Online payment is based on the development of electronic payment, it is a new development stage of electronic payment. Today’s technological progress and social development have brought about great changes in people’s lives. We are all in pursuit of speed, convenience, diversity, innovation and so on.
Compared with traditional offline card swiping, online payment presents some new features and advantages.
First, the user orientation is more prominent. Statistics show that 27% of customers will lose their payment service if the waiting time exceeds 5 seconds.
Second, the participants are more diverse. In the field of Internet payment and mobile payment, the participants have expanded from card issuing institutions, receipt institutions and bank card transfer and clearing institutions to Internet enterprises, communication operators, mobile phone manufacturers, chip manufacturers and even operating system development enterprises.
Third, the innovation of payment media is more diversified. Payment media from card to cardless, from bank account to virtual account. It becomes more diverse. Acceptance terminal from the traditional POS machine to portable, plug – in equipment evolution. It gets smarter. Authentication modes evolve from signature and password to biometric authentication such as fingerprint and iris. It becomes richer.
Fourth, the trend of integrated payment services is more obvious. The rise of the Internet, especially the development of a new generation of communication technology and intelligent terminals, has promoted the integration of payment and social platforms, e-commerce, financial services and other forms of business. The value of payment institutions is not only reflected in the payment business itself, but also in its ability and level of providing value-added services.
Fifth, the online payment environment is based on an open system platform, while the traditional payment is run in a relatively closed system.
Sixth, online payment is convenient, fast, efficient, economic and other advantages. As long as users have a PC connected to the Internet, they can complete the whole payment process in a very short time without leaving home. Payment costs are only a few tenths, or even a few hundredths, of traditional payments.
Seventh, there are still some problems to be solved in online payment, mainly security. Such as to prevent hacker intrusion, internal crime and password leakage related to the security of funds. There are three main security risks in the development of online payment. One is the security of the bank website itself. Second, the security of transaction information transfer between merchants and banks. Third, the security of transaction information transfer between consumers and banks. No matter what kind of risk, its root cause is caused by the leakage of login password or payment password.
In today’s society, as long as we have access to the Internet, we can do a lot of things. Online payment has also brought great convenience to our life. All this requires the support of the Internet. Therefore, a good Internet is the foundation of all this. Time Fibre Malaysia provides us with a stable and fast network in our lives, enabling us to be more engaged in this new era.