’s expected that it will double by the end of 2021. According to statistics, e-commerce takes about 10% of the total retail sales and it’s expected to reach 23% by 2023, or 35% in Asia. The future for online shopping looks bright and there is a reason online businesses are investing in online payment systems to make online shopping as convenient as possible.
Online Casino Industry
The online casino industry is another online industry that utilizes online payment platforms. Today, gambling enthusiasts from all around the world can enjoy gambling in the comfort of their own homes, thanks to online casino games. Most casino sites today are protected, even double-protected, and licensed thus securing data privacy at a high level. Unlike a few years ago, online casino sites accept various online payment platforms and PayPal is no longer the only payment solution. Payment platforms like Skrill and Apple Pay are gaining in popularity more and more, while customers can also stick to the well-known payment methods like PayPal and Visa/ MasterCard. The games are also safe to play. The technology behind live casinos is very safe and players who want a touch of realness in their online gambling experience will surely want to try playing them.
Fraud and Security Systems
Without securing their systems, e-commerce would have only looked like a promising idea on paper. Amazon is the company with the second-largest capitalization in the world, leaving behind Walmart, CVs, and Home Depot all combined. Part of the huge success can be transcribed to the successful fight against online fraud.
The percentage of annual fraud in the United States has declined from 1.40% in 2007 to 0.80% in 2015. On the other hand, the United Kingdom has been halved from 0.2% to slightly above 0.10% in 2014. Starting with the rapid spread of SSL certificates to the anomaly detection systems in online payment platforms, the real news from the online world is that the attempts to resolve this issue have been solved.
The Online Industry and Online Policies
It is what has helped PayPal become the most recognizable online payment method worldwide. Thanks to the use of artificial intelligence and statistical modeling, as well as the use of third party sources for units belonging to giants like Visa and MasterCard. The so-called chargeback fraud-chargeback in case of identity theft, as well as the friendly fraud cost, the non-malicious merchant return policies, cost the businesses more than the true fraud itself. However, after all troubles with return policies, chargebacks, and solutions cost more than the problem itself, and the industry is okay with it, suggesting fraud is at controllable levels in the online business industry.
