We rely more and more on online payment methods, especially when so many transactions are taking place on websites for everything from clothes shopping to groceries, services like streaming movies, or even ordering a takeaway.
We share financial details with online gaming when we place a deposit or make a withdrawal, we pay using our debit cards when we are buying a summer clothes haul from online retailers. We might set up a credit function online through a payment service when we need a new refrigerator or even a new car.
With such interconnected lives taking place online, it is no surprise that we need a way to make payments to businesses (and individuals) that are safe, secure, and reliable – and that is why you need to carefully consider what financial information you are sharing and how you are sharing it.
Different payment methods will be more suited to different transactions, and the ones you choose will depend on several factors, including:
- Simplicity
- Speed
- Ease of Use
- Security
- Acceptance
- Cost
There are many good ways to pay online, each with their own benefits and drawbacks. Some of these are below:
Debit/Credit Card
Debit and credit cards are the most widely accepted payment method online, and in most cases, they will be the one chosen to pay for everything from shopping to online gaming.
Debit cards are typically linked to your bank account, and you just need to enter all your card details to make a payment.
Credit cards are essentially a line of credit, and while in practice they are used like a debit card, there are certain conditions and protections that come with their use.
You will typically not have to pay any charges to the site for using these as a payment method.
PayPal
PayPal has more than 220 million global users, and it is the most widely recognised e-wallet that is most often offered as a payment method aside from credit and debit cards.
PayPal can make payments in several ways.
Firstly, you can fund a PayPal balance (using your bank account or from a credit or debit card). This balance can then be used to make purchases online.
You can also link your PayPal account to your debit card or even your bank account, so that you can pay using these methods without sharing your personal financial details – you just use PayPal as your finding source.
PayPal is very secure, and there are only fees to be paid in certain circumstances (like currency conversions, for example).
Online gaming are well known for players depositing money and PayPal is one of the most popular payment options available at most major providers. For those opting to play online pokies at one of the gaming sites available online, they will most likely see PayPal as a preferred payment option. This adds extra security for the player.
Bank Transfer
Bank transfers are exactly as they seem – just pay directly from your bank account into the bank account of the business.
You probably use this when you are paying family money for something, or to pay some of your bills.
When it comes to paying for your online gaming, this might be a secure way to make the transaction because there are no third parties involved, but it does come with some downfalls – and the main one is that it is noticeably slower than other payment methods, sometimes taking 3-5 days to clear.
The other issue is that there are limited sites where you can pay like this – but many people would like to receive any money that they have won from their online gaming into their bank account, so it might be worth finding a site that allows this when you are comparing online gaming.
Google Pay/Android Pay/Apple Pay
Contactless payments make everything faster and more straightforward, and modern smartphones and even smartwatches have been built to make it easier.
Apple, Android, and Google have all developed Wallets that allow you to complete contactless transactions using your device. These are all designed with physical shops in mind, but when it comes to making online payments, you can use the details stored in your phone to complete the transaction, making it much faster.
The debit and credit card details are secured by the biometrics of the phone, which is ideal to keep your details safe, but not all financial institutions have the capability of being attached to smartphone wallets so it still has limited functionality.
Cryptocurrencies
Cryptocurrency is the term for digital, decentralised currencies, and there has been a lot of news about them in recent years.
Essentially, those that feel that cash is limiting choose to focus on cryptocurrency because it is not tied to anything like cash is – the value is not based on gold or guaranteed by a government. It is also much more private and anonymous, protected (and created) using powerful encryption, and does not have any physical form whatsoever.
Not many legitimate online gaming or other gaming sites accept cryptocurrency, mainly because it is so volatile in terms of value. However, some still hold that it is the future of online transactions, especially across geographical borders, so it could become the norm in the future.
