Available in a wide variety of different forms, the term of ecommerce has changed over time to move away just from online stores and marketplaces and towards anything that involves an online service where payment is involved too. The cornerstone to change here has always been within online payments and how these online payments are handled, but which further changes could influence the online space further, and where can the biggest opportunities be found?
Biometrics and ewallets – Online payments in the early days were primarily made up of only card payments which meant users would have to input their card information in for each site that had been visited, and whilst this has since changed as autocomplete forms have become more widely used, for security purposes it’s still a better idea to manually enter the information. Ewallets have certainly helped here, the likes of PayPal, Amazon Pay, Apple Pay, and the many others on the market mean you don’t have to re-enter your details, just log in to your wallet account, with recent change going a step further with biometrics on mobile becoming important for verification. With 2FA becoming much more common, having biometric verification on all future online payments may become the next big step.
Crypto could be important for payment speeds – Over the past few years the use of crypto in online payment has only started to increase, and particularly in services like online casinos found at maximumcasinos.com it has been a great option for speeding up both the deposit and the withdrawal process – traditional payments still require the back and forth between banks and other institutions which often slows the process down, and as customers look for a better user experience where speed could be a key factor, learning the lessons from crypto may become more important. Using refunds as an example, some vendors may not have a refund clear for a few days, if this can be changed to instant, the user experience would improve dramatically.
Processing fees may look for change too – It’s typically particularly amongst ewallets to have a processing fee, usually around 2.9%, and early on it certainly made sense to have these – but like other ‘online service fees’ but as they become the normal standardised payment method, is it still something required? Whilst it doesn’t deter users from making use of the service, it may be a point of contention later on when some service fees are lower or where some online options don’t require a service charge at all, and those getting out early ahead of the competition may find the most benefit from scrapping these fees all together where, and if at all possible.