Cyber threats are a real concern for businesses. According to the Federal Trade Commission (FTC), around 4.78 million cases of fraud and theft have been identified to date. These are records from 2020, representing a staggering 45 percent increase over 2019.
Therefore, from this point of view, the conversations about the safest payment methods find relevance. Payment methods are constantly evolving.
We discuss some of the safe payment methods for 2022 and beyond. Let’s start.
The safest payment methods in 2022
Among the payment methods, some are considered extremely safe. Their safety has ensured that stakeholders use them in making payments from time to time.
This article covers some of the safest payment methods for 2022 and beyond. So let’s start the discussion here for a better understanding.
1. Credit cards
All sections recognize credit cards as the safest and most accepted means of payment. They have many features like encryptions and fraud monitoring to keep information safe and secure.
In all sectors, banking, retail, real estate and others, credit card payments are the most common.
Credit cards give you a good opportunity to spend money and then get your amounts deducted.
If credit cards are the means of payment today, cryptocurrency is definitely tomorrow. At this point, Cryptocurrency has gained a good presence. You will be amazed that there are more than 17 million users trading cryptocurrency in the US.
Cryptocurrency has some great features that make it really safe. Cryptocurrency uses blockchain technology.
This is where information is recorded in a decentralized ledger. When information is recorded, it integrates and forms chains.
This stops the scammers from damaging the network. In addition, you can make faster payments with Cryptocurrency. You also get low-cost services compared to other third-party payment options.
By the way, do you trade cryptocurrency? You can trade with Bitcoin Prime for safe trading.
3. Payment Apps
Payment apps are also widely used in various industries. Here payment is processed between two entities using barcodes and phone numbers. So there are quite a few features that you will get with these payment apps.
Here, the capture of transactions follows two-factor authentication and notification. Face or fingerprint recognition is also used to process payments.
Second, you get a record of all transactions. This brings transparency between both entities.
There are payment apps that are secure like Apple Pay, Google Pay, and Facebook Pay. All these apps provide you with multiple benefits in addition to the necessary features.
The best part is that you don’t have to physically go to the ATMs. So you don’t transfer denominations, but digitally.
4. Buy now and pay later
This is a comparatively new form of payment. Among the sectors using payment methods, the most prominent is the e-commerce sector.
This feature allows you to shop online. Now that people are buying more online than offline payments, this payment method really fits the business concept.
Among the features, the most important is that it allows you to facilitate payment from anywhere.
This is the advantage you get with the payment method. This is also the reason why buy now, pay later is gaining popularity around the world.
5. Open Banking
Open banking is also considered one of the safest payment methods. Because banks and financial service providers deliver solutions with authenticated customer data via Open Banking.
Authenticated customer data literally eliminates every opportunity for fraud. In addition, the bank offers the customer and seller some advantages of instant payments with the help of instant payments.
The best thing about these payment methods is that there are no intermediaries between the customer and the banks. So you don’t have to bear any additional costs.
Aside from the ones discussed above, there are other payment methods like contactless payments, APIs, and QR orders.
All payment methods have their own advantages. But while they differ in how they work and their features, the fact remains that all are safe and secure.