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How Payment Cards Have Come out Handy for Businesses?

  • 23 Dec 2021 14:35
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How Payment Cards Have Come out Handy for Businesses?

As we all know, apart from cash withdrawals from ATMs, payment cards are widely used as cashless payments for online shopping, at retail joints, and for many other purposes as well. The cards get issued to the cardholders either by banks or by other financial organizations such as loan enterprises. Also, several utility companies tend to rig out payment cards to individuals and in turn, happen to reap a number of benefits out of it.

Generally, card issuers purvey the cards based on the permit of some of the alliances that have an agreement with the traders or dealers of giving credit to cards. They can also settle on the payment defrayal to the individual. Now, the question arises, how businesses can utilize payment card in practice.

  • When the plusses of using payment cards is abating the risks associated with clinging to cash, it can also be beneficial for organizations that accept payment cards for payments from its customers. A merchant or dealer who collects a payment with a card reimburses a percentage to the card issuing body and its benefit is directly reflected the in international trade.
  • Cards are definitely quicker to use than that of cheques. Apart from daily expenses, they can also be utilized over the internet. It certainly allows the online retailers to gain a certain percentage of reward that they would have, otherwise, missed with the standard COD option.
  • Credit cards often seem to provide an interest-free period of certain lengths. And, due to this, there’s been a growing proclivity among consumers to use credit cards while purchasing items. This tendency has, incidentally, been highly advantageous to the business holders.
  • Last but not the least; when it comes to withdrawing cash from ATMs, card issuers tend to impose an interest rate on individuals on certain occasions.

Privacy.com, a virtual card payment enterprise, has recently hauled up around $10.2 million in a fundraising event. This hoop was directed and controlled by Teamworthy Ventures, with involvement from a number of other associations namely Quiet Capital, Tusk Venture Partners, and Exor Seeds. Privacy.com allows individuals to produce virtual, simulated and one-time-use payment card numbers for free, providing individuals with the provision to keep their actual credit card number safe & secured. And, it has certainly helped the users have a great peace of mind.

In an era when data breaches have become a common affair and attacking unsuspecting websites by card skimmers has turned out to be a frequent fling, Privacy.com actually brings along a good news, as it makes it harder for unauthenticated programmers to get an easy hold of the payment cards.

According to Latest Report, the global payment card industry is anticipated to register a significant growth from 2020 to 2027. Rise in the drift to boost financial inclusion and mitigate the use of cash have worked as the two major factors driving the market. To sum up, it can be averted that the global market has already gained huge traction among business honchos as well as common people alike and in the next few years to come, it’s expected to thrive yet more. 


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Stuart Russell By, Stuart Russell
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