25 April 2015

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Payments strategies 2015-2020-2030

Payments systems visions, strategies, trends, pilots, forecasting, and planning for the short-, medium-, and far-term.

Online payments -more than card payments

01 June 2011  |  3933 views  |  1

I have been working with one client to research and open their eyes about different options about to pay online. For example, in my former native country- Finland- most of the people prefer to pay with online bank based debit payments over credit cards when doing business online. 70 % or more is exact number. It is easy, it is fast and both merchant and customer benefits.

Or in Germany, where I found out that there are tow options, one is online bank based payment like in Nordic countries and other is PayPal, but with a twist. It is German version of PayPal- where payment is debited straight from your account. 

You might wonder why these payment options are carried out locally. One is lack of cards among customer, other is using same habit as doing online banking, third is price of payment. For example if I order flight tickets and there are two options, one is pay with online bank based debit payment or using credit card where merchant adds about 20 € extra, it makes sense me to pay with first choice, when flight ticket might cost me 200 €. Adding 10 % to pay with card does not make sense. 

As I have been doing research about different local payment options; I have crossed at least these local solutions:

- Online debit payment (Finland, Sweden, Norway, Denmark, Belgium, Netherlands, Germany, Austria, Estonia)

- Online payment wallets where customer sends money and withdraws money (Russia, Saudi-Arabia, Finland for micro payments)

 

I haven't yet crossed solution to use recurrent payments like DD or e-invoice as payment option when it comes to online business. This option could be handy when paying gym fees or magazine orders or third sector payments for good cause.

 

I would like to hear your favorite payment options, others than card based payments.

 

TagsMobile & onlinePayments

Comments: (1)

Satrajit Pal - Cognizant - London | 09 September, 2011, 12:49

In UK, in my bank online system, I can do Standing order ( recurring payments). The DD still needs paper signature. Once setting up of DD gets online, online banking will be more powerful.

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