5 Most Secure Online Payment Methods in 2020

Online payment

Estimated reading time: 4 minutes

Offering online purchases and a variety of online payment options is not a perk in today’s world; it is a necessity if a company wants to stay in business. The advantage for the customers is the abundance of payment methods to choose from; as long as cash is not the only way of dealing with money for you, you can surely find a paying option suitable to your needs, preferences, or capabilities.

However, with the growing awareness of online threats and the urge to stay safe while browsing the web and buying something online, people start to wonder if all payment methods are equally secure.

Of course, the answer is no. Here, we present you with the list of the 5 most secure online payment methods to use in 2020. And considering the pandemic situation, we all will be shopping online more than ever before.

1. PayPal

PayPal was started over 20 years ago, which makes it older than a significant part of online users, but it doesn’t mean it’s going anywhere anytime soon. PayPal is still one of the best-known and most trusted brands when it comes to online payment processing. It’s easy to use, very intuitive, and fast; they don’t share your personal data with anyone, and all payments are processed instantly without logging their details anywhere.

Only an e-wallet keeps all the details about you and your transactions, but it’s encrypted and well-protected. Thanks to PayPal, you may purchase things all around the web without providing your personal information to the stores. PayPal has everything you may want when it comes to online purchases.

2. Credit Cards

If you have any doubts, you can always rely on your credit card. The only thing to worry about is your debt, but if you have it under control, you can be sure that you’re 100% safe whenever you make an online purchase. It is because credit cards are always connected with a bank or another financial institution that serves as a card issuer, and there aren’t any better safety measures than those taken by the financial sector.

With a credit card, you will always make your payments similarly, no matter the website; it’s easy, fast, and convenient, plus, it allows a quick reverse in case of a wrong transaction because the money is not taken from your account immediately.

3. Debit Cards

The difference between a credit card and a debit card is that the latter deducts the money directly from your account, and you can’t spend more than you actually have. It’s an affordable and extremely easy and convenient way to pay for your purchases, no matter if you do it online or in brick-and-mortar stores.

Another thing that makes debit cards better than credit ones is their “zero liability” protection. It’s also advisable to use prepaid debit cards for online purchases, as they don’t hold any of your personal information, so your bank account is impossible to track.

Also, most debit card issuers provide 24-hour fraud monitoring services, and, very often, you need a one-time password that’s sent to your email or via SMS whenever you want to make a payment online.

4. Wire Transfers

Many merchants like wire transfers because of their reliability and security. It also eliminates all the middlemen between the seller and the buyer, except for their banks. If you choose this payment method, you will receive an account number from the vendor, and you will need to transfer the money yourself.

It usually takes more time to process this kind of payment, even up to 10 days, depending on the banks or even countries, but the transaction fees are low or almost nonexistent. Also, you can get a transaction ID that will confirm and complete the transaction faster. Wire transfers are relatively cheaper than e-wallets if you’re looking for a way to withdraw money, especially the more significant amounts.

5. Crypto payments

Bitcoin is the best-known of cryptocurrencies, but it’s not the only one. They are growing in popularity these days because they are designed to be almost entirely resistant to hackers and cyber-attacks. Most cryptocurrencies offer one-time transaction IDs, and don’t require any personal details; if so, they are all kept in well-encrypted, protected wallets, but it’s impossible to get to them using the details of transactions. More and more stores and other companies are accepting payments in cryptocurrencies, so it’s definitely worth keeping an eye on them.

The Bottom Line

With financial fraud and cyber-attacks increasing in the world these days, taking special care of your online security is a must, not a luxury or a caprice. You don’t want to worry about your own safety whenever you buy something online, just like you want to be sure that your payment will be processed smoothly and quickly. It’s worth doing some reading to find the method that will fulfill all your needs and expectations. It’s entirely possible!