Best Alternative Payment Methods for Online Transactions

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Given the rise in online banking fraud and other worrying activities, many of us are becoming hesitant to use our bank cards to pay for goods and services online. Banks and other financial institutions work hard to come up with layers of protection to keep our details safe, but sometimes it can be better to look into another form of payment. Let’s take a closer look at some of these best alternative payment methods that you could choose to use for your online transactions.

Cryptocurrencies

They might not be as widely accepted as some payment methods, but there is no denying that cryptocurrencies can form a fantastic choice for some people. The most popular and well-known of these is bitcoin, but there are several other variations that could work just as easily for you.

Cryptocurrencies like bitcoin are considered safe because of their blockchain technology. When you make a purchase, the details of the transaction are stored in a specific type of database called a blockchain. The data from the transaction is made into a “block” and then chained to the last block with a timestamp. Shortly after, another block will be added in behind it. The information is then accessible to anyone who wishes to view the chain.

The beauty of the system comes from its security. It is impossible to edit a block once it has been added to the chain as you would have to also alter every other block. This computing power simply doesn’t exist. As a result, any details stored on the system are safe. It is one of the reasons why bitcoin and other cryptocurrencies are preferred by those who want to make secure transactions online.

It might be harder for you to find places that will accept bitcoin, but there are plenty of shops out there that do. Take the time to familiarise yourself with cryptocurrencies and where you can use them, as they might prove to be an excellent alternative payment method for you to use.

E-Wallets

Another option to use is an e-wallet. These are third-party pieces of software that can hold your financial information and can be used as a medium for making payments. The most well-known of these is PayPal, but there are many others that are used for a variety of industries. For example, Skrill and Neteller are two that are frequently used by gamers to purchase the latest games and complete microtransactions to unlock new content. They are flexible, and allow for many to complete purchases online without having to put in their bank details multiple times.

A big advantage of using e-wallets is that it means that you don’t have to repeatedly put in your details again and again. Instead, you just have to enter them once into one secure location. If an issue does arise, you will be able to log a report with the company behind your e-wallet and most of the time they might even be able to issue you a refund.

One great example of where this works can be seen with online casinos. Some players don’t want to commit to just the one place to play, instead jumping between several as it suits them. For that reason, many choose to use modern pay n play casinos. With the help of the e-wallet Trustly, they are able to transfer their details from one casino to another without ever having to enter those crucial financial details over and over. This is a secure and easy way to pay, and it can help many types of people explore new websites and products without having to spread their financial details across the net.

Prepaid Cards

Another option instead of an e-wallet is to use a prepaid card. This is very similar to a bank card in that you can use it to pay for goods online. They are usually tied to Mastercard or one of the other big card providers, so you should have no trouble getting your payment accepted. However, the money has already left your bank account, so you are not in any danger of losing it when you make a payment online.

When you get the card, you can choose to load a certain amount onto it. You then work your way through this credit as you make transactions. Some cards even allow you to top up as you go, so it is easier than ever for you to make the payments online. These cards can also be used for in-person transactions, which makes them great for travel. If you are at all concerned about leaking your financial data anywhere, choosing to use a prepaid card like this could be the option you need.

Look into One of These Alternatives Now

The above payment methods will prove to be incredibly helpful to anyone who is searching for an alternative way to pay for their favourite goods online. We cannot afford to be lax nowadays when it comes to our personal information. It is always going to be a much better idea to come up with some extra step that you can put between a website and your financial information. You should also make sure that you are only shopping in places that you know to be safe and reliable. If you can do so, you are well on your way to ensuring that your details are protected.