How Payment Processing Technology Is Facilitating Financial Transactions In The UK
Payment processing technology is enabling UK businesses to accept payments from customers in a manner that is quick, easy and convenient while ensuring verification measures are also enforced to facilitate safe transactions on the Internet.
Author:Suleman ShahReviewer:Han JuSep 14, 202241.1K Shares675.3K Views
Payment processingtechnologyis enabling UK businesses to accept payments from customers in a manner that is quick, easy and convenient while ensuring verification measures are also enforced to facilitate safe transactions on the Internet.
Reacting to the boom in mobile purchases
This is particularly the case for online purchases as figures from the Office for National Statistics show that, in July 2022, Internet sales in the retail sector accounted for 25.3% of total sales in the industry. Many of these sales are driven by the increase in smartphone usage in the United Kingdom, which has experienced exponential growth, particularly amongst the 55-64 age group. In 2012, just 9% of UK residents in this age group used a smartphone, but by 2020 the percentage increased to 87%.
This has also led to an increase in the use of mobile wallet apps such as Apple Pay and Google Pay for digital payments. Mobile wallets were used by 32% of UK consumers for e-commerce purchases in 2021. In this regard, the payment processing technology makes use of encryption to protect the credit card and additional security is provided by the smartphones themselves.
Secure payment processing in the iGaming sector
The technology behind payment processing must cover a wide range of different sectors, this includes industries such as retail, banking and the provision of services. The flexibility required is illustrated by the payment processing requirements in the iGaming sector. Online casinos offer popular no deposit bonuses, which means the influx of new customers results in a range of payment processing needs. In this industry, a fast turnaround on deposits and withdrawals is essential to meet consumer expectations. This can include the ability to deposit and withdraw via online payment systems such as PayPal and, of course, the ability to act fast on E-wallet payouts.
Online companies already benefit from the Payment Services Regulations 2017, which apply to firms, such as banks, building societies, e-money issuers and non-bank credit card issuers, and ensure that payment service providers take the necessary steps to reduce the risk of financial fraud.
However, online companies such as casinos must also meet other regulations, not just from an anti-fraud perspective, but also with regard to payment regulations enforced by the UK Gambling Commission, which stipulates that casinos with a licence issued by the Gambling Commission are only able to accept customer payments by methods laid down in the relevant section of the Payment Services Regulations 2009. In this regard, online casinos face more stringent requirements to ensure that customers receive adequate protection when depositing funds online.
Online casino customer expectations
In 1995, there were just 23,500 websites in existence, but by the year 2000, the number had grown to over 17 million. The iGaming sector has also benefited from this boom, with countless casinos available online.
However, online casinos must meet customer expectations with regard to online deposits and withdrawals and they must react to and anticipate changing conditions, such as the decision of retail company Amazon to stop accepting UK-issued Visa credit cards for payments, which could lead to other online companies following suit.
Clearly, security also plays an integral role in online payments, so players will always look for mandatory SSL encryption when choosing an online casino. This is also the case for mobile online casino apps, which are growing in popularity. Most online casinos implement Know Your Customer (KYC) processes in order to provide proof of the identity of customers and to prevent fraud.
Transparency is another important factor in payment processing. Customers require information in advance regarding merchant processing fees. It is essential that customers are made aware of any fees for transactions as this is a factor which is indelibly linked to the level of trust in a company.
As online transactions increase in popularity, payment processing technology is giving companies the opportunity to offer customers quick and easy payments, while at the same time providing adequate security in order to ensure that consumers have confidence in the processing system in order to purchase goods or services.
Suleman Shah
Author
Suleman Shah is a researcher and freelance writer. As a researcher, he has worked with MNS University of Agriculture, Multan (Pakistan) and Texas A & M University (USA). He regularly writes science articles and blogs for science news website immersse.com and open access publishers OA Publishing London and Scientific Times. He loves to keep himself updated on scientific developments and convert these developments into everyday language to update the readers about the developments in the scientific era. His primary research focus is Plant sciences, and he contributed to this field by publishing his research in scientific journals and presenting his work at many Conferences.
Shah graduated from the University of Agriculture Faisalabad (Pakistan) and started his professional carrier with Jaffer Agro Services and later with the Agriculture Department of the Government of Pakistan. His research interest compelled and attracted him to proceed with his carrier in Plant sciences research. So, he started his Ph.D. in Soil Science at MNS University of Agriculture Multan (Pakistan). Later, he started working as a visiting scholar with Texas A&M University (USA).
Shah’s experience with big Open Excess publishers like Springers, Frontiers, MDPI, etc., testified to his belief in Open Access as a barrier-removing mechanism between researchers and the readers of their research. Shah believes that Open Access is revolutionizing the publication process and benefitting research in all fields.
Han Ju
Reviewer
Hello! I'm Han Ju, the heart behind World Wide Journals. My life is a unique tapestry woven from the threads of news, spirituality, and science, enriched by melodies from my guitar. Raised amidst tales of the ancient and the arcane, I developed a keen eye for the stories that truly matter. Through my work, I seek to bridge the seen with the unseen, marrying the rigor of science with the depth of spirituality.
Each article at World Wide Journals is a piece of this ongoing quest, blending analysis with personal reflection. Whether exploring quantum frontiers or strumming chords under the stars, my aim is to inspire and provoke thought, inviting you into a world where every discovery is a note in the grand symphony of existence.
Welcome aboard this journey of insight and exploration, where curiosity leads and music guides.
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