SafetyPay, a global online payment services company, has released a white paper entitled “Banking on Online Banking”.
The white paper includes details regarding the importance of expanding and monetizing the online banking channel and finding innovative payment methods, all in a changing landscape of the payments industry. Nowadays, financial institutions need to alter services and offerings to keep up with consumer demand for convenience and security in the transition to online and mobile banking.
Moreover, the white paper provides rearders with an insightful look at the benefits of innovative payment methods and their ability to serve as an additional revenue generator for banks. Though still predominant as an online payment method, credit cards involve increased risk of fraud and high costs for merchants to process. To improve the situation, inroads have been made by new payment methods designed to ensure more convenience and security for consumers. By 2012, new payments are projected to reach 30 percent of online payments.
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