The world around us has constantly been evolving and so has the online payment systems. We now shop and make purchases online through various dealers and platforms. What lies between the user and the merchant are Payment Gateways.
Payment Gateways nowadays are highly secure and involve the access verification of users to great levels. PayPal is a very popular service which is used worldwide by users as their personal online wallets, transaction buddy and much more. Users can pay at various online merchants without making their credit card details available to the merchant by using medium like PayPal. Such services provide a win-win situation for both the merchant and the customer and are being used increasingly nowadays.
Multiple websites now include a personal Wallet facility on their website where the customer can transfer any amount of money to their account and later use from it, as and when needed. This prepaid model has also found success and is conveniently being used nowadays. Services like Virtual Credit Cards are being provided by banks to facilitate users purchase products online though they might not possess a Credit Card. This model has increased the reach of Online Payment Systems being used by many customers around the world.
The online banking scene has been seeing constant change and innovation in secure payment gateways too. Today, very high levels of encryption are maintained to ensure the transaction is completely secure and phishing is avoided as much as possible.
Online payment gateways, banks and merchants have been evolving at very high speeds. With a lot of users approaching this online payment sector, newer technologies are being made more and more user friendly with high functionality features.