ONE of the fallout of the cashless policy and rapid deployment of electronic payment channels is online payment.

Online payment is the use of internet based platforms to pay for goods and services. According to the Nigeria Interbank Settlement System (NIBSS), Nigerians made 33.43 million transactions worth N183.07 billion via the internet from January to September this year.

Internet money
Like other electronic payment channels, online payment has several benefits and disadvantages. To enjoy the benefits you must be aware of the risks and disadvantages and how to protect yourself against them.

Benefits of online payments

Convenient and cheap: You can make online payment from anywhere, using your mobile phone or laptop. Hence it saves you the stress and time of going to the bank, or ATM or even using PoS to pay.

Online payment is fast and mostly immediate.

It reduces the risk of fraud if properly managed.

Disadvantages of online payments

Online payments are subjected to service fee when using a bank transfer or credit card and data subscription service fees.

Online payment methods are inconvenient for offline sales.

Cybercriminals can exploit online payments’ processes to steal people’s money or bank account information.

Due to its reliance on telecommunication infrastructure, technical problems such as network failure can disrupt the transaction process.

Safety tips for online payment

It is important to keep your online payment device secure and up to date, but your method of payment can also help you avoid problems. The following are methods of payments and tips on how to use them online.

Credit card: A credit card is often an excellent choice for shopping online. Use your credit card only when you’re confident that it’s safe to do so. For better protection, ask your card issuer for a Virtual or single-use credit card for online purchases. This provides you with various alias credit card numbers for the same account. It allows you to shop safely without worrying about your credit card number being stolen.

Payment Services: Payment services are also a good option for online payments. GTpay, Etranzact, Quickteller amongst others are popular services. Payment services enable you to keep information about your credit card number or bank account information in one central location (at etranzact for example) instead of providing such information to every website you shop with.

Debit Cards: Debit cards are payment cards that pull funds directly from your bank account. You don’t need to apply, get approved, pay annual fees, or risk piling up debt like you would with a credit card. A debit card is linked directly to your bank account which is prone to fraud. To mitigate fraud while using your debit card for online payment, you should limit the use of debit cards for everyday purchases. You can also get a prepaid card which helps to protect your bank account from any problem.

By Dotun Roy

DotunRoy.com is a development driven news website with the overall goal of amplifying, promoting and advocating for positive societal change through Sustainable Development advocacy in line with UN SDGs components such as education, environmental sustainability and Climate Change, Human Rights, health, finance, housing, good governance as well as security in Nigeria and across the world.

135 thought on “Understanding the rules of Hassle free Online Payments”
  1. Wow, awesome blog layout! How long have you been blogging for?
    you make running a blog look easy. The whole glance of your website is wonderful, let alone the content!

  2. I simply could not depart your website before suggesting
    that I really enjoyed the usual information a person supply to your guests?
    Is gonna be again regularly in order to inspect new posts

  3. A fascinating discussion is worth comment. I do think that you need
    to write more on this issue, it might not be a taboo matter but typically people
    do not talk about these topics. To the next! Best wishes!!

  4. hello there and thank you for your info – I
    have certainly picked up anything new from right here.
    I did however expertise some technical points using
    this website, as I experienced to reload the web site lots of times previous to I could get it to
    load correctly. I had been wondering if your web hosting is OK?

    Not that I’m complaining, but slow loading instances times will sometimes affect your
    placement in google and could damage your high-quality score if advertising and marketing with
    Adwords. Anyway I am adding this RSS to
    my e-mail and can look out for a lot more of your respective exciting content.
    Ensure that you update this again very soon.

  5. Wow, fantastic weblog structure! How lengthy have you ever been blogging for?
    you made blogging glance easy. The whole glance of your web site is great, let
    alone the content!

  6. We absolutely love your blog and find a lot of your post’s to be what precisely I’m looking for.
    Would you offer guest writers to write content for yourself?
    I wouldn’t mind writing a post or elaborating on a
    few of the subjects you write about here. Again, awesome website!

  7. Hey there would you mind stating which blog platform you’re using?
    I’m planning to start my own blog soon but I’m having a tough time selecting between BlogEngine/Wordpress/B2evolution and Drupal.

    The reason I ask is because your layout seems different then most blogs and I’m looking for something
    completely unique. P.S Apologies
    for getting off-topic but I had to ask!

  8. I think this is one of the most important information for me.

    And i’m glad reading your article. But wanna remark on some general things, The website style is
    ideal, the articles is really nice : D. Good job, cheers

  9. This is very attention-grabbing, You’re a very skilled blogger.
    I’ve joined your feed and sit up for in quest of extra of
    your magnificent post. Additionally, I have shared your website in my
    social networks

  10. I do not know whether it’s just me or if perhaps everybody else encountering
    issues with your site. It appears as if some of the written text in your
    posts are running off the screen. Can somebody else please provide feedback and
    let me know if this is happening to them too? This may be a problem with my
    internet browser because I’ve had this happen previously.

    Thank you

  11. I was recommended this website by my cousin. I’m not sure whether this
    post is written by him as nobody else know
    such detailed about my trouble. You are incredible! Thanks!

  12. Hey there! I’m at work surfing around your blog from my new iphone 4!

    Just wanted to say I love reading your blog and look forward to all your posts!
    Carry on the great work!

  13. Wonderful goods from you, man. I’ve take into accout your stuff prior to and you’re simply too fantastic.
    I really like what you’ve acquired right here, really like what you’re stating and the best way wherein you say it.
    You are making it entertaining and you still take care of to stay
    it wise. I can not wait to read far more from you.
    That is really a tremendous web site.

  14. Hello There. I found your blog the usage of msn. This is
    an extremely well written article. I’ll make sure to bookmark it and come back to
    read more of your helpful info. Thanks for the post. I will certainly return.

  15. I do agree with all the ideas you’ve presented to your post.

    They are very convincing and can certainly work. Still, the posts are too
    short for beginners. May just you please lengthen them a bit from subsequent
    time? Thank you for the post.

  16. I’m truly enjoying the design and layout of your blog.

    It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more
    often. Did you hire out a developer to create your theme?
    Exceptional work!

  17. Sweet blog! I found it while browsing on Yahoo News. Do you have any tips on how to get
    listed in Yahoo News? I’ve been trying for a while but I never seem to get there!
    Appreciate it

  18. After I originally commented I appear to have clicked the -Notify me when new comments are added- checkbox and from now on each time a comment is
    added I get four emails with the same comment. Is there a means you are able to remove me from that service?
    Appreciate it!

  19. obviously like your website but you need to take a look at the
    spelling on quite a few of your posts. A number of them are rife with
    spelling problems and I find it very troublesome to tell the
    truth nevertheless I will definitely come back again.

  20. [url=http://www.allianceworkcomp.net/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]779[/url], [url=http://returning.orbimex.com.mx/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]851[/url], [url=http://starpetinc.net/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]985[/url], [url=http://nadaneworleans.com/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]900[/url], [url=http://galaxyresorts.com/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]448[/url], [url=https://www.talahost.com/whois/canadianpharmacynda.com]593[/url], [url=http://runhb.com/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]268[/url], [url=http://enjoy.sushidiy.com/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]33[/url], [url=http://yourcpafirm.com/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]549[/url], [url=http://smartertransportation.net/__media__/js/netsoltrademark.php?d=canadianpharmacynda.com]803[/url]

  21. I’m really impressed with your writing skills and also with the layout on your blog.

    Is this a paid theme or did you modify it yourself?
    Anyway keep up the excellent quality writing, it’s rare
    to see a nice blog like this one today.

  22. Hi there! Quick question that’s completely off topic.

    Do you know how to make your site mobile friendly?
    My web site looks weird when viewing from my apple iphone.

    I’m trying to find a theme or plugin that might be able to correct this issue.
    If you have any suggestions, please share. Many thanks!

  23. Do you mind if I quote a few of your posts as long as I provide credit and sources
    back to your webpage? My blog is in the very same niche as yours
    and my visitors would genuinely benefit from a
    lot of the information you provide here. Please let me know if this alright with you.

    Thanks a lot!

  24. Thanks , I’ve just been looking for information approximately this subject for ages and
    yours is the greatest I have found out till now. But, what in regards to
    the bottom line? Are you positive concerning the supply?

  25. Hi! I know this is kinda off topic but I’d figured I’d ask.
    Would you be interested in exchanging links or maybe guest writing
    a blog post or vice-versa? My blog addresses a lot of the same
    subjects as yours and I feel we could greatly benefit from
    each other. If you are interested feel free to send me an e-mail.
    I look forward to hearing from you! Terrific blog by the way!

  26. hey there and thank you for your information – I’ve certainly picked up something new
    from right here. I did however expertise several technical issues using this website, as I experienced to reload the website a
    lot of times previous to I could get it to load correctly.
    I had been wondering if your web hosting is OK? Not that I am
    complaining, but slow loading instances times will sometimes
    affect your placement in google and can damage your high quality score if ads and
    marketing with Adwords. Anyway I am adding this RSS
    to my email and can look out for a lot more of your
    respective interesting content. Make sure you update this again soon.

  27. I must thank you for the efforts you have put in penning
    this website. I’m hoping to see the same high-grade content from
    you later on as well. In fact, your creative writing
    abilities has encouraged me to get my very own blog now ;
    )

Leave a Reply

Your email address will not be published.

Social Media Auto Publish Powered By : XYZScripts.com
error

Enjoy this blog? Please spread the word :)