Online payment services have become an increasing necessity in the modern world in order to facilitate cashless transactions beyond the working hours of a bank. These online payment services range from credit cards, e-wallets, net banking and many other digital payment systems available to users and merchants all around the clock. These online payment services can be broadly categorized into three most basic transaction models such as the cash based, post-paid and pre-paid models. The cash based model is the exchange of cash without any central processing fee or additional cost for the transaction. While the post-paid model gives a user transaction privileges like a bank at some minimal additional cost, the pre-paid model allows the purchase of pre-paid tokens for future use without incurring any charges. Although all these systems contain minimum security, the issue of fraud or liability on a phishing scam would be the user’s responsibility as the online payment service providers would vouch only for their payment transactions and not for the third-party vendors. An online payment service medium is not just a tool for an individual to make online purchases from different intreat sites but also a medium for traditional shop sellers to expand their business online without the fear of delay on payments for their goods as these portals provide an instant credit or debit to the bank accounts of the holder in real time.

Online payment services has been the primary factor for the growth of the global market over the past decade. All traditional business operations that had been carried about over face to face cash/check transactions has now evolved into online cashless transactions. While credit cards and net banking had been the beginning of these online payment systems, the current e-wallets or digital wallets have become the trend of the day as these transactions can be done using a simple ID or even just a phone number. When at a restaurant for a dinner date and your short on cash, your pre-configured e-wallet can come to your rescue and save an embarrassing moment of your life. An e-wallet is primarily linked to an individual’s bank account and these wallets just appear as applications on their smart phones. The e-wallet accounts are linked using an individual’s health card, driver’s licenses or any form of government proof in order to encrypt security into the individual’s transactions so as to not fall prey to the online phishing scams. While people are adapting to a cashless world, technology is ever-evolving and the need for information security as an individual’s bank information and identity becomes easily vulnerable on the internet.

Online international payment gateways have paved the way for both exporters and importers alike to build business across the continents in the global market that is a gold mine over the past decade as global trade has been the major contributor for worldwide economic growth. While international payment methods had been time consuming factors due to the amount of time taken to complete overseas transactions, technological advancement has not only made payments easier and feasible but also instant. Without getting full payments, the shipment or delivery of services would affect all parties involved in the transaction. However, to ease such issue and to build a factor of trust between these organizations for future businesses, all forms of finance agencies have worked up simple online payment service solutions that could keep the businesses running internationally without any glitches. The two most common forms of online international payment transactions are: Credit/virtual credit/ debit cards Online purchases or payments can be done instantaneously using credit cards/ debits cards that have international usage authorization. Just by entering in the card details, a purchaser can complete the payment transaction instantly, and the seller can have the respective amount credited to their bank accounts to process the purchaser’s order.