Online Payments: An Overview Of The Current Landscape

Online Payment In today’s fast-paced world, we don’t like waiting around for things. We’re used to things being quicker than ever before and as close to instant as possible. That’s why whenever we make an online payment of some sort, we expect the transaction to be carried out pretty much straight away without fail. The online payment market is full of convenient ways to do banking online, from international options available widely throughout the world, to regional options available only in certain areas. Let’s have a look at what the market’s like today and where it looks set to be heading in the near future.

Market Size

It should come as no surprise that the online payments market is huge. After all, so many of us carry out payments over the internet simply because it’s much more convenient than doing payments with physical currency. Plus, when you’re online you can carry out transactions with people and companies all over the world, no matter where you yourself maybe. In 2018, the size of the global digital payment market was reported to be a staggering USD 3.53 trillion.

By 2026, that figure is expected to rise to as much as USD 19.89 trillion. In other words, over the next few years, we’re going to be making even more online transactions and fewer physical transactions. This is to be expected because more and more of us are using smartphones – the keyway of making transactions while on the go – and internet connectivity is being vastly improved in many places where it hasn’t always been so reliable.

How DLT is Driving Growth and Strengthening Safety

The use of DLT (Distributed Ledger Technology) has emerged as one of the driving factors in the rise of online payments. In layman’s terms, a distributed ledger is a massive database that is shared across several websites – consensually, of course. DLT makes online transactions safer since basically each of the websites involved in a given ledger acts as a “witness”- hence making cyber-attacks very difficult.

All changes or updates performed on the ledger are instantly shared among all participants, thereby granting important benefits such as scalability and decentralization. DLT is one of the many manifestations of the Blockchain technology, upon which several cryptocurrencies (including Bitcoin) are based.

New Payment Methods

The online payment market is constantly evolving thanks to advances in technology. Over the last several years, there have been a number of key developments that have made it even easier for us to make payments over the internet. These include mobile payments and cryptocurrencies. With mobile payments, you can store your payment method’s data on your smartphone and tap it to make small payments. As for cryptocurrencies, they’re entirely digital currencies that aren’t connected to any sort of bank or financial institution and use cryptography as a way of protecting transactions. They’re a very popular payment method right now.

Since the very first cryptocurrency, Bitcoin, was launched back in 2009, many other new cryptocurrencies have emerged as alternate options – Ethereum, Litecoin, Dogecoin, and Tether are just a few examples. Many still continue to use traditional payment methods such as debit/credit cards, prepaid cards, and e-Wallets, though a significant number of people have switched to cryptocurrencies because they offer more security, more convenience and, perhaps most importantly of all, more privacy.

Some of the world’s biggest companies have even gone about launching their own online payment services. Google, Amazon, and Apple have respectively launched Google Pay, Amazon Pay, and Apple Pay, all of which are designed to offer streamlined pay-outs that are quick, easy and safe.

Most Popular Payment Methods

There are many different types of payment methods that people use to make online transactions. Debit and credit cards such as Visa, MasterCard, and Maestro are some of the most widely used, while e-Wallets such as PayPal, Neteller, and Skrill are also the go-to payment method of choice for many.

Other options that lots of people go for include prepaid cards and bank transfers. Overall, the card options Visa and MasterCard seem to be the number one choice for more people than any other payment method, even though these involve physical cards.

Other options, such as e-Wallets, are entirely digital. Societies have gradually been shifting towards using cash (i.e. paper notes and coins) less frequently in favor of doing their banking online. However, debit and credit cards will always be a popular choice because they can be used for real-world payments as well as online ones.

Payments at Online Casinos

Let’s have a look at how payment methods are used at online casinos. Millions of people throughout the world enjoy gambling online with real money. There are more than ten thousand online casino games and loads of casinos where you can play them. When it comes to playing real money, deposits are mostly instant, though withdrawal times can vary.

There are two factors that affect your waiting time for withdrawals: the casino’s own processing time and the payment method you’re using. At some casinos, it can take up to three working days for withdrawals to be processed. Thankfully, there are many fast withdrawal casinos that have a very short processing time of just a few hours or less. You can use a casino review site to find these fast payout casinos.

Online casinos are just one of many different things that have benefitted from online transactions becoming more convenient and easily accessible. The online gambling market was worth USD 45.8 billion in 2017 and by 2024 it’s expected to be worth around USD 94.4 billion, more than doubling in size.

Not only do people enjoy gambling at home on their computer or laptop, but they also enjoy playing on their smartphone or tablet – thanks to online payments, you can easily fund your casino account no matter where you are in an instant. If you’re a member of one of the many fast playout casinos, you won’t have to wait long at all to get your hands on your winnings.

Summary

The online payment market is constantly evolving and constantly making it easier for us to make financial transactions over the internet. Indications suggest that our dependence on online payment methods is going to keep growing year-on-year for the foreseeable future. There are two key reasons: the first is that online payments, in general, are becoming more widespread and the second is that technology is connecting more of us and giving more of us the means to make payments online. The online gambling industry is just one sector where people benefit from having a multitude of payment options available to them, as well as fast withdrawal times. The market is in an excellent position right now and it’s only going to get bigger and better.