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Existing Cashless Payments Methods in 2021

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Existing cashless payments methods

There are various systems for cashless payments in online stores, and they all have their own disadvantages and advantages. When making your choice in favor of a particular system it should be taken into consideration that the profitability of the entire project may depend on the form of payment.

Formally, payment ecosystem explained for goods and services when purchasing them via the Internet can be carried out both in cash and by bank transfer. Until recently, payments were mainly carried out using the cash on delivery method, when the courier was paid for the goods in cash upon delivery. Although, in an online business, it is possible to introduce more convenient and financially profitable cashless payment options.

What Is A Cashless Society

This is beneficial for sellers, since it allows them to avoid working with large amounts of cash, increases the safety of couriers’ movement, and reduces the risk of the buyer abandoning the transaction. If you look at the statistics, more and more people refuse to pay for a purchase to a courier and actively use various cashless payment systems.

Benefits:

Faster Service

Cashless payments are much faster, and it’s a proven fact by DataArt professionals. A contactless payment doesn’t need the use of a PIN code. To carry out the task it takes less than 10 seconds. As a result, it’s 30% faster than a contact card payment. In comparison to the usual cash payment, it’s twice faster.

More Security

You don’t have to carry cash with you, which takes up a lot of wallet space and can be a bait for pickpockets. If the card is lost or stolen, it is enough to block it and the money will not go anywhere. The likelihood that an unscrupulous cashier will cheat when paying with a card is also absent.

Easy and Fast Reconciliation

Bank cards are indispensable when traveling abroad: they eliminate the need to look for a currency exchanger. In addition, when entering abroad, cash must be declared, and in many countries, there are limits on the export of cash currency. The choice of non-cash payment methods eliminates these problems.

Types of Cashless Payments

Cashless payment is rightfully one of the most convenient payment methods. Its advantages include the high speed of operations in the absence of any regulatory restrictions. The most popular types of cashless systems are:

Banking Cards

On the Internet, they use the concept of Internet acquiring. This is the acceptance of payments made by bank plastic cards directly through the interface of the online store. To receive payments, the merchant must connect to the intermediary’s payment system.

Mobile Wallet Apps

Payment by electronic money is getting more and more popular. It’s done through the QIWI Internet wallet or Webmoney. Also, there are a lot of other variants. To pay for goods/services the users have to open a personal wallet. Choose one of the payment systems is not difficult. Then the invoice is paid. Or it may simply transfer money according to the details of the organization, etc. The procedure for paying for ordered goods using electronic currency is carried out by transferring electronic money from the buyer’s “wallet” to the seller’s “wallet”. The commission for converting electronic money into real money is about 3%.

QR Codes

A QR code is easily recognized by a smartphone or tablet camera using a special program – a QR code scanner. To do this, you do not need to photograph the code, you just need to point the camera so that the entire square of the QR code fits in the scanner window. After scanning, the decoded information will appear on the screen of a smartphone or tablet. The buyer must have a payment card linked to an application on a smartphone or tablet, and then this payment application is used for payments using a QR code. Moreover, the seller does not need a POS terminal. From the side of the buyer, there is no need to have a payment card. So it’s safe and comfortable.

ECS

Nowadays there is one more way. ECS (Credit) is used for affording credit to a few beneficiaries at one procedure. It raises a single debit to an account. This can be salary payment or one of the other numerous options.

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