Online Paying Service Providers

Digitalization has made online paying Services very relevant. It is appealing as the idea of paying  while being mobile. Online Paying Services has become increasingly more popular.


The idea of this paying service is a "digital" wallet. It is an alternative to paying with cash among services, and is also socially popular to use in a culture that focuses with paying with credit.


Examples

Characteristics

1. Digital Footprints of these Digital Wallets, essentially work like a credit card. There is a huge paper trail that is logged and usually isn't easily lost. They are usually tied to a bank account or credit card, they record every transaction.


2. Timeless Time: These transactions can be accessed globally. These Digital Wallets can be accessed at any time, and transactions can take place at any time too. It may take some time to deposit money to your bank account from the online services, however you can expect it to come certainly.

Characteristics

3. Death of Distance: The digitization of a wallet allows you to have access to payment services without carrying cash or credit card. Your phone, the online payment services, and an internet connect removes the need for a wallet. You can pay back a friend without needing to reach to a bank or cash.


4. Poly-directionality: There are numerous Online Payment services. As long as the services works on a device, it can reach to another service. These online digital services can work with anyone that has money associated with their account. Anyone can use these services, it is open to the public and it is free. (They do charge a small fee, or they make money from ads)

Characteristics

5. Network Structure: These digital wallets are all interconnected. It is socially acceptable to forget your wallet and instead of doing an IOU, you can pay them back  immediately using an application. These transactions can be public or private depending on your privacy settings. It is easy to network using these digital wallets because it is becoming culturally and socially acceptable among users. It is showing poly-directionality traits since it is becoming widely known and accepted


6. Exposure Selection: Depending on the transaction you may want to keep it private. You can make these selections private to yourself, but the transactions will always be logged in the Digital Online services. It is that digital footprint that can not be hidden. The transactions is widely used even among dubious users, so privacy settings is a must. Certain people want certain things to be seen. However these transactions will always be logged for the services.

Real World Applications

Venmo is popular among college students. It is easier to divide payment among others, when one person pays for the whole and then requests back the transaction divided among people.

Google Wallet allows answering Surveys with Map Location activated, to reward the user with money. You can use this money for apps, ebooks, or even other transactions that accept Google Wallet

Paypal is useful for global transactions. It acts as an intermediary to ensure that the transaction occurs properly. Users of Paypal can purchase from someone else and expect in its original condition, or file a dispute to Paypal in which case PayPal would hold or dispute the transaction

Ending Comments

Arguably, all these transactions that take place via Digitalization, should be used with proper precaution. It is incredibly easy to be phished for your account information, then credit card information will be in jeopardy.


Have you used these applications? Venmo is very popular among college students, and Paypal as an alternative payment to dubious websites.


Bitcoins is another popular example. This digital wallet is unstable in value, but yet still used as a currency.

Thank you,

Allen Fong.

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Public - 5/5/16, 9:15 PM