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List of the Different Types of Payment Methods for Ecommerce

The number of payment methods on eCommerce sites is enormous. An eCommerce payment gateway system comes with several payment modes that make it easier for people to pay for the goods and services they purchase via an online store.

In this article, we will take a look at a few payment options that one gets when shopping online!

 Credit and Debit Cards

This is by far the most common option when it comes to buying things online. It is one of the legacy payment systems used before most of the modern payment modes ever existed. Even though they are considered to be safe, credit card information is prone to leakage if the online store isn’t secure. So, ensure that you look out for a padlock sign on the left side of the address bar to find out if the online store is encrypted or not before shopping online.

United Payments Interface

UPI is one of the latest payment modes that’s one of the safest options when carrying out online transactions. There is no need to enter complicated banking information or remember a long string of numbers, like in the case of credit/debit cards. All a user needs to do is generate a UPI ID for their bank account, which they can use to shop without requiring to share any banking information at all.

Digital Wallets

This is again a prevalent mode of online payment. It can be topped up as and when required, and users can pay by scanning a QR code using their smartphones or simply log in to their digital wallet account to pay for the goods and services purchased online.

Net Banking

This is again a legacy option that has been in use for decades, just like credit/debit cards. It is a safe option as it involves multiple steps like dynamically generated passwords, OTPs, etc., to authenticate and approve transactions before funds can be deducted to ensure that only the original account holder can initiate such transfers.

Prepaid Vouchers

Depending on the voucher, these can either be specific to a particular store or universally used across any online store. This is best for gifting or impulse buyers to keep a tab on their expenses as the voucher is prepaid, preventing one from accidentally overspending.

The number of payment modes on online payment platforms is only growing by the day, and both customers and merchants are enjoying increased flexibility and convenience as a result of these new and emerging payment methods making the online shopping experience more fun and secure!

Conclusion

So this is all about List of the Different Types of Payment Methods for Ecommerce. I hope you may have understood the Different types of payment methods for eCommerce. So next time, If you do a payment on eCommerce site keep remember these points. and if you still have any doubt please let us know we will try to solve them and leave a comment below.

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