Online money transfer and electronic-transfer can be discussed collectively because both are closely interconnected. In the world of online shopping, electronic money transfer has become very common and plays a central role in making it possible. Evolution of E-commerce has attached many other electronic services to itself. In the field of online purchasing, there are many ways for Electronic payment:
- E-Wallets:E-wallets means electronic –wallets. To use E-wallet you have to sign up and create an account. By using it you can deposit and withdraw money from linked bank accounts. Most popular E-wallets are Paypal and AliPay.
- Credit/Debit/Prepaid card paymentsare the most popular used payment method in the world. Credit and debit cards are provided by banks to their customers.
- Bank transfers:Some online shopping website instructs its customers to make bank transfers directly to their accounts. This is often done using an IBAN number.
- Cryptocurrencies:Cryptocurrencies are recent in e-commerce. They are rapidly gaining interest all around the world. It is mostly used by young, moneyed professionals with IT expertise.
- Direct carrier payments: Another efficient way of is direct carrier payment in which for some products and services, the service bill customers directly through their existing utility carrier.