This article will give you a comprehensive understanding of e-commerce online payments

1. What is online payment

Before we discuss online payment, how do we shop without online payment? There are three common bank over-the-counter transfers, cash on delivery, and face-to-face transactions.

The initial online payment was very complicated, so many American express automatic payments buyers initially shopped on Taobao by bank card transfer. Cash on delivery is still used in some special transactions. In some places in Indonesia where online payment is not developed, cash on delivery is still a very popular payment method. Face-to-face transactions often take place offline.

After the development of Internet enterprises is combined, online payment also continues to develop. We define online payment: Online payment refers to an economic business in which the bank provides online fund settlement services for sellers and buyers when they can conduct market transactions through the e-commerce website system on the Chinese Internet. We cannot simply understand that A's money is transferred to B's wallet by using Internet technology.

2. Types of Online Payments

Let's take a look at the mainstream online payment methods, mainly including fast payment, online banking payment, third-party payment, built-in payment, balance payment, agency payment, etc. Let's discuss separately: fast payment point debit card fast and credit card fast.

Express payment is divided into two processes: contract payment and payment. For ordinary users, the payment process of these two cards is the same. The difference is that credit cards can be overdrawn, and debit cards need to be deposited in advance and paid according to the balance. Second, the payment rates of the two cards of the merchant are different.

The second is online payment, which is one of the most successful products of UnionPay. Around 2010, almost all mature e-commerce adopted this standard, but with the rise of third-party payment, this standard gradually disappeared .

The payment process is generally to select a bank to pay at the e-commerce cashier, and then enter the payment page of the corresponding bank, enter the bank card account number, password, and use u-shield, etc. , and then return to the e-commerce platform after the payment is completed, so the payment process is relatively complicated and the experience is poor.

The third is third-party payment, which refers to a payment development method developed by a relatively powerful and reputable third-party organization, and companies must hold payment licenses issued by different countries.

Third-party payment can integrate the bank cards of multiple banks, and then connect with UnionPay in a unified manner. This is very convenient for users to pay. We will explain this area in detail in the future.

The fourth is built-in payment, mainly the payment methods of some specific mobile phone manufacturers, which will be used in conjunction with mobile phones, such as Apple Pay for Apple mobile phones and Xiaomi Pay for Xiaomi mobile phones. Compared with other payment methods, this application scenario is relatively small.

The fifth is the balance of payments, which means that users need to go to the platform to charge in advance, and the charge balance can be used on the platform, but the balance generally cannot be used across platforms.

You need to verify your identity when paying, usually with a SMS verification code. Others need to retain the form of mixed payment. For example, if the balance is insufficient, the balance needs to be mixed with other payment methods, such as balance + three-party payment, balance + fast payment, etc.

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