aryanali

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Future Of Payment Methods For Online Shopping
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Overview

• Systems facilitating electronic payments are the
  most common financial products as they became
  very popular around the world. The days when
  people had to carry stacks of cash with them
  limited their purchase power and also subjected
  them to serious risks of theft are now part of
  history.
• Carrying no cash means limiting the threat of
  robbery. Banks will be safer as the motivation to
  rob them will drop same as to the cash on hand.
  It is very important to adjust the ways and forms
  of payment so that customers could make their
  online shopping in Kuwait as fast and
  comfortable.
• Ironically, virtual payments leave more track
  than cash payments. Digital funds are easier to
  track which doesnt make it a preferable channel
  for anonymous drug trafficking lords, tax
  evasion, and terrorism financing.

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Future E-Payment Authentication Methods
Biometric Authentication

• The biggest challenge curbing online and
  electronic payment is authentication. Facial
  recognition is not the only outlet for face
  authentication, eye scans have long since
  appeared in sci-fi films as a very successful
  method of verifying identity, however, the
  development for a real-world application is
  already under research. Eye veins are unique,
  same as fingerprints, which enable accurate
  acceptance or rejection of the consumer.
• Hand veins are also an extra option for body
  outlet authentication. Vein patterns are mapped
  in the hand and referenced with the credit card
  data when a transaction is done. More than one
  card can be linked to a single credit card, this
  limits the need for carrying banknotes in a
  wallet.

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Selfie Authentication

• Developers are currently working on many
  technical methods to authenticate the entire
• e-payment process. One of the most intriguing
  authentication methods uses a tool which
• the vast majority of consumers already have and
  use on a regular basis, the cameras on
• their mobiles
• After downloading a special application on the
  mobile, consumers will have the ability to
• take a selfie at checkout. This selfie
  authentication method was tested by MasterCard in
  
• 2015. It is expected to take a larger scale later
  over the coming years.

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Voice Authentication

• Voice authentication is an extra verification way
  which is currently used by many different banking
  systems all over the world. To verify account
  ownership, cards and mobile phones will be linked
  to the consumers voice commands through a
  certain specialized software, this ensures a high
  level of authentication accuracy.

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New Trends Of E-Payment
Bitcoin

• Although consumers regarded Bitcoin with
  suspicion in the beginning, this e-payment
  technology is now very acceptable on a large
  scale.
• Bitcoin is based on the BlockChain method. It
  involves integrating a set of transactions into
  one block of data, encrypting it and then storing
  it. It is considered one of the cheapest,
  quickest and most secure ways to transact.

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Payoneer

• Payoneer gained a strong focus from international
  merchants and it is very popular in Chinas
  E-Commerce industry.
• Using this method, consumers can make many
  payments in several currencies through virtual
  bank accounts, the whole process is almost
  instant. Retailers can also manage to bill by
  features provided by Payoneer.
• Receiving funds from other Payoneer user is off
  charged, while the random transaction charge is
  3.

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Google Wallet

• Google is also joining the bandwagon of online
  payment methods, there is a new payment method
  that allows you to receive money from anyone.
• Same as PayPal, the only needed personal
  information is an email address to receive
  payments. However, Google wallet transfers these
  funds to the bank account by default.

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Conclusion

• Shopping has been done online more frequently
  now. It is a significant that many internet users
  and brands are presently moving from conventional
  merchandise. New portable devices, the
  utilization of social media in the selling and
  purchasing process require taking up some
  novelties also in the case of payments.
  Fortunately, there are a number of alternatives
  that can be included in the online shopping now.
  Particularly the consolidation of more helpful
  payment alternative that can be beneficial for
  the platform itself and increase its conversion
  rate. Advanced and increasingly secure payment
  systems have allowed E-commerce businesses to
  thrive like never before.

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