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Over the last two years there have been a number of initiatives on the Online
Payment Front. Ever since the dawn of e-commerce, Credit Cards have ruled the
roost, primarily because they were already in wide circulation and used
extensively by the brick and mortar business. However, credit cards, while
great for day to day purchases in the physical world, came across one big
problem in the virtual world.
Credit cards have managed to take care of security through signatures and
photocards. But in the virtual world, how is anyone supposed to check the
signature or the facial features of someone logging in from half a world away?
So as you can expect, the credit card number and PIN numbers were the only
proof of identity. This meant that security became a big concern, so much so
that Credit card companies started charging higher for Internet enabled
merchant accounts (the account the merchant needs to accept credit card payment
on the Internet). This meant that credit cards became too expensive for smaller
purchases. This brought in a host of new payment systems which have sprung up
focusing on increased security on the net, or facility for micropayments (up to
10 cents) or both. As in any new area, the number of new entrants is increasing
exponentially with equally large numbers exiting within a year or two. Here are
some of the key players to watch out for:
Key Payment Systems
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