List of online payment method

 The list of online payment methods primarily include:

Online payment

This is the most common method of payment in which a user makes the payment through debit, credit card, and net banking.

This method involves digital payments to the merchant with the help of a payment gateway.

Point of sale (PoS) payments

POS system or a point of sale system is used to describe a system which includes various components such as hardware, software, analytics, inventory management, employee management and reporting.

It consists of a computer that operates on a POS software, barcode scanner, credit card reader, receipt printer, and an on-site sever.

NFC tags

NFC tags are passive devices which means that it doesn’t need any power supply to function. Moreover, it’s only activated when it comes in contact with an active device.

The best part about these tags are that they can’t do any processing of their own, rather they are just used to transfer data to an active device. Let’s have a look at its functions in detail.

Scan & Read

NFC tags can be used to transfer information. You just need to put the NFC card or tag on the backside of your phone and all the information will get fetched and displayed on your device.

Write and Edit

Apart from scanning and reading the information you can also write and edit a message.

For that you have to scan the NFC tag by placing it on the backside of your device. Once you do it, all the information will be displayed and you can make necessary changes in it.

Scan & Pay

put your credit cards on the backside of the phone. As soon as you place your card there, all the card’s details will get fetched and the payment will be made.

Peerbits has developed an Android app Flashtag which is based on NFC technology.

It’s mainly used for transferring and receiving funds via NFC technology. Moreover, it’s also used to retrieve additional information.

Peer-to-peer money transfer

In P2P payments digital money is transferred from one person to another via an intermediary, which is known as P2P Payment Application.

This type of payments can be received through PC and mobile device via internet. It provides an easy alternative to traditional payment methods.

iBeacons and bluetooth payment

iBeacon is the Apple’s version of Bluetooth based beacon concept. This technology allows you to broadcast and receive minute pieces of data within a short range of distance.

It’s used to improve shopping experience, tracking purposes, automation, loyalty programs, and classroom programs.

QR codes

A QR code is simply a two-dimensional square-shaped barcode which has encoded data stored in it. Usually, the data is linked to a website. QR codes are mainly used for advertising purpose.

However, it’s other applications include email list segmentation, social sharing, print media tracking, and connecting brick and mortar.

Mobile payments and wearables

The growing number of wearables are adding features like contactless payments with wearable apps.

Out of the aforementioned three, point of sale technological solutions are considered as a major concern, as it is comparatively difficult to build.

Payment gateway for your digital wallet app:

There are a number of payment gateways available to integrate in a mobile wallet to help a user load and send money to and from his wallet with the help of his credit or debit card.

Stripe and Braintree are currently the most famous payment gateways in the market.