Payment Picks: Online Shopping Turns 20, France Tops Euro Fraud Lists

The current week heralded a number of developments in the realm of payments, including the milestone of online Shopping and

paymentmagOnline Shopping and modern Ecommerce turned 20 this week. On August 11, 1994, the first modern online credit card transaction took place for the amount of $12.48. The move has helped shape how we see online payments today.

With payments going online 20 years ago, payment fraud grew significantly. The introduction of Pin & Chip secure cards, while helping to reduce overall fraud at points of sale, has turned most fraudsters to go online. New data released by Euromonitor shows the amount of fraud sweeping Europe, the first major payment zone for Pin & Chip. France came out on top as the most fraudulent country in Europe when it comes to online payment fraud.

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In an interesting move from payment service provider, Payza is taking Bitcoin and putting it center stage, as the firm now allows the withdrawal of funds in the cryptocurrency to a Bitcoin wallet, making it easier than ever to purchase the digital tender.

PSP SafeCharge also saw itself entering new ground as it partnered with Aratog, an Eastern European game developer. SafeCharge will be powering in-game payments for the developer’s new Massively Multiplayer Online Real-Time Strategy (MMORTS) game.

Online Shopping Turns 20 Today

20 years ago today, the first online secure purchase was made marking the beginning of online shopping and E-retail.

The first item to be sold through an online outlet was the Sting album, Ten Summoner’s Tales, placed on August 11th, 1994, for the amount of $12.48. Since then online Ecommerce has become a multi-trillion dollar industry becoming a standard way of shopping in countries all over the globe.

Since then, online shopping has become more refined and streamlined given the advances in technology, such as faster computers and high-speed internet. Also, a new generation of smart devices, such as smartphones and tablets have also adopted online shopping, giving users the power of Ecommerce in devices that can fit in their pocket.

You can read the full article HERE

France Tops EU Fraud Reports

France is the most fraudulent EU country, according to new data released by Euromonitor.

With full broad Pin & Chip card adoption throughout the EU, it is a given that overall fraudulent activity will rise rather than fall, primarily in the banking and online payment sector.

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France, along with 18 other EU countries (including Russia) lost a total of €1.55 billion. While the UK topped the list as the country having lost the most money, with €535 million lost to fraud, France did top in terms of the amount of losses caused by fraud per card transactions, with €429 million lost. That makes France the most fraudulent country in the EU per card transaction.

You can read the full Article HERE

Payza Goes Bitcoin. Now Offers to Withdraw Funds to BTC

Payment processing firm, Payza is expanding its offered services to now incorporate a Bitcoin exchange.

The feature is something Payza calls Withdraw Funds by Bitcoin, and as the name suggests gives users the ability to withdraw funds from their Payza account directly to their Bitcoin wallet. While not calling the new service an “exchange”, the new feature allows users to buy Bitcoin in a fast and easy manner.

Bitcoin withdrawals can take up to 3 days to be completed. Payza assures its users that the exchange rate is locked at the moment the user chooses to withdraw the funds, in order to eliminate the ups and downs associated with Bitcoin exchange rates.

You can read the full article HERE

East European Game Developer Chooses SafeCharge for Seamless In-Game Payments

Leading payment service provider, SafeCharge, announced today a new strategic partnership with Eastern European Games Developer, Aratog.

Aratog is the developer of popular Massively Multiplayer Online Real-Time Strategy (MMORTS) games. Integrating SafeCharge’s payment solutions will give Aratog players the ability to place seamless in-game payments with minimum data input required and minimal interruption to gameplay.

Aratog’s latest game, Astro Lords: Oort Cloud was recently launched in the English language and is now available on the North American market as well as the rest of Europe. Due to the widespread launch of Astro Lords: Oort Cloud, it was imperative for Aratog to find a payment service which could offer fast and simple payments. Setup is quick and easy to ensure players can place in-game payments as fast as possible.

You can read the full article HERE

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