The most common types of electronic payment systems

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The development in technology has certainly changed a bit the way we carry out transactions nowadays. While many still feel comfortable paying with cash, others have adapted to the present time and currently use the devices that are met at our disposal and that are intended to make our lives better. Transferring money from one account to another by using say card payment machines has never been easier. The reason for all these improvements is to ensure that money transactions are safer and much faster, to the benefit of both clients and business owners as well.

Electronic cards

The plastic card has slowly replaced money being more efficient and confortable. They are by far the most spread form of electronic payment. They spare people of endless trips to the bank or back home. The material from which they are made give them a longer life, as opposed to hard cash. The transaction takes place in only a couple of seconds in which the card is introduced into the terminal and the purchase is confirmed. They are practically a substitute for a person’s bank account and come indifferent types, such as debit, credit and prepaid cards. The innovation that they represent is that people no longer have to stand in long lines and merchandisers can make money more easily. And you can use them anywhere you like.

Paying via internet

Purchasing online is not as popular as shopping face-to-face, but there are many adepts that take great pleasure in purchasing from the comfort of their homes. This is done either by directly transferring money into the company’s account or using a card, although the first way is mostly accepted by online merchants. It is no wonder that e-commerce has developed in recent years.

Mobile payment

Not many accept payment through mobile phones. Nevertheless, it has been proven to be as efficient as the methods mentioned above. It is fun to think about mobile phones as not just a means for communication. You carry them around with you anyway and they come in hand in case you should forget to bring your wallet. This has developed to the point that some countries offer the possibility of opening bank accounts on their cells phones. It is likely that in the future cell phones will be a substitute for all our needs.

Old-fashioned person-to-person payment

Many choose to set up an online account or other types of payment mechanisms such as Pay Pal. This type of service can easily be accessed via internet, phones and so on. Although it is only in the beginning, this type of electronic payment has no limitations on what you can do with your money. The demand for this service is growing due to the increased online shopping.

To conclude, the revolution of electronic payment has completely taken over the way we do our shopping today. The many options available on the market are designed to facilitate our purchasing experience, as well as securing our savings. No matter what you opt for, do not carry cash with you anymore. It is so out-dated.

June 2022