What are the Most Secure Methods of Online Payment in 2023?
Doing business on the internet requires adequate security of data and financial transactions to keep all parties involved free of the risk of loss. Failure to apply this principle is one of the reasons why some e-commerce merchants experience low sales. It boils down to the fact that users of such sites are afraid to provide details of their payment cards.
In this post, we discuss online payment security in 2023. This is a simple guide to learning how to ensure secure online transactions and knowing the most secure online payment methods to use this year and beyond.
What Does a Secure Payment Mean?
To help you easily know and understand what a secure payment means, we would like to respond to the question by describing what an insecure payment is. Any payment method or system that does not protect your personal and financial information and instead exposes it to unauthorised third parties is unsafe and insecure. Furthermore, it is not secure if it does not guarantee clarity and transparency in the payment process. These apply to both online and offline transactions.
In particular with online stores, the easiest way to know whether the e-commerce website is secure and safe to use is to pay attention to its uniform resource locator (URL). This refers to the address of the site or a specific resource on it. If you see HTTP (hypertext transfer protocol) instead of HTTPS (hypertext transfer protocol secure) in it, then it is not safe. What is the difference between HTTP and HTTPS? The former means that the website transfers any data on it as plain text that can be read, whereas the latter tells you that the website encrypts data transferred on it in order to make it illegible.
An example of a secure and safe URL is “https://askwallet.io/blogs.” Also, you can easily identify a secure URL by looking out for a small “locked padlock” sign on it. In contrast, for an unsecured website, you should expect to see a “Not Secure” warning from your browser, especially if you use a good one such as Google Chrome. Therefore, a secure online payment website will not lack the essential features we just discussed.
How to Ensure That an Online Payment Method is Secure
E-commerce merchants can ensure that the online payment methods that they offer are secure for their customers by knowing the safest ways to accept payments and following best practices. For example, they need to be compliant with the Payment Card Industry Data Security Standard (PCI DSS), use verified IP and billing addresses, implement strong customer authentication, require strong passwords, and implement 3D Secure.
The Most Secure Online Payment Methods
Listed below are our top picks for the most secure payment systems to use for your online transactions at e-commerce stores and various digital platforms. They include some of the best credit card providers, physical and virtual debit card issuers, digital wallets, wire transfer services, super apps, neobanks, and crypto exchanges in Europe and other parts of the world. Their websites use HTTPS for security.
N26 is a neobank that gives its customers the power to make their lives easier through its variety of financial solutions, which include bank accounts, crypto products, insurance, overdraft, credit, payment cards (Mastercard and Maestro), and m-wallet support.
In terms of security, more than 8 million people trust N26 to keep their money and personal information safe. The company is very transparent, and customers are informed of any changes to its products, services, and fees. Moreover, through smartphone pairing, biometric authentication, 3D Secure technology, instant push notifications, and "discreet mode" for blurring your account balance when using your app in public, there is no doubt that N26 is a secure and safe platform to use.
Monzo is a neobank that offers various reward-based bank accounts to its customers. You can open a variety of accounts, which include current (checking), savings, joint, and kids accounts, using its secure website or mobile app.
Monzo uses a variety of techniques to guarantee the security and safety of users’ accounts and transactions. One of them is “magic links,” which it sends to an account holder’s email to provide a secure way for only the owner to log in to Monzo. This link is Monzo’s alternative to the password system. Hence, it does not ask you for a password, which a hacker may be able to guess or someone else might steal from you.
In addition, Monzo allows its customers to use their PINs, fingerprints, or facial recognition as options for accessing their respective accounts. It also gives them security and safety tips to reduce the possibility that the account holder could make a mistake that will expose their sensitive details.
Wise is a fintech service for money transfers and cross-border payments. It offers a Visa debit card that can be used to make foreign transactions at the real exchange rate, allowing users to save as much as 85% on international payments.
The Wise account and card are very secure. The security features on the card include two-factor authentication and advanced encryption technologies.
Binance is an elegant, fast, and secure crypto exchange for beginners and long-term investors in cryptocurrencies and digital assets, such as tokens and NFTs. You can use this platform to trade Bitcoin for free and invest in more than 350 cryptocurrencies. It has over 120 million registered users.
One of the reasons why Binance is a trusted crypto exchange is because of its high level of commitment to providing user protection and secure transactions. User funds on this platform are protected (10%). In addition, two-factor authentication and advanced data encryption are used to ensure that no other person can access your personal information. Also, if you have any issues with your account, you can use the 24/7 chat support to get help in a friendly manner.
Similar to Binance, Nexo is a crypto exchange for your digital assets. It enables you to grow your wealth on a secure and safe platform, supporting more than 60 cryptocurrencies and over 5 million customers worldwide. Also worth mentioning is its innovative crypto credit card that lets users spend and earn rewards on their purchases without selling their cryptocurrencies.
To keep your account safe and secure, the Nexo platform provides two-factor authentication through email and SMS verifications. It also supports biometric identification: face or fingerprint recognition, as you, please.
Furthermore, Nexo works with its fintech partners to provide Cryptocurrency Security Standard Level 3 (CCSS Level 3). Using this system, all critical actions on a user’s account are made to pass through multi-factor authentication to prevent fraud. In addition to that, Nexo uses encryption via Secure Socket Layer (SSL) technology and accredited information security management systems (ISO/IEC 27001) to guarantee users the superior security of its infrastructure.
Paysend is a user-friendly service for making international money transfers to over 170 countries. It is fast, secure, and trusted by more than 7 million users.
All transactions via Paysend are secure with advanced technologies. Also, being PCI DSS Level 1 certified, all money transfers on this platform are subjected to the required security standards, which include 3D-Secure protection and other card verification technologies.
Revolut is a neobank and super app for all things that have to do with money, ranging from everyday essential spending and saving to investment in cryptocurrencies and precious metals. It is used and trusted by more than 25 million people.
Revolut constantly monitors the accounts of its customers to prevent fraud by flagging suspicious transactions, asking for extra verification (two-factor authentication), and keeping their card details safe using encryption.
NETELLER is a digital wallet for making safer and faster payments after adding your credit card details to it. The app also supports debit cards, even though it has its Net+ card, which is a prepaid card.
NETELLER uses modern anti-fraud features to provide advanced security to its users. Businesses can protect their customers from fraud by using the industry-leading tools of NETELLER. They include PCI DSS-compliant solutions, 3-D Secure, a real-time transaction monitor, multiple firewalls, 256-bit encryption, security code verification (CVV), and access to fraud blacklists in the payment industry.
For personal users of NETELLER, the service provides useful safety tips on its website. It shows them how to keep their accounts safe, use the best browsers, enable multi-factor authentication, and prevent public access to their devices.
Why Guarantee a Secure and Safe Online Payment?
The need to guarantee potential customers that your online payment methods are secure and safe to use cannot be overemphasised. That is because most of them will not get close to buying from your store if they see “not secure” warnings or any other sign that entering their payment card details could expose them to fraudsters. And when your sales are not increasing, neither your revenue nor profit will.
Large e-commerce establishments that already have millions of customers who trust and patronise them still put in a lot of effort to maintain a high level of security and safety. Amazon, eBay, and the like use multiple security features, which include encryption for credit card data storage and access management, two-factor authentication, reliable customer support to respond to issues promptly, transparent order tracking, and free safety and security tips. They do not do these things for anything. It is because they are fully aware of the consequences of failing to guarantee secure card payments and other forms of transactions.
A secure online payment website has an SSL certificate and an HTTPS URL to indicate that data transferred to or stored on it is encrypted. In addition, popular browsers, such as Chrome, will give you a "Not Secure" warning to alert you about an unsafe website.
The most secure online payment method is a credit card. It has in-built layers of protection in how it works for payments. Notably, credit card transactions are encrypted using encryption technology to conceal the details. In addition, most providers of credit cards also offer continuous monitoring and fraud prevention services to keep their customers safe.
It is not so safe to make online payments with a debit card. The reason is that your debit card is linked to your bank account, and if any transaction should go wrong or your card details get stolen, you might lose a significant amount of money in your account, if not even all of it. This is why it is better to use credit cards, which are linked to a credit line at a financial institution or card issuer.
Life is full of risks, including financial ones. Yet, it is our responsibility to avoid or reduce as many of them as we can. Therefore, use the knowledge you have acquired from reading this article to avoid financial loss due to insecure and unsafe payments. Sign up for any of the most secure payment systems that we just introduced to you and enjoy peace of mind.