The evolution of payment gateways in e-commerce has changed the way we purchase goods online. What once seemed like a daunting and risky task is now a streamlined, secure process. Today, digital payment gateways are used by businesses of all sizes to help customers make secure payments online.
The first online payments used manual methods or credit cards and were slow and unreliable. In the mid-1990s, payment gateways emerged that allowed customers to make payments via electronic funds transfer (EFT) through an intermediary, instead of directly from their bank. These payments would be automatically verified and a receipt sent to the customer.
As e-commerce exploded in the late 1990s and early 2000s, so too did the popularity of payment gateways. Offering a secure, convenient way of accepting payments, payment gateways quickly became the industry standard for e-commerce.
With the rapid growth of mobile technologies, payment gateways have evolved to meet the needs of modern consumers. A wide range of payment methods are now available, from stored value cards to cryptocurrencies. Smartphones enable customers to conveniently scan barcodes of products they want to purchase, which is then processed through a payment gateway.
The latest development in the evolution of payment gateways is the use of biometric authentication, such as facial recognition and fingerprint scanning. Secure, reliable and convenient, these new technologies promise to revolutionize the way we shop online.
From manual payments to biometrics, the evolution of payment gateways over the past two decades has enabled us to purchase goods online quickly and securely. The payment gateways of today will only become more sophisticated and reliable, enabling customers to make secure, convenient payments online.
