Evaluation of the Changing Payment Technology and the Role of PayPal in Its Growth

With the evaluation of Online Banking, Traditional Banking where you travel to your bank branch, stand in a queue, and waiting for your turn has long gone. Banking in general is regulated by the laws of the respective countries. With the emergence of Global B2B and B2C trade, even online Banking has its limitations. below in this article, we will cover the Evaluation of the Changing Payment Technology and the Role of PayPal in Its Growth.

Steps to the future are quite steep now, and you must take the flight at the earliest, as each stage is getting narrower with time. People who are still confined to those long queues at the counters and bright cubicles of instant cash are free to stay there. Even the ones who know about the developing standards within the banking sector are more or less averse to that concept. But it is always good that they know more about the enhanced convenience they are missing out on. Coming is the age where preference would be to log into these platforms to experience the ultimate phase of comfort. Thousands are already enjoying the interface that lets them slump cozily into their couches. The skepticism was backed by the fundamental legal issues and speculations about potential hacks to discard the idea altogether. From that stage, the industry has grown to become one of the most profitable businesses.

Concurrent Growth of PayPal and the Industry

As the industry progressed on the course to glory, so did all its features. The payment methods leaped towards incorporating more options into it. What started with just the option of paying via credit cards and swiping them over machines, has built its empire to include the most widely used e-payment options such as PayPal, Google Pay, and Apple Pay into it. 

Out of the various options available, PayPal is the highly preferred one, since it offers the top-end qualities of an e-wallet all over the world. Having linked with more than 25 currencies and spread across 180 countries, PayPal stands as the best option for making payments. Glitches are sporadically encountered on PayPal, which makes it easily slide to the top position. Online casinos have incorporated this payment feature into their database to enhance the factor of convenience in gambling. All those online poker fans who are looking for casinos that are offering the e-payment option.

Types of Electronic Payment

E-payment is not confined to the concept of making transactions via 6-inch screens. There are many more methods that are categorized under e-payment.

1. Credit Payment

• E-wallet- Although it doesn’t resemble the leather wallets that you carry in your pockets, they are nearly the same. The efficiency of these prepaid accounts has been proven in the categories of storage of data and secure payments. They store the credit card/debit card details to later make transactions through it.
• Credit Card-It is an e-payment option that the financial institution issues in the form of a card that can be accessed either through the authorized machines or online platforms for transactions without the use of cash.
• Smart Card– Funds are loaded to the plastic card that has a chip installed in it to make transactions. 

2. Cash Payment

• Debit- Transactions are made when the bank is instructed by the account holder to make a payment for various services from their account.
• E-check- It is, by all means, the digital version of the traditional cheques that were used to make payments.
• E-cash- Personal devices can store money for the client, which can be used to make transactions online. 

Pros and Cons of Using E-Payment

1. Pros

• An extensive network has been created, which makes it popular all around the globe.
• Transactions are made within seconds.
• An internet-connected device and an e-commerce website are all that is required to make transactions. Convenience takes the crown.
• Transaction costs are low.
• Control over spending money can be better practiced with the option to check the account balance and by keeping track of every transaction made.

2. Cons

• Fraudulent and identity theft cases being reported are increasing every year.
• Sharing personal data with a payment system shouldn’t be risky. But when the anonymity is lost, matters could go haywire.
• Without an active internet connection, making e-payments are impossible.

Conclusion

With every passing year, the existing payment options are being tweaked, and new names are coming into the picture. In the coming years, there is a higher scope for PayPal to be highly modified by eliminating its cons. As per the reviews and public opinions, PayPal is currently the most efficient payment option available with the mightiest rival Google Pay right behind it.