Blog Summary

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!