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shopping. Usually, the check-out or payment
pages of websites also have a verification badge.
This assures customers that the website uses
security features to protect sensitive information.
Debit Cards
Using your debit card for online payments is
also possible. The process is similar to paying
with a credit card, although do note that not
all websites have this option. What’s great is
that with a debit card, you can spend only
the amount that’s in the account. If a hacker
acquires your details, for whatever reason,
they can’t do anything too serious if your debit
card has no available balance. For this reason,
it’s best to have a debit card that you will use
exclusively for online shopping and payments.
E-Wallets
Digital wallets or e-wallets are perfect for both
banked and unbanked customers. After creating
your account, all you have to do is top it up
through online banking or partner establishments.
You can then use it for online shopping and
payments, as well as other functions such
as transferring money to banks. This online
payment method is a great way to secure your
credit and/or debit card details since you will
be using your e-wallet account number to pay.
Just like debit cards, you can only spend
the amount that’s currently available in
your e-wallet. This prevents you from
overspending and also protects the rest of
your money that’s not in your e-wallet account.
Online Banking
There are some online merchants and utility
companies that allow online banking transfers
as a payment method. All you have to do is
to input the correct account number into the
banking website or app, along with the amount
you’re going to pay, and you’re all set. Most banks
also have the option to generate a QR code that
corresponds to a bank account. If you want to
avoid mistyping an account number, scanning
a QR code is a simple and effective solution.
For added security, banking websites and
apps ask you to input a 4- or 6-digit OTP or
one-time password that is sent to your mobile
phone. If you don’t input the OTP (or enter the
wrong one), the transaction won’t push through.
There are also so-called payment gateways,
which combine online and offline elements. Once
you complete the transaction through a website,
you will be given a reference number. You will
then use this reference number in convenience
stores, pawnshops, or other payment partners.
Again, it’s not completely online. Nevertheless,
it’s also quite safe because you aren’t linking
any bank accounts through this method.
Banks, financial companies, and payment
services work hard to continuously improve
their security features to keep your accounts
protected. Nevertheless, you still can’t
be 100% safe on the internet. Be extra
careful and install the necessary software
to secure your accounts as best as you can.
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