E-commerce represents huge business in 2015, with online sales in the UK set to reach £52.25 billion by the end of the year online sales in the UK set to reach £52.25 billion by the end of the year. With a number of leading brands also making the successful switch from the high street to the virtual world, we may soon see a time where traditional retailing becomes obsolete.
While this evolution may have been triggered by changing social trends and behaviours, it has been underpinned by innovation. This means that brands have been able to seamlessly launch their products and services online, while also effectively managing payments and facilitating secure transactions.
One of the single most important innovations in the world of online shopping has been the emergence of e-wallets. In a market led by the trail-blazing firm PayPal, these Cloud-based payment options can be accessed through secure, 128-bit encryption websites using a specific ID and password. While they have always enables customers to receive, transfer and withdraw funds electronically, the software behind them has recently been developed to enable instant financial transactions.
This has had a huge impact in the private sector, especially in burgeoning sectors such as the online gaming market. If you look at casino games platforms such as Casino.com and visit the payment landing page for example, you will see that the platform accepts multiple e-wallet service providers like Skrill. These types of payment solutions have blossomed on the back of improved software and advanced security measures, while they have successfully managed to capitalize on the initial efforts of the team at PayPal.
While technological advancement may have inspired an entire generation of seamless, electronic payments, however, the popularity of these solutions has a great deal to do with their level of security. When online gambling and virtual retail websites emerged during the mid to late nineties, many of them offered marginal protection to customers and 40-bit encryption. With all of today’s secure payment sites required to deliver 128-bit encryption and a robust SSL connection, consumers are given genuine peace of mind that their funds will be managed safely.
While there is little doubt that e-wallets have helped to enhance the online gaming and shopping experience, this evolution is likely to continue indefinitely. We now live in a world of m-commerce, for example, where businesses and virtual casinos in particular release a large number of apps to support their brand. As a result of this, the demand for virtual currency is continuing to rise and gain in credibility.
Take Bitcoin, for example, which is a relatively controversial payment method that is beginning to gain acceptance in the world of mobile commerce. It has certainly found a series of accommodating partners amongst the current collection of online casino brands, who often drive their gaming experience through a mobile platform. With Bitcoin becoming a preferred payment options for Android gamers, we could see an entire market develop for mobile currency.
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