When it comes to online entertainment and shopping, the world is every user’s oyster. From online casinos to purchasing a dress halfway across the globe, everything is possible.
As technology advances in society, businesses start to revolutionize the entertainment and online retail industries. While an increasing number of people turn to fulfill their recreational demands online, payments are expected to take place the same way. Cybersecurity is just not enough.
Therefore, for online industries to thrive, the only way is to allow online users to have peace of mind knowing that their payment is safe, secure, and goes to the right place.
This is when secured payments come in.
What are secured payments?
Secured payments are transactions that use effective security practices to protect users from scams. These are some of the common indicators of secure online payment:
Encryption of Data
Well known as SSL and TLS – (Transport Layer Security) TLS and (Secure Sockets Layer), these are protocols that encrypt sensitive data such as your credit card number to ensure it is only visible to the intended recipient.
Implement 3D Secure
Commonly found on the top left-hand corner of a new payment window, this is an additional verification step for the card issuer to authenticate the user behind the transaction. It usually requires a new ID, phone code or password for the purchase to succeed.
Request CVV / CVC of Credit Cards
The CVV is a unique code at the back of every card issued by financial institutions. Anti-fraud and compliant to the Per Payment Card Industry Data Security Standards, it keeps your credit or debit card safe even if merchants have access to your card number.
The need to keep payments safe and secure is more important than ever to keep users less vulnerable to heavy financial losses and cyberattacks that are impossible to recoup.
What do we use the secured payment for?
Secured online payments are frequently used for the digital purchase of goods, services, and entertainment.
Whilst online shopping is rising sharply; digital entertainment is catching up fast. These are some of the common activities that secured payment is used for:
- Online Retail: Shein, Amazon, eBay etc
- Digital Entertainment: Movies, Secured Online Casinos, Gaming etc
- Paying Taxes and Bills
Spending over $53bn annually online, one of the highest spending forms of digital entertainment is secured online casinos.
As digital transactions rise in astronomical proportions, it is vital for secure payment methods to complement financial institutions and keep online spenders safe.
What are the types of secured payments?
As the number of people spending online rises exponentially, the types of secure online payments increase as well. These are the most common types of secured online payments:
- Credit Cards
- Debit Cards
- Alternate Payment Services: Blik, Paypal etc
- Wire / Bank Transfers
As alternate payments rise in popularity, Paypal’s buyer’s protection policy is well-received to keep online shoppers safe from missing products and buying scams online. However, for digital entertainment such as secured online casinos, Blik is fast gaining favor amongst online users.
Due to the frequency of monetary deposits and higher transactional amounts for secured online casinos, it is important to have a payment method that is closely tied to existing banks. Versatile, convenient and complements over 18 banks in its user-friendly mobile app, Blik originates from Poland and has multiple secure payment methods. User-friendly with its mobile app, it is easy to manage money between financial institutions and Blik. Unlike Paypal, Blik engages the use of immediate wire transfers, credit cards, or phone numbers to perform hassle-free, secured transactions. Compliant with SSL and TLS security practices, Blik offers a myriad of payment methods from third-party vendors to cryptocurrencies.
Secure, safe, and smooth, the different secure online payments are quickly changing the way people shop, purchase, and enjoy their virtual world.
The future and importance of secured payments
With the progression of technology, it is inevitable for online shopping and entertainment to replace brick-and-mortar stores completely. The future of secure online payments has huge potential to improve as it often makes or breaks the credibility of online merchants.