The Development of Online Payments in the Context of Technological Evolution

The world has undergone massive changes over the past few decades, in part thanks to the advent of the Internet. This technology has brought a new era of connectivity, allowing people all over the world to rapidly share information. It’s also completely changed how people make purchases, leading to new industries such as eCommerce and online gaming, and has revolutionized the way we do business.

One of the biggest advances in online technology that has helped make business much easier has been the development and improvement of online payments. In a short space of time, online payments went from being difficult and potentially risky to being simple, fast, and even easier than paying in person.

Today, you can use online payment methods to purchase the latest gadget, play real money casino games or even send money to your friends and family. Here on time2play, you can find a list of the best online payment methods for playing games, including the best Skrill casino.

The Timeline of Online Payments

The Internet was first invented in 1983, but it took some time before it reached mainstream use, particularly as it wasn’t until 1989 that the world wide web was created. The world wide web allowed for the creation of web pages and websites, which helped to develop the Internet as we know it today.

Since the creation of the world wide web, more people began interacting with websites online, and companies soon established themselves to advertise. Soon, these websites even began accepting orders, originally charging customers in cash on delivery. But it wasn’t long before the first real online payment was made.

In 1994, one famous pizza brand introduced a way for customers to pay online, entering their credit card details into an encrypted page. This pizza paved the way for millions of other brands to begin accepting online payments, something that changed the way consumers pay for goods forever.

However, while entering credit card details was the default way to make online payments, it exposed consumers to the possibility of fraud. Many consumers were rightfully wary of giving out their payment details, so it took the creation of some new technology to change things.

eWallet services such as PayPal, which first launched in 1999, offered a safer and more convenient service to those looking to pay for things online. Soon these became the preferred way to pay, and today more than 400 million people use PayPal alone.

How Technology Has Improved Online Payments

Technology has undoubtedly made online payments safer as well as faster, and more convenient. Here’s a closer look at how technology helps modern consumers pay for things online:

Improved Safety

Safety was one of the major concerns that many consumers had when it came to making online payments. Providing your card details to a website is risky, as even if the website is legitimate, your details could potentially be exposed to others. Technology has allowed websites to use encryption for payment pages, ensuring that payment information is only ever seen by those authorized.

More Convenient

Online payments aren’t just safer, they’re more convenient now thanks to improvements in technology. Entering your card details takes time and is more complicated than simply paying in person. Modern payment methods such as eWallets allow you to pay simply by signing into your account, and you can even pay from your mobile.

Faster Payments

Technology has helped make online payments faster too. Gone are the times when you’d need to wait several days for your money to arrive in your bank. Most online payment providers now take a matter of hours to process transactions, and even traditional payment methods have gotten faster as a result. 

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