Online Payment Services: A Comprehensive Overview
Since the dawn of the internet, the modern business landscape has changed drastically, with cashless or digital, aka online, payments starting to play a significant role in daily business transactions. After that, we all witnessed the rise of online payments, and now almost half of the payments for B2C e-commerce purchases come from a single channel named digital wallets. According to the FIS Global Payments Report 2023, in 2022, e-wallets were used for 49% of online purchases, credit cards for 20%, debit cards for 12%, and account-to-account transfers for 9%. In the last few years, online payments have seen their brightest phase, where almost the entire world has embraced them after seeing their advantages during the COVID pandemic. But in the aftermath of that, everything has gone through significant changes, and so have online payment services . In today's digital age, the age of information and data, the way we handle financial transactions has undergone a significant trans...