Guide

Modern payment methods explained
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Credit Card

Credit cards allow people to borrow money from banks. They usually come with a credit limit that determines the maximum amount of money you can owe. This amount is decided by lenders and may depend on your credit score, income, and some other things. With a credit card, you are going to be charged an interest rate on cash withdrawal. The rate, however, is often waived on spending if you acquit the debt in full by the due date.

Online Banking

E-Wallets are in fact something of an electronic card. They are intended to be used for online transactions made through a smartphone or desktop application. Such payment software solutions usually employ advanced encryption methods to ensure the protection of user data and funds. They offer a convenient way to make purchases online, filling the required user’s information on the payment form automatically.

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E-Wallet

This exclusive payment solution is great when it comes to Internet shopping. A virtual credit card is issued on your existing credit card with a preloaded amount of funds. It is valid for a specified time period and you can use it only once. It does not have any fees and never shares your primary card details with online merchants. In case of refund, money is sent to the user’s main card. Numerous banks provide their clients with an instant virtual credit card option.

Virtual Card

This exclusive payment solution is great when it comes to Internet shopping. A virtual credit card is issued on your existing credit card with a preloaded amount of funds. It is valid for a specified time period and you can use it only once. It does not have any fees and never shares your primary card details with online merchants. In case of refund, money is sent to the user’s main card. Numerous banks provide their clients with an instant virtual credit card option.

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Pre-Paid Card

Prepaid cards are not linked to bank accounts. You should place money in advance, then you’ll be able to spend them. Numerous prepaid cards are more similar to checking accounts. They, however, have no overdraft fees for direct deposits, mobile check deposits, or online bill pay. Most often, you can spend only the already loaded money, although some providers may offer credit on prepaid cards.

Cheque

A cheque or checking account is a transaction banking account with a certain amount of money. It allows you to write checks in other people’s names, ordering the bank to take some money from your account and pay them to a specified person. As of today, cheques are partly (sometimes fully) replaced by electronic payment systems.

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Crypto Wallet

A crypto wallet is a software that makes it possible to manage your crypto assets like Bitcoin, Ethereum, Ripple, and so many others. It stores public and private keys and allows you to send and receive cryptocurrency, interacting with the blockchain. They have an interface so that users can monitor their crypto balance and transfer money. Crypto wallets don’t actually store cryptocurrency; they sooner provide access to your funds “stored” on the blockchain.

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