There are alternative payments, such as e-commerce processors, to meet needs that were not met by traditional payments, but they won’t be content with simply meeting those needs. They have already done so and are now on the path to glory, targeting the very market that was once the exclusive domain of credit cards. As ecommerce processors continue to grow, will card payments disappear altogether?
Credit card payments were the original digital money transfers. Before the cards came, all you had was cash and checks. Of course, credit cards dominate the online landscape.
Now that the ways to exchange money or make a payment are nearly endless, checks are almost extinct, but somehow credit cards live on. Why? What is it about card payments that allow them to maintain such a hold on the market? And will it last?
Credit cards and alternative payments
“Alternative payments” is a difficult concept to understand. It covers a wide range of different tools, methods and platforms, and there isn’t a clear cut difference that marks one payment type as traditional and another as alternative. The only truly accurate definition of alternative payments is “any payment method that didn’t exist 25 years ago”.
But this begs the question: What happens when alternative payments go mainstream? What do we call them then? I admit it’s confusing.
Alternative payments were not created in a vacuum. They were born to satisfy a series of consumer requests that were not met by online credit card payments. The main driving force in the rise of alternative payments has been the security concern. The public has become increasingly aware of the risks associated with using online credit card processors and have been looking for a way to shop online without disclosing their card details.
This was the first chip in the credit card payment patina, and they have continued to erode slowly but surely ever since. บอลสเต็ปราคาดี
With the development of a variety of different gateways to accept online payments, the original request for an alternative to credit card payments has been fulfilled. Not only were alternative payment platforms safer than these cards, they were also more convenient. As these ecommerce processors became more and more accepted, they started introducing new features.
Now, online payment solutions have gotten to the point that they act like a digital wallet, which can be used anywhere without the consumer ever having to hand over their personal and payment information to the merchant.
A new world
There was once a time when people used to barter; they will exchange one product for another, or perhaps they will also exchange a service for a product, or vice versa. Cash, in one form or another, eventually took over and dominated the landscape until about the 1950s, when credit cards were invented. From objects of exchange to online payment solutions, there have been countless changes that have taken place since the dawn of civilization and we are now in a world where cash is slowly being replaced by other payment methods.
The invention of online payment solutions is slowly making the world a cashless place. People used to go to the bank to withdraw cash, but now people never have to let the cash touch their hands to buy the products they need on a daily basis. And now card payments are also disappearing, in favor of fully digitized electronic wallets.