Shopping and paying used to be so straightforward. We went to the shops, took our goods to the till, and then handed over cash for our purchase.
If we didn’t want to pay with cash, for whatever reason, we had the option of paying by cheque and, later, by plastic card. However, the arrival of the internet, e-commerce, and online shopping changed everything.
Even if you are too young to remember the days before internet shopping, it cannot go unnoticed that there are now multiple choices of how to pay at checkout.
It can be somewhat overwhelming working out, which is the best way to pay. There are so many fintech products to choose from, including an array of eWallets, buy now, pay later options, and other products you may never have heard of.
Some fintech products are designed for specific market areas, while others can be used across a wide range of services and products.
The buy now, pay later offerings like Klarna are designed for people buying physical products online. PayPal, the granddaddy of fintech products, can be used almost everywhere to purchase anything. Debit and credit cards can be used both online and for in-person shopping.
Increasingly, people are buying digital products and services like films, music, online games, and gambling. There are specialist fintech products available for services as well.
In addition, to complicate things even further, there are now opportunities to buy goods and services using Bitcoin.
Therefore, it can be pretty confusing to determine the best payment method to use. PayPal, for example, only ever shows on your bank statement as PayPal, so if you are buying a present on a joint account and want to keep it secret, that can be a good option.
An option like Klarna is excellent if you want to spread the cost of your purchase over an agreed period without having to pay credit card charges.
However, most of the methods mentioned above have one thing in common. They require the purchaser to have a bank account.
The fintech product is linked, one way or another, to a current account from which payment is ultimately taken. Of course, getting a credit card without a bank account and paying the balance off in cash is possible. However, the card issuers run credit checks, and not having a bank account complicates the process.
So, what other choices exist for online payments that allow people to pay without using a bank account? There is a good range of prepayment methods, which essentially allow people to charge up a digital payment card with cash, which can then be used for online purchases.
One of the most innovative products for buying online services is Boku. This mobile payment processing company allows customers to charge goods and services to their mobile phone bill. Online gamblers can look out for an online casino that accepts Boku, like NetBet, for example.
Downloading films and games can also be purchased using this service. It is an easy-to-use and convenient method. Even people who use pre-paid or pay-as-you-go mobile phone services can access Boku.
The charge is deducted from the balance on the phone account. The transaction will be declined if there are insufficient funds, so it is essential to check the phone balance first.
Another great thing about using your mobile phone to pay the bill is that it can be used as an international payment option. Boku is a payment option in over sixty countries across two hundred and fifty worldwide mobile networks.
Choosing which option is best for you will involve a little research on your part. It is usually worth looking at the fees and convenience. Also, consider how easily you can access customer services if something goes wrong.
Possibly the most crucial consideration is security. How secure is the transaction you are making, and what exposes your finances and data to the lowest risk?
