5 most secure online payment methods in 2020

In 2019, people were robbed of almost €844.4 million from online shopping as reported by UK Finance shows. Despite the bank’s efforts to prevent this, the customers lost another of €1 billion from transactions through e-wallets, credit cards, and cheques.

For people who make online transactions regularly should know that they are in danger of being a victim to cybercrimes until they operate using secure and genuine banking options, as visible from the UK Finance report depicting a 20% rise in bank frauds in 2019.

So how to choose which is the most reliable payment option?

#1: PayPal

PayPal is considered a preference among online users in 2020, even after 20 plus years of its launch. It’s convenient and fast, included in all of the popular shopping websites in the UK.

Your personal information is secured with PayPal. Within no time, your deposit is processed for online shopping after initiating a payment with PayPal. The stores get a notification regarding your transaction and your order is shipped accordingly, but your bank details are private and known to your e-wallet only.

PayPal saves your banking information to be used the next time you have to shop online, while also keeping intact your private data.

Being your all-time available and trustworthy e-wallet, PayPal extends its services to almost all of the online transaction websites, be it a casino website or a shirt store or any social platform.

#2: Skrill

For the companies not having an option for PayPal, Skrill can be the saviour which is undoubtedly the most user-friendly e-wallet established in 2001. It was initially founded to aid in transactions for gambling websites but now you can use it to handle any kind of payments.

Its Skrill 1-tap feature enables you to make authentic deposits to online electronic stores through a simple sign up just like PayPal. It keeps your bank details confidential, leaving you tension free while sharing your details with Skrill.

Skrill is quite economical for micropayments. For payments less than €20, only 1.9% plus €0.29 which is quite less than PayPal. However, the fees increase as high as 6% as you go up with the deposit.

Sadly, Skrill charges every time you go for a withdrawal, currency conversion or sending money to other Skrill users, excluding payment on other sites.

#3: Neteller

Very much similar to Skrill, Neteller is also a partner with betting websites. They also share fee structure, the pace of operation and allowing you to connect your Visa or MasterCard for online shopping.

Charging you with 1-8% for transferring money from credit cards to an online account, Neteller doesn’t take up a fee for making a transaction to online stores and e-commerce websites. You can send over the money to an online bank account paying as high as €25.

The Neteller card owners can enjoy 1.75% lower fees for withdrawals but you can be charged a conversion fee occasionally.

There is no compromise on customer security as Neteller uses standard SSL protocol, used by almost all of the leading websites nowadays. Two-step authentication ensures more secure and reliable transactions.

#4: Credit and debit cards

Visa and Mastercard have been at our disposal ever since the concept of online transactions came into being. In the UK and all over the world, they are being accepted as a mode of payment in nearly all of the e-commerce stores including some banks and that too without paying a fee!

Equipped with high-level encryption techniques to prevent financial crimes, these cards are your foremost facilitators in the world of banking.

As they say that human beings are the weakest link in the security chain, if you let go of your credentials to the wrong people, you can lose a good amount of money(or all if the hackers are good!)

#5: Wire transfers

If you are more conscious about the transaction fee, then wire transfers, although comparatively slower, is also an option for you. They charge as low as £30 as a deposit fee for online transactions, allowing you to withdraw larger sums of money at a cheaper fee.

Almost all of the banks nowadays have established a secure system for customer’s safety and the first consent their customers before depositing to an online website. As far as the gambling sites are concerned, they only know how much you have deposited to let you on a bet.

To conclude

Increased number of financial crimes in the UK has led us to make our online banking system more secure and our people more aware of who and when to reveal their banking information to.

While making a choice, choose wisely between all of the above options plus what best suits your application.

If you have any questions, please ask below!