Cyber threats have really been an issue for companies. According to the findings of the Federal Trade Commission (FTC), around 4.78 million cases of fraud and theft have been identified so far. These are 2020 records, which is a staggering increase of 45 per cent from 2019.
Therefore, from this point of view, the talks on the safest payment methods find relevance. Payment methods are ever-evolving.
We are discussing some of the safe payment methods for the year 2022 and beyond. Let’s get started.
Safest Ways To Pay In The Year 2022
Among the payment methods, some are deemed extremely safe. Their safety has assured the stakeholders use them from time to time in making payments.
This article discusses some of the safest ways of payment for the year 2022 and beyond. So let us begin the discussion here to get a better understanding.
1. Credit Cards
All sections recognize credit cards as the safest and most accepted mode of payment. They come with many features like encryptions and fraud monitoring to make information safe and secure.
In any sector, banking, retail, real estate, and others -credit card payments are the most common.
With Credit cards, you get a good opportunity to spend and then get your amounts deducted.
If Credit cards are the today of payments, Cryptocurrency is definitely the tomorrow. By this time, Cryptocurrency has gained good exposure. You will be amazed that more than 17 million USA users trade in Cryptocurrency.
Cryptocurrency has some great features that really make it secure. Cryptocurrency uses Blockchain technology.
Here information is recorded in a decentralized ledger. When information gets recorded, they integrate with one another, forming chains.
This stops the fraudsters from denting the network. In addition, with Cryptocurrency, you can make faster payments. You are also getting cost-effective services compared to other third-party payment options.
By the way, do you trade in Cryptocurrency? You can trade using bitcoin prime to facilitate safe trading.
3. Payment Apps
Payments apps are also used quite a lot in different industries. Here the payment is processed between two entities using barcodes and phone numbers. So there are quite a several features you are going to get with these payment apps.
Here, the recording of transactions follows a two-factor authentication and notification. Even facial or fingerprint recognition is also used to process payments.
Secondly, you get a record of all the transactions. This brings transparency between both entities.
There are payment apps, the safe ones like Apple Pay, Google Pay, and Facebook pay. All these apps offer you multiple benefits along with the necessary features.
The best thing about this is that you don’t need to physically go to the ATMs. So you are not transferring denominations but digitally.
4. Buy Now And Pay Later
This is a comparatively new mode of payment. Among the sectors that use payment modes, the e-commerce sector is the most prominent one.
With this facility, you can shop online. Now that people are buying more online payment rather than offline, this mode of payment really suits the very business concept.
Among the features, the most prominent one is that you can facilitate payment from anywhere.
This is the benefit you are getting with the mode of payment. This is also the very reason buy now pay later is gaining fame worldwide.
5. Open Banking
Open banking is also regarded as one of the safest modes of payment. This is because banks and finance providers deliver solutions using authenticated customer data through open banking.
Authenticated customer data literally kills down any chance of fraud. In addition, with the help of instant payments, the bank offers the customer and vendor some benefits of instant payment.
The best thing that happens with these payment methods is that there remains no involvement of middlemen between the customer and banks. So you don’t have to bear extra charges.
Apart from the ones discussed above, there are other payment modes like contactless payments, APIs, and QR ordering.
All the modes of payment have their own benefits. But, though they are different in their functioning and features, the matter of fact remains- all are safe and secure.