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Online Transactions In The Modern Era – Payment Methods Redefined

January 31st, 2017

In this high-tech world, the Internet plays a significant role in boosting economic activities ranging from millions of online transactions and communications. The online transactions and communications are generally handled electronically by adopting Information Technology in the workplace or at home. For example: e-commerce, e-mail and e-government.

The Modern Era of Online Transactions

Witnessing the unprecedented adoption of Information technology, around millions of people have started using electronic devices like mobile phones, laptops and desktop computers, for their transaction activities. Because of this, the online transactions are no longer restricted to real world today and its impact on worldwide growth is also rising rapidly.

Online-payment

Most people enjoy online transactions for their various activities such as online shopping, online bill paying and online banking. Nowadays, people spend more time in online transactions than spending time in in stores. The entire eCommerce market has increased over 400% in the last five years and it continues to dominate the commerce industry. Most companies have set up their own eCommerce websites with numerous payment options for secure online shopping and transaction. Their e-commerce sites facilitate shoppers with easy shopping and also allow them to compare prices and products online. This attracts most of the shoppers to prefer online shopping.

Why Online/Digital Transactions?

According to the survey, there are around 137 million Internet users currently available in India, among which 25 million involved in online transactions. Is it also estimated that around 10 million people buy flight tickets online and seven million people buy eCommerce products. Hence, the eCommerce market has expected to reach 30 billion by the year 2015. On the other side, the world of online banking is growing incredibly among the Internet users as they get the freedom to bank at their own convenience. Online banking enables users to manage their financial life much easier and facilitate them to access banking information from anywhere that they have access to the Internet.

Moreover, the online bill payment has extremely grown to become the eminent method of bill payment for paying bills such as electricity bills, telephone bills, Internet bills, Gas bills, credit card bills and Insurance premiums. It has become very popular especially among the Internet-connected households as it provides great comfort to them in paying these bills. As online bill payment provides a secure payments environment, the adoption of Internet transactions is increasing swiftly day by day. People have started managing their bills and assets online to gain control of safety, time and finances.

Wallet Culture

The modern world is seeing a drastic change in the payment methods and the wallet culture is increasing. Many countries like United States, United Kingdom, India, Australia, etc. are moving towards a hassle free payment space where everything becomes digital. Many restaurants and retailers around the world are switching to wallet payments as they help them to provide hassle-free and cash-free shopping or dining experience to their customers. Some of the popular payment wallets are:

  • Apple Pay
  • Android Pay
  • LevelUp
  • PayPal
  • Gyft

(Information Buff: Restaurant owners – Here is something that you would love to use)

Even banks are witnessing a tremendous growth in online transactions as there is an increasing number of users log on to the Internet to pay their utility bills. Online bill payments and transfer of funds from one bank to another contributes a 100 percent growth in online transactions every year.  Every month, online transactions are growing up by 10 to 12 percent according to the report given by Billdesk, which facilitates online payments.

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