Online payment at the forefront, goodbye to paper money 2021

Online payment is incredibly and very rapidly spreading which almost makes it abolish the use of paper money in many countries.

For example, Sweden is at the top of the list of countries that are gradually eliminating financial transactions by paper money, followed by Canada where digital transactions have reached 59% of the total number of financial transactions.

Similarly, digital financial transactions have reached 47% in Britain and 39% in France, whereas in the Middle East the rate of user acceptance of online payment has reached 71% in the Arab Emirates and 58% in Saudi Arabia.

Certainly, we have all noticed the great advance of online payment methods due to their great features in regards to the completion of sales operations on online stores and, generally, of digital transactions in all their forms. 

The advantages of the advance of online payment are many and include:

1. 1. Saving costs of printing and coining money: countries around the world pay high costs for printing, coining and renewing money year after year, which is not the case when using online payment methods.
2. 2. Facilitating the process of collecting dues for governments and states, as the process of collecting income taxes from individuals is a bit complicated for governments, whereas it is easier and simpler with online payment. 
3. 3. Easy to use, as users do not have to conform to the opening hours of banks and any person can rather pay his/her dues at any time simply through the account.
4. 4. It makes it very difficult to complete illegal transactions such as drug trade or money laundering, because using online payment is exposed, clear and archived, unlike using regular money, and the source is inevitably identifiable.

 Concerning the disadvantages of online payment from the point of view of dissidents, some people consider that:

1. 1. Using online payment methods requires the use of personal data, which eliminates privacy since financial institutions and banks may control and access the customers’ personal data.
2. 2. Online transactions require expertise in technology and modern electronic devices, and for this reason it could be challenging to convert all transactions to electronic methods.
3. 2. The reliance of financial transactions on the internet is strictly dependent on electricity and virtual networks that are prone, at any time, to any problem or failure or error, which causes a lack of confidence in online payment methods for some customers.

What are the main online payment methods around the world?

1. * PAYPAL

 It is the oldest payment method in the world. The number of its users has reached 200 million users and 7 million companies.

PayPal was created as an intermediary for all your online financial transactions, as you can save your bank cards and personal information in one place that is PayPal, through which you can pay your dues from anywhere and without the need to enter your personal and account information every time.

Through this idea, PayPal believes that you will be more secure in dealing with any website or party and in any commercial activity, and that you will also benefit from a higher level of privacy.

In addition, it offers you a refund service as you can recover your money in case you do not receive the requested product or the product does not match the description. 

You can benefit from PayPal services through the number one payment gateway in the Arab world and Qatar, Fatora.

1. * 2CHECKOUT

It is one of the main and oldest online payment methods, which was launched in 2000 and effectively started operating as an online payment method in 2006.

It is one of the methods that was most acclaimed by traders around the world, as the number of its users reached 50 thousand traders.

It allows transactions through numerous methods such as credit cards and supports payment through PayPal; it also applies fees only to successful sales operations and the fees vary from one country to another.

1. * AMAZON PAY

The Amazon website is not an online payment method but is the most popular online store in the world.

It offers its customers the chance to pay through their Amazon account on partner websites and payments are handled through an Application Programming Interface (API).

It is the largest API in the world used by big retailers and, through this interface, personal and banking information is saved once and for all and is not required for every payment or transfer operation.

More than 33 million users have used Amazon Pay for online payment, and this method is very convenient for traders who have security concerns.

1. * POINTCHECKOUT

It is a specific online payment method for rewards. It enables you to deal with a large network of websites and online stores around the world, and to pay with your preferred payment points.

The most distinctive feature of this method is that it gives you the possibility to access all your rewards programs in one place and to pay with the points from any rewards program that you choose, and you can also combine different programs in case the points from one program are not sufficient.

You can also fulfill your dues upon depletion of the points by using a Visa Card or MasterCard. However, it should be mentioned that this method is not yet available in all countries around the world especially in the Middle East, and that it is not as widely spread and known as other online payment methods.

* ALIPAY

It is a website launched in 2003 that is similar to PayPal, and its 870 million users have outnumbered those of PayPal.

On this platform, users, and especially traders, can pay their financial dues online by saving their personal and banking data once and for all, similar to PayPal. They can also pay by using the QR service, which is also provided by the number one payment gateway in Qatar, Fatora.

1. * Klarna

It is the most popular online payment method in North America and Europe; it is used by more than 60 million users around the world, most of them being online shoppers.

In addition to secure online payment, Klarna provides a system of payment by installments, which is one of the main features preferred by users. It is a very useful service for the owners of start-up websites and stores and it increases customer trust.

1. * APPLE PAY

It is a specific digital payment method for the users of Apple devices that enables them to use this method as an e-wallet.

It is fast and easy to use as you can purchase and pay your dues and transfer payments with just one click and without any inconvenience.

Despite the large number of people who prefer using it, this method remains sort of weak and restricted because it only allows payment on a limited number of applications and websites.

As for the best payment methods in the Arab world:

1. * FATORA

It is the number one payment gateway in Qatar. It has been created to provide integral and professional online payment and e-commerce services, through a team of specialists and experts in this field.

Fatora enables you to pay your financial dues with ease and with just one click, and by using it you can collect your money through different methods, whether in one payment or in several payments using the installments option.

You can also collect monthly subscriptions if you are the owner of a training sessions center or club or institution by using subscriptions invoices, and you can send the payment link by any preferred means, whether email or WhatsApp or direct messages or any other means you wish to use.

Create your online store for free, and enter the world of e-commerce without any worries as we offer you secure online payment methods.

Read more: All you need to know about online payment services 2021

Criteria for choosing the right payment method:

You will certainly not use all online payment gateways and methods in the world, even if they are special and professional, because you only need one or a small selection. But how do you choose the best payment method for you?

Do not worry! The matter is simple and I will give you some criteria that will help you select the best option among the online payment methods:

1.   Trust and security:

You should choose the online payment gateway that is most secure and respects customer privacy, in order to guarantee your customers’ trust and collect your money without any problems.

The gateway should also be reliable, legal and of a known source to avoid any confusion. You should also make sure that it is compliant with PCI DSS.

2.   Target group:

Precising the target group or the effective customers of your online store will show you the best online payment method for your store.

By precising the target group, you will be able to know which method is the most used by the target customers, from which geographic area they will purchase your products, and whether your selected online payment method is operational in their region.

And even prior to that, you will be able to know whether this target group makes any purchases using online payment methods; so, if you are targeting senior people for example, it is likely that they do not tend to use online payment methods.

3.   Transfer fees:

You will not find a completely free online payment method; therefore, you should allocate a budget for subscribing to online payment methods, and by setting your budget you will be able to determine the suitable method for you.

Do not forget the difference of fees between one country and another, and that they vary depending on the transferred amounts.

There are some payment methods that impose fees on each transfer operation, so if the transfer operations of your store are few and of small amounts, it is better to choose a payment method that applies a ratio.

But if you own a large online store, or if your online financial transactions are abundant and of a large value, it is better for you to choose an online payment method with a monthly contract.

4.   Currency support:

This factor is specific for owners of big projects that have a global reach. If you own a large online store and you have international financial transfers, you should make sure to choose a payment method that supports and deals with a variety of currencies, so your customers do not face any problem or confusion in their financial transactions.

It is also important to pay attention to the value of the applicable fees and whether it is convenient for you or not.

5.   Accepted credit cards:

There are many types of credit cards that are accepted and supported by online payment methods, such as Visa Card and MasterCard and many other cards with different specifications and scopes of work.

Thus, you will find international types that work in all countries, and other cards that only work in a particular set of regions.

You should take into consideration the types of credit cards that serve your work the most, and then select one of the online payment methods that is compatible with these cards.

Based on all of the above, you are now capable of identifying the online payment methods that are most efficient for your work.

Choose the method that is closest to you, choose the number one online payment gateway in Qatar by Fatora and enjoy a large selection of services and features that you will not find elsewhere.

Resources:

The Payments Industry Landscape: What Does It Look Like Today