How Online Money Transfer Works in E-Commerce?


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 payments are 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.

Do you know that you can send money to india, Pakistan, Bangladesh & many countries using ACE Money Transfer?