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    New technologies for payment thanks to e-shopping

    Published on January 13, 2021

    Shopping online is an ever-growing industry, just the three biggest online shops alone sold for more than 1220 billion dollars. The more money that is changing virtual owner the more fraud and thefts are developed. Tech-companies work hard to offer these business and customers safe, easy, quick and affordable ways of transferring money. 

    Chinese giant is the number 1 2019

    Without a threat the Chinese online shopping site Alibaba who had a revenue of 768 billion USD. Second after Alibaba is the American giant Amazon with a revenue of 239 billion USD, and the third biggest online shop is Jindong at 215 billion USD. There are other wast online shops that are growing fast, like India’s Flipcart with a revenue of 6 billion dollars in 2019.

    Money means business

    And in a business where the top three stores alone have a revenue of over 1000 billion from private customers change hands, countries and currencies there is a lot of money to make. And both seller and buyer want easy to manage, safe and fast ways of making this happen. And there is no shortage of alternatives to bank transfers, that rarely offer the best deals. You can learn more about digital wallets here

    Different business demands different solutions

    Business to business often means large amount of money being transferred rarely compared to online casinos where private persons transfer as little as 10 USD up to a couple of times a week to their game account. 

    This means it is rarely a good idea for these to use the same system to pay for the service or things they purchased. 

    From paper cheques to e-wallets

    All the different needs call for different solutions. One of the newest additions for transferring payments is e-wallets. They are not banks, only a place to collect your money safely before sending them to the shop or casino that you want to play at. 

    Some services are global and some are national bound. Apple pay is more or less global, Sweden have a system way of paying electronically called Swish and one of the biggest ones in India is the BHIM App.

    Casinos lead the way

    Online casinos need to be very flexible when It comes to different types of payment, they have a lot of customers from all over the world and gambling goes on 24/7. Therefore, it’s not surprising that casinos often are the first one to apply new technic and the offer several services that is safe to use. 

    If you want to learn more about Indian options, there is more info about payment options for Indian casinos at Gambling times.

    Here is some more that you can check out for the best options in India this year.

    Are digital payments better than cash?

    For payments between private persons, it is safer than cash as you have proof of payment and can´t be accused of not doing the right thing. For example if you are paying to business where you must wait for the shipment there are some payment services that will hold your payment until you have the ordered item, that way the shop knows they will get paid if they deliver as promised. As the costumer you don´t have to worry about paying for something that is never sent. 

    And for governments it is a good way of getting rid of dirty money and business.