Using credit cards was recommended for online buyers in the early days of the internet as a safety precaution. Fortunately, since then, the internet’s security and stability have significantly improved. These days, there are multiple ways to make payments online without using a card. This is a brief overview of the key ones.
Different Ways to Pay Online:
Debit Cards:
Retailers who accept credit card payments can also accept debit card payments. Prepaid debit cards are an option if using your standard debit card online makes you uneasy. A portion of these are one-time use cards, like gift cards. Nonetheless, a lot of them are reloadable for ongoing use.
Additionally helpful are prepaid debit cards if you enjoy shopping at foreign retailers. A prepaid debit card may be purchased using the currency of the merchant. By doing this, you may obtain a more beneficial exchange rate. The costs associated with using conventional debit (and credit) cards at foreign stores can add up.
Direct Debit:
One time, only regular payments could be made by direct debit. But these days, it’s being utilised more and more only as a single method of making payments online without using a credit or debit card. GoCardless provides a direct debit option that saves money for companies, minimises effort and administrative burden for customers, and enables enterprises to accept payments on schedule.
Open Banking:
Open Banking is a technology that facilitates quick, easy, and safe financial transactions, even if it isn’t a payment method per se. Businesses can request payments from clients without requiring a card thanks to services like GoCardless’ Instant Bank Pay, which spares them from the costs associated with the card network. Consumers can easily, swiftly, and safely authorize transactions using a straightforward payer flow, and after the consumer has given authorization, businesses can instantly validate that payments are being transferred.
The company you’re paying only needs to create and validate a GoCardless account, then start making payments via the web dashboard to make an online payment utilising Instant Bank Pay.
E-Wallets:
These days, there are too many payment apps (also known as e-wallets) to include them all here. The most well-known ones are Google Pay, Apple Pay, and PayPal.
These payment apps often have similar basic features. You can transfer money to them directly from your bank account or you get money from other sources. After that, you could transfer the money to your bank account or utilize it to make purchases. These apps set themselves apart from one another via a mix of marketing, paid services, and extra features.
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