Can you remember a time when cash was king? Or when we could only pay for things online via phone or credit card? Those were simpler times! Today, the online payment industry has rapidly evolved, and we now have a seemingly never-ending array of online payment methods at our disposal.
It can be frustrating to decipher which payment methods are suitable for different platforms and which overcome common online payment challenges like security and speed. We know this and have created a simple guide below that explains the top eight online payment methods for global use, including within North America.
1. Visa
Visa is the leading global payment provider, and many people have a Visa credit or debit card. Visa cards are issued from financial institutions, and payments are processed on the Visa network. Card payments are easy and usually processed instantly.
Visa is also one of the fastest payment methods for withdrawals and cashing out. Due to its global prominence, Visa is one of the most widely available online payment methods.
2. MasterCard
MasterCard is another global payment provider, similar to Visa, having a huge market share worldwide. Like Visa, there is a range of credit and debit cards that work using the MasterCard payment network. These are available from MasterCard itself and partnering financial institutions.
MasterCard online payments are quick and effective, and all you have to do to process the payment is enter your card details and approve and authenticate. In most instances, MasterCard withdrawals are also fast —often instant. However, we recommend checking with your bank for payment fees relating to MC payments, as there can sometimes be a small surcharge.
3. PayPal
PayPal was the first digital wallet and was launched back in the 1990s. Since then, it’s gone from strength to strength and remains the leading global e-wallet provider and payment network. Once you have created a PayPal account, you can link multiple bank accounts.
You can deposit money into your PayPal account, receive payments, and use it to make online purchases. PayPal is widely known for its fantastic security, and you can enable additional features like 2FA to protect yourself from payment fraud.
4. PaySafeCard
PaySafeCard is perfect for platforms such as online casinos and gaming, where you want to control your spending. You can purchase This top-up card from grocery stores, gas stations, and supermarkets or order online. Your card has a preset value, such as $10, and you can top it up like a mobile top-up card.
To make an online payment, you enter the unique ID number on the card when making a transaction. This makes it great for users looking to control their spending and is particularly popular in the iGaming community. GambleOntario.ca – A transparency-first online casino resource– recommends the Paysafecard payment method for online casinos as it means you can limit how much you can play. It’s also easier to keep track of your spending and stop yourself from continually dipping into your bank accounts.
5. Apple Pay
Apple Pay is a popular e-wallet available for use on iOS devices. It’s one of the most effective smartphone online payment methods used to make physical payments, and this is one of the reasons why it is so popular. Once you have your bank accounts linked, you can make payments simply by touching your phone against the payment terminal—like a contactless card payment.
Apple Pay has great security, and you can link multiple bank accounts for your online payments.
6. Skrill
Skrill is another popular e-wallet offering similar functionality to PayPal and Apple Pay. It’s also one of the oldest e-wallets in existence and was created shortly after PayPal. Creating a Skrill account is easy and takes just a few minutes. You can credit your account in numerous ways, such as by card payment and PaySafeCard.
Your Skrill account balance can then be used to make payments at online merchants. Skrill payments are fast and secure, and for the most part, there are no transaction fees.
Currently, it’s free to send and receive money to and from your Skrill account, but there can be a surcharge for withdrawals to your bank account. This is one of the main things to seek when choosing an e-wallet.
7. Bank Transfer
Bank transfer remains a popular online payment method despite it being classed as old tech. The payments are relatively simple to process, and one of the main benefits of bank transfers is the additional security measures. Typically, banks have separate processes for bank transfers and employ extra security.
This also makes them more suited for high-value transfers and purchases. The only downside with bank transfers is the payments are often much slower than card payments and e-wallets. Where the latter are usually instant, bank transfers can take three to five business days to be processed.
8. Interac
Interac is a popular payment method in Canada, and it allows customers to make fast and secure online banking payments. You create an Interac account, and it effectively acts as a middleman between your bank account and the merchant (such as an online casino).
It facilitates the payments, and a benefit is that you don’t have to enter any card details for the transaction. Payments are usually processed instantly, and the SSL encryption used is superb.
Make Your Online Payments Easy With These Top Payment Methods
As payment methods evolve and things like biometrics are introduced, it can be a nightmare knowing which ones to use for online transactions. Hopefully, our list of the top eight popular online payment methods should help.
Generally, Visa and MasterCard (credit and debit cards) offer the quickest and simplest online payments. Most people use these cards, and you can enable additional security measures, such as 2FA. E-wallets like PayPal, Apple Pay, and Skrill also remain popular choices due to their flexibility and the ability to easily move money between multiple accounts.
Lastly, methods like PaySafeCard give you spending control when using online gaming or iGaming sites, and they mean you aren’t continually drawing money directly from your account.
