Alternatives to traditional credit and debit cards are now processing €165bn ($214bn, £133bn) annually – 22 per cent of global e-commerce – and that's just the start as the next generation of consumers grows up without seeing a plastic card. The numbers come from WorldPay, which should know a thing or two about online payments, …
Looking at the Chinese figures, Alipay is listed at 68%.
Makes me wonder if we should start accepting that payment method on our site for users from that area.
fraud isn't significantly higher among the 230 alternative payment mechanisms
So to put it more honestly; "the utterly crap 'security' offered by the credit card companies has been at least equalled, if not bettered by the other 230 payment operators"
Who should be surprised that the absolute minimum level of "we pass all the costs back to the customers and they are not even allowed to report it to the police, fork them whilst I buy myself another Bentley" security is, in fact, the minimum level? What a shocker!
I, for one, look forward to even more competition from other companies who might actually be able to spell security taking more money away from the negligent fat tossers who run Barclaycrud and their ilk.
Re: fraud isn't significantly higher among the 230 alternative payment mechanisms
Every single time there is a story about anything to do with money and banking, there are people who come out of the woodwork winging about how it's all a big conspiracy. It's incredibly tedious.
Oh, and as per usual, everything you say about banks is wrong.
Do any of the alternatives underwrite the transaction in the same way a credit card company does ?
ie if you pay for something and the company goes bust before the goods arrive the credit card offers some protection do the others offer the same protection ?