The internet has changed the way many people make purchases, with advances in technology transforming the retail industry.
There are now a wide range of payment methods available to consumers, with dozens of different options ensuring everyone can securely buy goods or services online.
Debit/credit cards have traditionally been the most popular online payment method, but electronic wallets (e-Wallets) and cryptocurrencies like Bitcoin have enjoyed a big increase in use in recent years.
Debit cards deduct funds directly from a payee’s bank account, while credit cards allow users to make a purchase ‘on credit’. The service provider pays the merchant and payment is made by the card holder at a later date.
Most credit cards charge fees and interest for their use and can be an expensive way to make purchases.
Read on to find out more about e-Wallets and Bitcoin.
An e-Wallet is an electronic purse which allows you to make online payments by using an email attached to your account without sharing your personal financial details.
PayPal and Skrill are amongst the most popular options, and an excellent example of their use is within the online gambling industry.
Many of the leading operators encourage players to use this method to fund their accounts because it is fast, secure and easy to use.
Using offers like the Mohegan Sun Casino bonus code gives players additional funds to play with alongside their initial deposit.
An e-Wallet acts as a buffer between your bank and casino accounts, giving players an additional level of security. Money is sent from your bank account to your e-Wallet and can then be used to fund your online purchases.
e-Wallets can also help people to manage their finances better, as they provide the option to set aside a specific bankroll for their retail activities.
The virtual currency first came to prominence back in 2009. Bitcoin uses decentralised technology for storing money and secure online payments that doesn’t require banks or people’s names.
The system operates on a public ledger called blockchain which holds a record of all transactions that is accessible by all users of the network.
Users generate blocks on the network to create Bitcoins which are created cryptographically by harnessing users’ computer power. These are then added to the blockchain, letting users earn by keeping the network running.
Many online websites now accept Bitcoin payments. Established exchange services like Bitstamp or Kraken allow you to purchase Bitcoins, charging a commission that is much smaller than those applied to e-Wallets.
Transactions must be confirmed by the blockchain, but this usually takes less than an hour.
Traditional payment methods such as debit/credit cards can carry an element of risk, and this has accelerated the growth in the use of e-Wallets and Bitcoin.
With easy to follow deposit and withdrawal options, this growth seems sure to continue in the future.
However, while both have their advantages in terms of additional security, the almost instant nature of card payments suggests these will retain their popularity over the next few years.