E-commerce has been obtainable for several years for those tech-savvy enough to use it, but in the current times with personal space a constant concern of everyone, other digital payments are becoming increasingly popular as well. While digital payments are ultimately being created to increase payment speed and provide more financial security, they are also a step toward the future of online banking reimagined. This time will surely be remembered as a time of digital transformation, an era in which the payment industry has taken the opportunity to do just that, modernize digital payments.
With e-commerce transaction applications such as Venmo and PayPal already available, new applications are popping up as well. While Apple Pay has been accessible for years, each smartphone brand now has its own version of digital payment. These e-commerce payments are being made available to buy more and more items and services, and many stores are now using Venmo for direct payment, such as CVS and Walmart. The money on these applications can be either manually transferred from their bank account or credit card to the app platform, or saved from when others add and deduct money to users. Something that needed to be handled was a way to offer customers several transfer options within a platform, as well as confirming that the payments to merchants were correct. While confirming these payments, these applications must also create a safety barrier so that financial information cannot be hacked and stolen from a customer. Beside this, banks must be able to vouch for a customer and have real-time access to money in their account in order to approve digital payments instantaneously. These worries have proved to be no problem however, as digital payments have become the dominant payment option around the globe, all in the course of one year.
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