Digital payments
Digital payments are electronic financial transactions made using digital channels and devices.
Frequently Asked Questions
They include credit, debit and prepaid cards, digital wallets (like Apple Pay) and peer-to-peer apps (like Venmo). Payments may be entirely digital, such as a virtual card, or have a physical component but make use of digital technology, like a plastic card.
Digital payments offer a number of security advantages, including the ability to authenticate transactions and encrypt sensitive payment data. These multilayered security features help protect consumers as well as reduce business risk and loss. In contrast, traditional payment methods, such as checks, are more vulnerable to theft and fraud.
Digital payments offer security, speed and cost savings compared to traditional payment methods, helping businesses enhance their operational efficiency while reducing risk and expense. Digital payments also provide convenience and flexibility for consumers, eliminating the need to deposit cash or checks and making the checkout process more seamless.
