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There are a wide variety of digital payment types, such as mobile POS systems, contactless payments, and digital wallets. A consumer may use their physical credit card, for example, but if the point of sale system is digital — such as a mobile device instead of an analog cash register — this would be considered a digital payment.
Most B2C transactions are performed at the point of sale (POS), whether it’s eCommerce or in-store checkout, which lends them to faster payment methods like mobile payments more often than B2B transactions. Business to consumer (B2C), by comparison, relies on speedy payment processing to transact on the spot.
Use case: Customers can pay by tapping their smart devices into the vendors NFC-enabled POS. PayPal, Venmo, and Alipay). Cryptocurrency and blockchain-based payments Cryptocurrencies are digital assets that leverage blockchain technologyi.e., Miners or validators verify the transaction on the blockchain.
Popular digital wallet brands include Apple Pay, Google Pay, Samsung Wallet, PayPal Digital Wallet, and Venmo. Cryptocurrencies Cryptocurrencies like Bitcoin, Ethereum, and Tether use decentralized blockchain technology and cryptography to ensure fast and secure transactions.
You will need POS terminals to accept and process in-person card payments. The beauty of it all is that the credit facilities they offer can make your products and services much more financially accessible to customers, which could lead to more sales.
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