Some would argue that alternative payment methods (APMs), such as eWallet applications, are some of the more ironically named pieces of technology. Although their names include the word“alternative,” APMs are quickly becoming the norm when compared to traditional payment methods such as cash. This growing trend is changing the very way in which the world conducts business. To further investigate this shifting global landscape, we took a closer look at a leading provider of payment solutions, Allied Wallet. This examination of the company’s operations, as well as a further look at APMs, will provide a better understanding of how payment methods are affecting how we purchase goods and services.
Allied Wallet has widespread usage in the field, making it a key example. Founded in 2006 by CEO Andy Khawaja, the company’s history has been characterized by a constant push toward expansion and greater usability. A large part of that push results from the company’s prioritization of innovation through the products and services offered. This not only includes a focus on providing a variety of payment methods, but also on making sure those methods are safe, reliable, and easy to use.
Thanks to its dedication, Allied Wallet now accepts payment methods from over 100 leading ATMs worldwide, resulting in increased choices for its customers. Allied Wallet’s services, which include an eWallet application, prepaid cards, and mobile point of sale solutions, provide a clear example of what modern consumer looks for when selecting a payment processor. With the greater freedom that comes from these options, customers can purchase global products in a manner that best accommodates personal need and preference.
Types of APMs
Perhaps one of the most recognizable options of alternative payment methods is bank transfers. Its popularity is due in part to the trust people associate with banks, pointing to the danger of fraud when making online payments. This not only serves to highlight why bank transfers enjoy high usage but also how adequate security precautions are for other payment methods. Beyond security concerns, many consumers also appreciate that bank transfers typically only require bank account information, as opposed to other details that may be less accessible or familiar.
EWallets are another type of APM that has gained popularity in recent years (CardPaymentOptions). Many of these applications are associated with specific online retailers, while others are created to service retailers across a range of industries. Like bank transfers, convenience is a motivating factor leading to the widespread adoption of these APMs. Often, all that is required to use such an application is to set up an account and connect it to a source of funds. After that, consumers are free to use their account to make payments both online and in person.
Importance of security
As mentioned above, security is a key consideration for consumers selecting a payment method. Of course, when finances are involved, nobody wants to utilize a service that is prone to security lapses that put account balances in jeopardy. Beyond the balance in a specific account, the protection of personal information is also a matter of concern for consumers. Payment transfers often require the transmission of identifying information that, if intercepted by a malicious third party, could be used to impersonate the user in question.
Allied Wallet sets an example for what can be done to solve security concerns and keep user funds and information safe from hackers. The company complies with PCI DSS level 1 protocols, which are a set of protocols put in place to ensure best practices are followed when handling sensitive information. The company also uses SHA-256 encryption to securely store and transmit data. Taken as a whole, these and other security methods show the importance that payment solution providers place on keeping customer data secure.
Beyond security concerns and ease of use, the shift toward new forms of payment processing indicates a more significant change in the global economy. With the advent of the internet and the myriad of other related technologies that have come about as a result, consumers and vendors are finding more ways to connect than ever. Where previously a customer might only be able to purchase a merchant’s goods by visiting them at a brick and mortar location, nowadays a large percentage of purchases are made by customers without ever leaving their home.
This monumental shift has contributed greatly to the evolution in payment processing methods, and many experts predict that this trend will continue. As emerging nations such as China and India continue to make their presence felt on the international stage, consumers from around the world will increasingly be motivated to do business with merchants in those countries. That means that there will be added incentive for payment processors to integrate international payment solutions into their service offerings, which will continue to push the payment landscape in the direction of electronic commerce.
With alternative payment methods quickly becoming the norm, companies are finding it easier than ever to interact with consumers in the digital marketplace. With this ease comes a continued shift toward more online purchasing and simpler payment solutions without the need for cash on hand. As this trend moves forward, the example set by leaders in the payment processing industry, such as Allied Wallet, will be instructive in showing how global commerce will adapt. Look to these companies, and the above information, to see what’s in store for the worldwide economy.