Question

Online payment systems for consumer electronic commerce are still evolving. Online businesses must offer their customers payment options that are safe, convenient and widely accepted. Discuss some of he online payment methods these business offer.

Answer 1

Solution : Some of the online payment methods Online businesses offer :

(a) E-wallet Payment System : E-wallet Payment System is an electronic process for making payments over the online business. This Payment system is enough reliable, secure and flexible. In this payment system, there must be a payment wallet associated with each user. And in that wallet, users can add their money and make transactions wisely.

(b) Credit and Debit Card Payment System : This payment system is too sensitive because customer's personal information like Credit card and Debit card information must be stored securely in an encrypted way so that customer's overall trust with the online business could be maintained smoothly.

(c) Smart Cards Payment System : Here, the smart card means there should be an inbuilt secure chip ( or embedded integrated circuits with radio-frequency interrogation signal ) in the card which could protect the online transactions and keep secure user's data. Every business must provide such smart cards to their customers.

(d) Netbanking Payment System : Netbanking is the most secure and best online payment option for business. Because in this payment option, every customer needs to get authenticated two times : the first authentication is done by the online business for making the payment and the second authentication is done by user's banks. Means, Users have to log in and make payment by their bank's website. And as we know that banks have much much more securities. So, Netbanking is the most secure online payment option for any business.

(e) Gift cards and vouchers Payment System ( using QR Codes ) : QR codes are also secure and useful for making online transactions because there is no need to share personal banking and card details with the business while making transactions. Business can use Gift cards and online vouchers associated with QR Codes for making online transactions by their users.

(f) Bitcoin and digital currencies Payment System : Digital currencies and bitcoins are also safe, convenient and reliable way to make online transactions. Business must allow this payment system because Bitcoin and digital currencies are associated with more encryption technologies which are more secure than most of the online payment options.

Suggestion : Online Business should use Payment Gateway Secure Server because, with the help of Network Level Security, This server protects the payment information of all unique identification ( granted ) users.