Why Debit Cards? Debit is the fastest growing payment method globally | Online Payment Report
Why Debit Cards? Debit is the fastest growing payment method globally
70% of the world does not have a credit card (PayPal research 2009), which suggests there is a compelling case for alternative forms of online payment, such as debit and pre-paid cards.
For example, only 4% of the Philippine population has credit cards.
To partly address this, a new entrant into the epayments world PayEasy, an Asian online payment provider, has partnered with UseMyBank, a Canadian online payment solutions provider, to accept real-time bank debit payments across Europe, China, and the UK.
“UseMyBank complements our drive to provide the most comprehensive online payment solution for local merchants,” said Dick Chiang, Mozcom CTO.
UseMyBank offers an alternative to credit cards. UseMyBank’s Anti-Fraud System (AFS) prevents and claims to ‘detect fraudulent use of bank cards quickly, reducing losses due to fraud, and assuring a good funds model of 99.999999%.’
“Debit is the fastest growing payment method globally in the ‘brick and mortar’ retail world, with growth rates that have surpassed the rate of credit card growth the past few years,” said Joseph Luso, CEO, UseMyBank, “Any Merchant that offers customers debit online is simply allowing their customers to extend their offline shopping habits to their online purchases.
It follows the basic tenants of Web 2.0 by allowing the Buyer more options for payment – and to finally use the payment method most used offline.”
So, how does it work? UseMyBank offers a real-time debit payment option to the existing payment processing market place. Its technology allows clients to pay for goods and services directly over the Internet using their existing financial services provider. Mozcom PayEasy supports most all credit cards – Visa, MasterCard, American Express, Discover, JCB, Diners Club, BancNet – and MegaLink ATM cards, PayPal, China UnionPay, Globe G-Cash, Smart Money, Western Union, over-the-counter bank deposits, and direct account debit with major banks in China, Malaysia, Thailand, Taiwan, Canada and several European countries. How to take debit cards online: visit www.payeasy.ph
PayEasy, Mozcom, UseMyBank
