Over the past several months we have discussed Online Payment
Systems in this blog. We introduced
readers to the fundamental way in which payment systems have worked over the
past decade as well as how they have evolved into what they are today. We discussed problems that exist within many
online payment systems like security issues with Apple Pay due to a security
breach with Apple’s iCloud. Because of
this we weighed the benefits vs. the security that Online Payment Systems
provide to consumers. Many consumers
are hesitant to provide their credit or debit card information to online
payment systems around the web because of security concerns. However, those who do trust these systems are
able to experience the benefits of easy pay and one click shopping with many
popular online retailers such as Amazon.
Trust for these systems that store consumer payment information is the
number one barrier preventing some people from signing up for these
services. This is why security breaches
like the one Apple experienced this year and Target last year are so
critical. Consumers have to believe
their information is secure at all times.
Companies running these systems have a great deal of responsibility owed
to the consumer to ensure they maintain high levels of encryption and security
on their severs. We later discussed how
PayPal, one of the most popular online payment systems recently split off from
Ebay in order to allow PayPal to better focus all of its resources on
processing online payments. With new
competitors like Google Wallet and Apple Pay now on the scene, PayPal needed to
separate from Ebay to ensure they provide the best product possible for consumers
in order to keep up with these new competitors.
Google Wallet and Apple Pay are two of the newest forms of Online
Payment Systems. These systems allow
consumers to make purchases at physical locations simply by waving their phone
over a payment terminal. Near Field
Communication or NFC chips within the phones and payment terminals communicate
in seconds and process payments. These
devices are looking to replace a person’s entire wallet allowing users to have
everything they need within their smart phone.
Our group found each of these topics interesting and revolutionary. The world of online payment systems is ever
changing and there really is no telling what the future holds. NFC is just another stepping stone towards
something even greater in this field. Hopefully
all of our readers have enjoyed the topics we have introduced you to and have
taken these topics further by implementing the vast resources of online payment
systems into your lives and experiencing the benefits for yourselfers. Thank you all!
