Internet is not just about having fun or killing time. It is about communication, entertainment and businesses as well. With the growth of Internet over the last two decades there were business that have skyrocketed with it, and fortunately, different payment methods were available to keep up with the trend.
Small shops went from just having a website to offering a virtual storefront, and all this came thanks to several revolutionary technologies that were released in the early stages of online purchases. Some are still around to this day. In this article we will discuss some industries that took the jump from the street to the web, and actually boosted their market reach.
So, what are these payment options we are talking about? Before we dive deep into discussing the industries which took advantage of online payment, we need to talk a bit about some of the most popular payment options available.
Credit card and Debit Card
These are the old, trusted methods. They’ve been around since the 80’s and made their peak in the 90’s. With the growth of online shopping, it was a natural evolution to use credit cards and debit cards as payment methods. Many stores allow you to use them directly from their website and direct the payment to your bank’s platform.
Fortunately, banks keep up to date with security standards and they often require two methods of verification (usually by sending a text to your phone) to avoid fraud.
Do you remember the Wallie-card prepaid card? A few years ago an Austrian company called Paysafe bought this product of Dutch origin and turned it into Paysafe card. Paysafe has launched three products on the payment methods market.
The paysafecard is a PIN key that has some value (€10, €20, €50, €100). This paysafecard can be purchased at a physical point of sale or online, through wire transfer, credit card or with PayPal.
After you bought it, the PIN key can be used directly to pay on sites that allow paysafecard payment. So, when buying on those sites, you do not need to give your bank or credit card information. This makes it a simple, reliable and secure payment method.
PayPal is a fast, very convenient and secure payment method that is accessed through a user account associated with a traditional payment method (a bank card or a bank account).
To pay with PayPal, simply select this method in the online store. You will be asked to access your account with user passwords and then it will be enough to accept the purchase for the amount selected to pay, without having to grab any credit cards or bank information.
Industries that are growing because of online payment
Online Bingo and Casino games
Online Bingo has been growing ever since internet become popular and mainstream, around 2010. With internet reaching portable devices such as cellphones and tablets, the experience has moved from the desktop to your phone, and this has boosted player numbers to the sky.
Providers such as Costa Bingo are making digital bingo very accessible and invite new players with great promotions such as first deposit offers. This attracts new bingo players, while still spoiling their current player base.
All this would have not been possible without the ease of paying online securely. This line of business would just not exist and with players trusting more and more into online payment methods, Online Bingos can expand their horizons to new players beyond their land Bingo halls. Online gambling has made a name of their own and became their own thing to entertain players around the world who want to just play a few rounds without leaving their homes.
As well as online Bingo and casino games, video games is another industry that has found their way thanks to online payments. Now, online payment in video games goes way back in time.
For example, Id Software would distribute shareware versions of their games on demo discs in magazines. If you wanted to purchase the game after playing the Shareware you could simply call the phone number in the game, and they would give you an unlock code to free the complete experience.
While not online, it still showed in the early 90’s there was an intend purchase goods without leaving your house. As time went by, with piracy becoming a huge problem in the video game industry, Steam came along to revolutionize gaming stores.
While they do not accept Paypal, they take major credit cards, prepaid cards and paysafe card. Same applies to Battle.com, Epic Store and many online game stores. They all rely on secure protocols which are trusted by players.
Well, this one is obvious. Online shopping has seen a huge raise during the last three years. There are many benefits related to online shopping. For big stores, they offer flash discounts on specific products. Also, they can usually take advantage of their higher reach to offer better prices.
For small stores, they help them make a name of themselves and put them on the map. Also, with shipping fees being so accessible, for small stores, their neighbourhood is not their limit anymore. They can reach all corners of the planet.
None of this would have been possible without the help of only payments. With little investment, small stores can offer different payment options embedded in their websites, familiar methods to clients so they will feel safe when trusting their info at the store.
Digital payment methods are the evolution of money. While real money will always be around, electronic payment is here to help us being safe. Digital payments can protect us against scammers when actions are combined with the store.
There are many different options available today, and probably a lot more to come in the near future with cryptocurrencies being recognize as valid payment methods. This will trigger a new wave of efficient paying platforms. Fortunately, we are finally wrapping our heads around new ways of payment and this mindset will enrich our shopping and entertainment experiences to the roof.