VIRTUAL CARD TECHNOLOGY AND THE FUTURE OF E-COMMERCE
About us…? Where we come from…? Where are we going…? In the Neolithic period, the first method of payment appeared, barter, the exchange of goods agreed by both parties. Some time later, coins made of silver, gold and bronze arrived, whose value depended on the weight and metal from which they were made. The banknotes that continue to be with us today appeared shortly, at least for the moment. And already in the modern era credit cards were introduced.
The way of making payments in recent years has evolved considerably. Especially with the introduction of electronic operations, the spread of e-commerce, financial technologies or mobile payment. Apart from this, let's say natural, evolution, the strong impact of living through a global pandemic has further accelerated this development.
Digital payment systems such as wallets have acquired significant growth against the reduction in the use of cash. According to studies carried out, approximately 55% of the population chooses to pay with a debit card and only 35% chooses to use cash. This shows that the population that used traditional payment a few years ago has been changing their payment habits and now prefers to use other means. Not only is the use of money decreasing, but also the majority of people surveyed barely carry a few coins with them.
Once the state of alarm last May ended, new digital payment methods have been definitively consolidated. To a large extent due to its ability to streamline processes and reduce the risk of contagion. The arrival of the new normal is turning us into a cashless society causing the growth of various forms of contactless payment.
Main payment systems today
When we have to pay, what matters most above all things is payment security. In terms of safety, speed and comfort, the trends that are increasing the most this year are the following:
- Contactless. This payment system is carried out using a technology that allows the customer to make purchases without having to use cash. You can proceed from a mobile phone or from other wearable devices such as smart watches.
- Apps Wallets and loyalty. This payment option offers customers payment methods through the business's own applications. Through a proprietary application, a direct and new communication channel is opened with the client with which to close the purchase process.
- Pay by link. It is a payment method that effectively simplifies sending and receiving an economic amount to pay for a purchase or service. Payment links sent via email, SMS or WhatsApp are used to formalize the transaction.
- QR codes. The implementation of QR codes began as a way to view images or text with an application. Currently these QR codes are also used as a payment system.
- P2P P2P payments,Peer-to-Peer o Person to person, are money transfers between individuals made through mobile applications, mobile banking, social networks or the Internet. Bizum is the best known and used today.
Why are virtual cards the future?
Virtual cards have become a very striking element of payment over the Internet and very well accepted by the public. Although this payment system is an emerging technology, the convenience it offers to users has led to its commitment. Today there are several options available for virtual cards for sale in practically all the large financial institutions in our country.
This means of payment increases the confidence of consumers when they have to buy or contract an online service. Virtual cards exist physically, but they do not have a magnetic stripe, their use is determined to make online payments without the need to provide personal data.
Most virtual cards are rechargeable wallet cards, in case of hacking, theft or loss, only the money contained in the card would be lost. This is precisely one of the great advantages of this payment system:
- It is a payment model in which we are the ones who decide the amounts on the card. Therefore, this may not affect the rest of our financial products in any way.
- It only contains a specific amount of money and is more difficult to steal, especially when there is no physical card.
- Its objective is to operate over the Internet, so its functionality makes it successfully solve the tasks for which it was created.
- It has all the security characteristics of any other type of card with the particularity that the fact of being virtual gives it.
Virtual cards are marking the beginning of the revolution in payment methods. From OmniWallet We think that it is worth having a virtual card as a payment model due to its efficiency and security. But also because we are sure that these cards are the future of electronic commerce.