In a world of FinTech copycats and instant product updates, online payments have evolved more rapidly than anyone could have imagined. Today, almost every purchase is made online, and small business owners rely on digital payments to process their transactions and increase their revenue.
Digital payments provide flexibility in payments, that makes them especially useful for any electronic payments that cannot be easily converted to fiat currency or are not easily convertible.
Digital payments are an important driver for the global economy as they facilitate business-to-business and business-to-consumer transactions. Vast numbers of transactions take place every day through digital means, with credit and debit cards, and via mobile devices. But these financial transactions have also had a broader impact. They have transformed the way we buy goods and services, connect with people, and share information, which has transformed the way we live and work.
The digital payments industry is one of the fastest growing industries, with an annual increase of around 40 percent. The industry is expanding, and this is great news for the people who work in it and for its customers. However, the growing market has also made it simple for scammers to steal money from unsuspecting consumers.
by Νίκος Ορφανίδης