Future Of Payment Methods For Online Shopping
                     Future Of  Payment Methods 
For Online Shopping
Overview :
Systems facilitating electronic payments are the most common financial products 
as they became very popular around the world. The days when people had to 
carry stacks of cash with them limited their purchase power and also subjected 
them to serious risks of theft are now part of history.
Carrying no cash means limiting the threat of robbery. Banks will be safer as the 
motivation to rob them will drop same as to the cash on hand. It is very 
important to adjust the ways and forms of payment so that customers could 
make their online shopping in Kuwait as fast and comfortable.
Ironically, virtual payments leave more track than cash payments. Digital funds 
are easier to track which doesn’t make it a preferable channel for anonymous 
drug trafficking lords, tax evasion, and terrorism financing.
Future E-Payment Authentication 
Methods :
Biometric Authentication:
The biggest challenge curbing online and electronic payment is authentication. 
Facial recognition is not the only outlet for face authentication, eye scans have 
long since appeared in sci-fi films as a very successful method of verifying 
identity, however, the development for a real-world application is already under 
research. Eye veins are unique, same as fingerprints, which enable accurate 
acceptance or rejection of the consumer.
Hand veins are also an extra option for body outlet authentication. Vein patterns 
are mapped in the hand and referenced with the credit card data when a 
transaction is done. More than one card can be linked to a single credit card, this 
limits the need for carrying banknotes in a wallet.
Selfie Authentication:
Developers are currently working on many technical methods to authenticate the entire
e-payment process. One of the most intriguing authentication methods uses a tool which 
the vast majority of consumers already have and use on a regular basis, the cameras on 
their mobiles
After downloading a special application on the mobile, consumers will have the ability to 
take a selfie at checkout. This selfie authentication method was tested by MasterCard in 
2015. It is expected to take a larger scale later over the coming years.
Voice Authentication :
Voice authentication is an extra verification way which is currently used by many 
different banking systems all over the world. To verify account ownership, cards 
and mobile phones will be linked to the consumer’s voice commands through a 
certain specialized software, this ensures a high level of authentication 
accuracy.
New Trends Of E-Payment :
Bitcoin :
Although consumers regarded Bitcoin with suspicion in the beginning, this e-
payment technology is now very acceptable on a large scale.
Bitcoin is based on the BlockChain method. It involves integrating a set of 
transactions into one block of data, encrypting it and then storing it. It is 
considered one of the cheapest, quickest and most secure ways to transact.
Payoneer :
Payoneer gained a strong focus from international merchants and it is very 
popular in China’s E-Commerce industry.
Using this method, consumers can make many payments in several currencies 
through virtual bank accounts, the whole process is almost instant. Retailers can 
also manage to bill by features provided by Payoneer.
Receiving funds from other Payoneer user is off charged, while the random 
transaction charge is 3%.
Google Wallet :
Google is also joining the bandwagon of online payment methods, there is a new 
payment method that allows you to receive money from anyone.
Same as PayPal, the only needed personal information is an email address to 
receive payments. However, Google wallet transfers these funds to the bank 
account by default.
Conclusion :
Shopping has been done online more frequently now. It is a significant that many 
internet users and brands are presently moving from conventional merchandise. 
New portable devices, the utilization of social media in the selling and 
purchasing process require taking up some novelties also in the case of 
payments. Fortunately, there are a number of alternatives that can be included 
in the online shopping now. Particularly the consolidation of more helpful 
payment alternative that can be beneficial for the platform itself and increase 
its conversion rate. Advanced and increasingly secure payment systems have 
allowed E-commerce businesses to thrive like never before.