How do I make an online payment?

How many times a day do you make online payments? Think about it. Maybe it was a morning when you woke up late and, in order to get to work on time, you ask for an Uber. If it’s a fortnight, maybe you decide to make some payments: electricity, telephone, gas. If you forgot your lunch, the most convenient solution would be to order Rappi or a delivery service app.

Nowadays there are so many options that it is no longer necessary to have a credit card. We can even question, what could be more serious, forgetting your wallet or your cell phone?

Nowadays, most of the traditional expenses can be paid online, for example: home services, supermarket, medical expenses, entertainment, etc. The amount of money you decide to spend will depend on your lifestyle, but you can certainly take advantage of the ease of online shopping.

According to the study on Internet Users’ Habits in Mexico (2019) by the Internet Association, there are 79.1 million Internet users in Mexico, which means 71% penetration among the population of people over 6 years old. Of these, 46% make payments online. The product categories that most stand out in this practice are: banking transactions, payment of services, clothing, electronics and music.

Online payment methods

Among the online payment methods that exist to make online purchases, credit and debit cards are the two most used by users, according to the most recent Study of media consumption and devices among Mexican Internet users by IAB Mexico.

But if you want to know what other options you have, here we list them:

Debit / credit card

This is the most popular method, since it is very common for people to have at least one card. How does it work? The payment is made through a process called payment gateway (TPV). When you place an order in a store and register your card details, this system sends your information to the issuing bank, which will accept or reject the payment. The only difference between debit and credit is that with the former you require immediate funds, while with a credit card, you only need to have available funds in your credit line.

Bank transfer

To make this payment online, it is necessary for the store to provide you with an account number to make a deposit through online banking. Most of them are made through the Interbank Electronic Payment System (SPEI), which allows the flow of money between accounts at different banks. The advantage of this method is that the payment is recorded immediately.

E-Wallet

Currently, 9 out of 10 people who make online payments use a fintech. These are applications that allow you to link different payment systems so that you can choose the one that suits you best every time you make a purchase. It is as if you had a virtual wallet. Among the most used applications are: Paypal, Oxxo Pay, Amazon Cash, Safety Pay and Mercado Pago.

If you have any of these applications on your cell phone, it is very important that you configure your phone’s security tools, such as the password to unlock it. Likewise, take precautions when lending your device, especially if you use it for your children to play. You don’t want to be surprised with online payments you didn’t make on your next statement.

Prepaid card

Prepaid cards work similarly to debit cards, with the advantage of not needing to open a bank account. This system allows you to have a plastic card to which you deposit a certain amount of money, which you then use to make purchases. Some are reloadable, which makes it easier to manage more than one purchase.

Online payment methods without a card

33% of Internet users stated that they have not made online payments recently, among the reasons are: the need to see the product before the purchase, lack of confidence with the devices and the online system and, finally, not having a credit or debit card. If your case is in any of the last two options, there are a couple of alternatives for you:

Convenience stores.

Paying at convenience stores, such as Oxxo, Seven Eleven or some pharmacies is becoming more and more popular. It allows you to make a cash payment that confirms your purchase, through a reference number that the platform provides you with. Depending on the supplier you use, the payment is registered automatically, although there will be occasions when you will be asked to send the receipt to confirm the order. The only disadvantage of this option is that convenience stores charge commissions for the service.

Cash on delivery

This model allows you to pay in cash until you receive the merchandise. This makes it the best option for very useful if you are suspicious about the purchase you are making, either because of the platform or the product.

Recommendations

Finally, before you decide to make an online purchase, it is important that you analyze the situation and consciously decide if it is the best option for you. Some products that we recommend not to buy online are:

  • Luxury products
  • Medicines
  • Clothing and footwear (sometimes it is difficult to check the quality or fit of sizes)
  • Furniture

When you have already decided to buy online or make online payments, you should be careful with the security of the system and be aware of your protection against identity theft. You are not going to