Kottaka
    What's Hot

    Check The Getstocks In Forex Review 

    January 30, 2023

    What is the roles of a processor in an embedded system?

    January 28, 2023

    What is the role of a processor in an embedded system?

    January 28, 2023
    Facebook Twitter Instagram
    Kottaka
    Button
    • Home
    • Business
    • Education
    • Entertainment
    • Fashion
    • Food
    • Health
    • Technology
    • Travel
    Kottaka
    Home»News»Alternative Payment Methods: Are They Giving Visa and Mastercard a Run for Their Money?
    News

    Alternative Payment Methods: Are They Giving Visa and Mastercard a Run for Their Money?

    SmithBy SmithFebruary 27, 2022No Comments3 Mins Read
    Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit WhatsApp Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    For many years, Visa and Mastercard have dominated payment processing with billions of transactions made with their cards. But recently, alternative payment methods have been introduced by fintech companies on the market, and this has disrupted traditional payment methods.

    So, what exactly are alternative payment methods and are they a threat to Visa and Mastercard?

    Alternative Payment Methods

    Alternative payment methods (APMs) are any form of payment that doesn’t use cash or credit card like Visa, Mastercard, and American Express. Because of the shift in online shopping, the e-commerce market has grown exponentially, especially with new alternative payment methods being introduced to offer a faster and more convenient way for customers to pay for their purchases online.

    But while there’s a lot of clamor for these alternative payment methods, most consumers still rely a lot on their credit cards to purchase products offline and online. Regardless of the type of business you operate, partnering with reputable high-risk merchant account processors to help you process all manner of payments is vital.

    According to Senate Majority Leader Richard Durbin, “Visa and Mastercard still are so dominant in the payments market that merchants couldn’t stay in business without using their cards.”

    He also noted that last year, merchants paid over $62.5 billion in swipe fees that were eventually passed down to consumers, a longstanding issue that the government has faced against credit card companies (Durbin, 2021).

    But while alternative payment systems offer lower fees for transactions, credit card companies still play a role in completing these transactions because most of these APMs still don’t have an independent payment processing system to allow them to operate without going through credit card companies.

    For instance, you could be using Google Wallet, which is an APM that allows you to pay for purchases using a virtual card. But how do you fund that card? One of the best ways to do so is by linking your debit card to a Google Wallet account where you can transfer funds to make payments.

    Credit and debit cards will also remain as a primary payment method for a lot of consumers, especially since they offer the most flexibility when it comes to the different types of transactions that consumers make. Subscriptions, for instance, require credit cards for payments and they’re easy to process and can be canceled at any time.

    Safest Payment Methods

    Credit cards like Visa and Mastercard are also some of the safest payment methods because they have a strong fraud protection program, and you can always request a chargeback if there’s anything wrong with your transaction.

    Most alternative payment methods still don’t have a secure payment system and you don’t have a way of having your payments reversed if you experience problems with your purchases.

    Although there are newer methods on the market today, credit and debit card payments will continue to dominate the industry because they’re reliable, convenient, and secure.

    So as a business, it’s imperative to partner with a reliable payment processing company that allows you to process credit and debit card payments more conveniently.

    Citation

    Durbin Highlights His Efforts to Bring Fairness, Transparency, and Competition to Credit & Debit Card Swipe Fees. (2021, March 11). Dick Durbin United States Senator Illinois. https://www.durbin.senate.gov/newsroom/press-releases/durbin-highlights-his-efforts-to-bring-fairness-transparency-and-competition-to-credit-and-debit-card-swipe-fees

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleWhat is the most profitable strategy in Forex?
    Next Article How to Play Online Football Betting – Tips and Advice
    Smith
    • Website

    Related Posts

    Dream Karo Stream Karo Ep 2 feat. Snax

    January 11, 2023

    Portfolio Meaning

    September 28, 2022

    What are the top advantages of the custom product label printing systems?

    July 23, 2022
    Add A Comment

    Comments are closed.

    Recent Posts
    • Check The Getstocks In Forex Review 
    • What is the roles of a processor in an embedded system?
    • What is the role of a processor in an embedded system?
    • Best iOS Apps Product Photographers Can Use in 2023
    • What is NFT Philosophy and How Can It Help with Game Development?
    Categories
    • All
    • App
    • Automotive
    • Beauty Tips
    • Business
    • Celebrity
    • Communication
    • Digital Marketing
    • Education
    • Entertainment
    • Fashion
    • Featured
    • Food
    • Games
    • Health
    • Home Improvement
    • Lifestyle
    • News
    • Photography
    • Social Media
    • Sports
    • Tech
    • Technology
    • Travel

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Kottaka.com © Copyright 2022, All Rights Reserved, Powered By Shanto It Firm
    • Contact Us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.

    Cleantalk Pixel