1. Direct Wire/Bank Transfers
These are the first and still very popular mode of online payment across the globe. The reasons for them being still in use are the low transaction charges, completely secure transactions guaranteed by both banks. In many countries, this is the only available mode of the transaction too!
2. Credit/Debit Cards
These are the second most popular channels of online payment available to us. They have more utility as they can be used for wireless and cashless transactions in any major and above average outlet or store. They also carry nominal charges which are adjusted against your savings or any other account linked to that card.
When it comes to more business to business or client to worker transactions then PayPal is the world’s most widely used payment channel. It processed over $ 4 billion in payments last year. The payments are made using your existing bank account or card which is linked to your secure online account. The main attraction is that you can convert your money into any currency and carry a transaction in any country (those where PayPal is available).
4. Online Merchants
Online payment merchants are also veterans in the field of online payment. Many merchants like Visa, Maestro and MasterCard have a reputation for providing secure online transactions and are the most used means of such payments too! They also have a low annual fee which makes them more popular as online modes of payment.