The world is adapting to changes in technology faster than most people anticipated. The emergence of online payments more or less pioneered by PayPal caught some banking institutions off guard while tech companies like Apple, Google and Amazon only decided to enter the market late.
The impact of globalization has perhaps played a major role in this as many people continue to send money online in a bid to completing international transactions. Statistically, PayPal is reckoned by many as the best way to send money online. It is simple, secure, and pretty fast.
However, there are other methods too that people can choose depending on their needs and location. As it turns out, PayPal is the best for most, but unfortunately not for everyone. But before we point out some of the other methods, first let’s discuss why people send money online.
Now, when we talk of online payment methods, people believe that these methods are used primarily to make payments via ecommerce platforms when buying something. Others use them to send money to friends and relatives while others simply use these platforms to convert various currencies like bitcoin into USD.
Why use online payment methods
Now, when we talk of online payment methods, people believe that these methods are used primarily to make payments via ecommerce platforms when buying something. Others use them to send money to friends and relatives while others simply use these platforms to convert various currencies like bitcoin into USD.
However, over the last few years, people have identified online payments as a way of saving money online. Some online savings plans attract low fees and offer higher rates of return than the traditional banking savings accounts. Nowadays, these types of accounts are not just used by those strictly looking to save, but also by investors looking to hedge against the risk attached to their equity investments in the stock market.
As such, just like any other market, the online savings market has attracted a lot of competing interests across the world making it an interesting platform as every market player strives to become the best. We have players that are interested in providing the best service for people and investors to transfer money from their bank accounts to the online savings accounts, while others are interested in offering online savings accounts at the lowest commission/fees possible while at the same time paying their customers the best interest rates on their savings.
What makes a perfect online payment method?
Just as noted at the beginning, PayPal is by far the best online payment method for most people, but it is not for everyone.
This is because every country has its own rules and regulations governing money transfer services and in some of those countries, the framework provided may be below PayPal standards and vice versa. This also means that PayPal may yet offer limited services in those countries, for instance, restricting activity to online transactions with no connection to local bank accounts.
As such, PayPal may not be the best online mode of payment in those countries. Alternatively, take PayPal’s close rival the UK-based Skrill which is accepted in most of Europe as an online payment method with direct connection to local bank accounts, or NETELLER, another form of payment which allows people to send and receive money online.
These options may be the best in some of the countries where PayPal does not offer full services. Over the last few years, other companies have also launched their own forms of online payments that incorporate mobile payments. Good examples include Apple’s Apple Pay, Alphabet Inc. Google Wallet, as well as, Amazon WebPay, among others.
These are technology giants entering the online payments market a little bit late, but given their massive cash flows, and customers using their other services, they could soon become favorites among most online payment users.
Conclusion
The bottom line is that most people would be searching for the best ways to send money online when looking to make online payments, but even the more pertinent question for those looking to make online savings emerges when they begin to search for the best online savings accounts.
When it comes to this, people should seek for a platform that provides a three-part solution. It should be simple, secure and most importantly, the one that provides the best store of value. The last time I checked, gold is still the king when it comes to maintaining purchasing power. It has demonstrated that over years and this is not going to change.
In fact, most people are finally realizing the gold is the best form of saving, but still are unable to find the best vehicle to access this haven. However, individual like you and me can now access savings in gold in bits thanks to platforms like BitGold that provide users access to gold bullion in the smallest units possible.
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