Online payments are an important part of using the Internet. Before, people used to mostly browse the World Wide Web without really making any purchases. Now, however, multiple websites have premium services available for paying customers with online retail also being a major industry.
In this article, we take a look at some of the Nordic tech payment methods that are paving the way for online money transactions. In addition to this, we also examine all the various things that you can spend money on online.
From undesirable to undeniable
When the Internet first started making waves, many were skeptical about it. Several experts worldwide called into question the safety of the Internet, worried about the security or lack thereof of online payments. After only a few years, though, these worries had been pretty much dispelled, thanks to rapid developments in the space.
Some of the big players that have participated in cleaning out the name of the World Wide Web have hailed from a very specific geographical location: the Nordics.
Known for its many exports, Sweden, especially, has been at the forefront of bringing more connectedness to the Internet. Companies such as Trustly, Brite, and Zimpler have been instrumental in helping this phenomenon take its next steps on the way to mass adoption.
As a result, paying for things online has become something that many would have never guessed based on the past: a true commonplace occurrence for billions of people around the world.
Early issues with online transactions
For a long time, the most popular way to transact online was with credit cards like Visa and Mastercard. In fact, these two payment giants were the very first companies to offer online payments.
In the beginning, the issue with card payments was the fact that credit card information could easily be stolen. Some hackers, for instance, could relatively easily hack into people’s computers and spy on their screens to make off with their personal information.
Luckily, things have since gotten better even when it comes to so-called old-fashioned card payments. Nowadays, encryption solutions and systems are more powerful than ever, which has made it more difficult for low-level hackers to steal data.
Nordic tech and and online casinos
One massive step forward has been the Nordic tech giants’ idea to integrate banking services into online platforms.
Trustly was one of the very first companies in the world to combine the two together. With its bankID product, it made it possible for users to verify their identity in conjunction with completing payments through their online bank.
This has been especially helpful in the online casino industry where players need to verify their identity in order to receive their winnings. This requirement is due to modern anti-money laundering rules and regulations.
When a player arrives at either a Trustly, Brite, or Zimpler casino, they are usually given the opportunity to deposit money straight away without even having to register an account to play. Instead, it is the bankID feature that helps players verify their identity through their very own online banking service provider.
In addition to fast registration, services such as Zimpler, Brite, and Trustly offer another major online casino benefit as well. This is the fact that all deposits and withdrawals are more or less instant.
While some casinos will hold onto players’ withdrawals for a few days for their own check-ups, others will send the winnings out automatically in mere seconds. This means players can rest easy without having to worry about whether or not the wins will end up being paid out.
Conclusion
Today’s Internet users can transact with confidence. Gone are the days when you had to be on your toes when making payments online. Again, much of this is thanks to the bright minds and innovators in the Nordics of Europe.
With every industry, there needs to be people who are willing to take the steps necessary to evolve what is being created. In terms of fintech, one could say that it has been Europeans who have been leading the charge.
