Why use an e-wallet or a debit card when making an online payment

Though there are risks when making online purchases of cyber thieves that will try to steal payment information, it would be a relief to know that there are things which you can do. You can greatly reduce the risk of those unauthorized payment transactions by using the right payment method for the given situation.


Security measures

To a certain degree, you can surely rely on the security that a mobile app has integrated to protect you. When making an online payment, the financial details are encrypted though you need to be aware that if there is intercepted traffic or a data breach, a fraudulent payment transaction might make your funds end up in the account of a cybercriminal.

Online payment options

The most common online payment options include that of e-wallet payment services, bank fund transfers, debit cards, and credit cards. What an online shopper will use is the payment method accepted by the site or app and then they will decide where to draw their funds from.

Preferred payment methods 

There are 3rd-party payment services which also are one of the preferred payment methods of online shoppers. There are the popular financial services of e-wallets which are secure payment systems. These e-wallets are good to use as instead of providing the payment information such as that of credit card number or perhaps bank account information to each site or app, the information is kept only by the online payment service.

Fraudulent payment transactions

It is a good idea to use a credit card to be able to fund payment services as there is a means to dispute a fraudulent payment transaction. There are certain payment services that do offer features such as buyer protection for reimbursement, but keep in mind that shopping at reputable sites is the best way to avoid these kinds of problems.

Prepaid debit cards 

Debit cards are popular nowadays as these offer the same convenience of those credit cards and even sometimes do have comparable protections. However, debit cards pull funds directly from a linked account such as that of the bank. If ever there is a fraudulent transaction, these are difficult to dispute, but it is a lot safer to use a debit card than a credit card which can be maxed out by cybercriminal.

E-wallets and debit cards

When you have no credit card or bank account, you can use an e-wallet or a prepaid debit card for online shopping. These financial accounts do hold a stored value. Unlike credit cards, you can only use it to make a payment transaction if there are enough stored funds. These prepaid cards and e-wallets can be loaded with funds. Prepaid debit cards can also be used to shop online at sites and apps that do accept credit card payments.

Choosing a payment method

When shopping online, you do have a lot of payment options. It is best to use the payment method that suits the given situation. Most shoppers choose to use e-wallets or debit cards to make an online payment as there are limited funds that can be drawn from in case a fraudulent transaction occurs.