The internet has opened up so many different avenues for us to communicate. You can log on and talk with anyone you want in any part of the world, and visit any website that you choose. What’s more, the introduction of smaller devices, like the smartphone and tablet, make it possible for us to access these websites from any location that we want.
While this level of access has opened up a lot of possibilities, there are some issues that need to be addressed. For example, is it still a smart idea to pay for things online when you are out in the open? A lack of internet security is always an issue when surfing the web, and making purchases in an unfamiliar location. Let’s take a look at some of the safe methods that you can use to pay for items online.
What Are The Issues With Paying For Items Online?
You may find yourself thinking, ‘I pay for my items online all of the time and I have never had any issues with security’. This statement is probably true of most of you reading this, especially if you make most of your online purchases from your home. Your personal computer or laptop will likely come with a firewall that prevents any unfriendly hackers from getting into your data files. But what about your smartphone or tablet?
There is no reason for your smartphone to have any security issues themselves; however, some problems can occur when browsing the web when out you are and about. A person needs to disconnect and re-connect to lots of different internet ports while surfing the web on the move. Do you know whether these connections are safe?
It isn’t a huge issue if you are careful, but you may need to make an online purchase when connected to one of these servers. What happens when you forget your wallet, or need to snatch up a quick present? How on Earth can you keep yourself safe making payment transfers to an unfamiliar network? Let’s look at some of the possibilities.
Why Not Just Pay With Debit Card
Most people have a personal bank account that allows them to swipe their connected debit card to make purchases. Unfortunately, you cannot do this when buying objects online. Instead, you are required to type in some of the details on your debit card to allow the site to transfer money straight from your account. These details will often include your account number, sort code and CVC. This process is quick but it can produce some security issues when you make purchases on your smartphone. After all, the details above can be used to gain access to your personal bank account.
Putting your details on an unknown site can give unfriendly eyes access to your money. This is especially dangerous if you aren’t familiar with the connection that you are using. If you need to buy a train ticket home and are in an unknown location, you could be in a spot of bother. So how do you keep prying hands away from your bank details when buying items online? Well, one option is that you could use an alternative payment method like the ones detailed below.
Credit Cards
Anyone that owns their own bank account is likely to be familiar with the idea of a credit card. A credit card allows you to make purchases without having to send payments straight from your bank account. Instead, the amount you use to pay for any purchases is accrued and paid off at the end of the month, or at a time agreed upon by the dispenser of the loan. This means that only the credit company needs to have your bank account details at any one time.
Therefore, you can see how paying with a credit card can circumvent some of the security risks that come from using a debit card to make online purchases. However, please be advised that credit card companies do place interest charges on their customers, which means that you will pay more for the items that you buy using this method. What’s more, while credit cards may be very popular in parts of the USA and Canada, they aren’t used as often in other parts of the world. In fact, the UK has banned the use of credit cards on most online stores. This is because there have been instances of customers buying items they have no intention of paying for, or running up bills that are impossible to pay off. Therefore, both the credit company, the store and the customer lose out.
So, what are the other alternatives?
Digital Wallets
A digital wallet is an online service that acts like a middle man between a customer and the store. A customer that is signed up to a digital wallet service, like PayPal or NetEller, can transfer their money from their bank and into the digital wallet. From there, the payment is processed and then passed on to the retailer.
These digital wallets remove the need for the customer to add their bank details to the site, which is a solid plus. Also, these types of services use higher security protocols to remove the risk of someone gaining access to their customer’s bank accounts. As such, you can see how these digital wallets can help keep us safe when making purchases online.
Unfortunately, a digital wallet service can come with a waiting period. This means that it could take an extra few days for your payment to clear. Also, you may need to pay a fee every time you use the service, which can make online shopping a lot more costly. What’s more, this payment method requires that both parties have access to the service. This means that the stores will also incur charges, a position they are not likely to want to be in.
Is there an alternative payment method that does not come with additional charges for purchases? Our answer may lie in an unlikely source.
Cryptocurrencies
Cryptocurrency is a relatively new concept to most, its prevalence only arriving at a similar time the smartphone became a household object. These types of currencies are a digital alternative to the normal means of payment, and come at the cost of real money.
Each bit of the currency is marked with a unique digital strip of data that can be tracked and traced across anywhere on the web. Therefore, no one can make purchases with your cryptocurrency expect you. Now that is security.
Try to think about the benefits of cryptocurrency in the way you view the digital wallets listed above, only now you require a bitcoin wallet. Luckily, Wealth Simple can point you in the direction of one of these wallets if ever you are lost. You can then invest in the currency as a means to make safer transactions.
These currencies remove the need for you to input your bank details in the online space, and do not come with additional charges. However, the worth of your cryptocurrency can rise and fall with the company’s worth on the stock market. This means that ten dollars’ worth of cryptocurrency may be worth twelve dollars one day and then zero the next. Cryptocurrency can be extremely rewarding or devastating.
Other Types Of Mobile Payments
Buying items online is not the only way that the general public can make purchases with their smartphone. The new tap and go apps are all the rage for the younger generations, and these allow you to make payments by tapping your phone on a machine. The app can transfer money from your bank account to make payments, instead of using your debit card.
While this method is extremely fast and convenient, it still links your phone to your bank account. Therefore, anyone else that gets a hold of your device may be able to make purchases, particularly if they know your passwords. These apps do come with a payment limit, but losing any amount of money to fraud can sting. Try using one of the alternatives above to offset any concerns you have about mobile payments.
Only Make Online Purchases From Home
Every alternative payment method discussed in this article has come with a series of both positives and negatives. None of these negatives are life-destroying, but they can still put you off from using them. In this case it may be wise to only make online purchases when you are at home on your personal PC.
As long as you trust your home internet connection, you can always wait until you are home to make a purchase. This method won’t help you when in need of an Uber ride or a train ticket, but it is helpful when you find a deal on that item of clothing you have always wanted.
Summary
There is no perfect cure for your concerns about online security. Whether its additional payments or waiting times, you are going to have to pay some form of price for online security. Things are improving, and so there will be plenty of other online payment options. Until then, look at the options laid out in this article and decide which alternative payment method may be right for you.
Speak Your Mind