How Online Payments Became the New Norm

 

Online shopping has not only become normal, but is now the most common way to buy products. With the development of technology, people are using their smartphones for day-to-day activities like checking emails and making purchases.

One of the most convenient ways to make online payments is by using your credit card. It works like any other retail store purchase with a few notable exceptions. When you swipe your credit card at the check out counter, you’re typically charged with a fee on top of what you actually spent. But when you use your credit card online, there are no fees.  Below, payment specialist Firoz Patel explains how online payments became the new norm.

The rise of online shopping

The rise of online shopping is one of the most significant changes in the world of commerce. Online shopping has become a popular form of payment due to its convenience and the diverse range of products that are offered on websites. In fact, more than 70 percent of people who shop online do so by paying with their credit card.

How online payments became the new norm

The first online payment was made in 1994, just two years after the launch of the first commercial internet service provider (ISP). When you make your purchase online, your credit card is charged with a 2.9% fee. But when you use your credit card to make an online purchase, there's no charge for this fee. The fee is still assessed at the cash register. Why? Well, according to global executive Firoz Patel, it all comes down to convenience. With an online transaction, customers don't need to go through the hassle of using change or waiting for their cashier or bank teller to process their transaction.

Online transactions are also faster than most traditional purchases—like those made in person or over the phone. Using your credit card also provides more security than other methods like checks or cash payments because it's secure against fraud and identity theft.

With so many benefits, it's no wonder why people prefer to shop online instead of making retail purchases in person!

Accepting credit card payments online

In the past, purchases were a hassle. You had to go to a store and stand in line to make a purchase. But now, it's easy to make an online purchase. Just click "buy," enter your shipping address, and you're done—no more waiting in line!

You can also use your credit card when you're buying something online. This is great because you don't have to worry about exchanging money or having any extra cash on hand.

The convenience of making purchases online is why they became the new norm. With the adoption of digital payments and credit cards, people no longer have to worry about fees and will still be able to pay with their card at checkout, explains Firoz Patel.

What to expect from online payment technology in the future

In the future, your credit card is going to have a chip embedded in it. This chip will allow you to pay for anything online without any fees. In addition, as the technology develops, it's going to be easier and more convenient to use other forms of payment other than your credit card.

With all these new developments, your wallet is going to change drastically in the future -- so prepare for a bit of a paradigm shift!