Pure Payment Model Introduction & Meaning
The Pure Payment System is a link based payment solution. By using this system, the merchants can make payments through phones and fax machines. This kind of payment system is popular in the hospitality sector in the world. The pure Payment model is useful only for the merchants. It is the first time introduced in hospitality. Due to its certain limitations, it is not a popular payment method.
Pure Payment System Let You
- To make payment easily through the debit card and credit cards.
- Multiple account creation is possible.
- You can deal easily with making payment transactions in different currencies.
- It reduces the chances of MOTO transactions and fraud issues.
- The people can make the payment of their services in their currencies easily.
Why Hybrid E-commerce payment models are gaining popularity?
Many small businesses across the world are struggling to keep up with the pace of the latest technologies. To get the new payments, you can install new hardware systems. Using the hybrid payment systems, you can limit the risk factors.
Introduction to the Hybrid Payment Model
There is a difference between mobile and online payment systems. You have to use the cards for making the payment on the internet. Within time, we have seen rapid growth in mobile payments and mobile devices. Therefore, without using the mobile they can’t make the online payment. By using, the Hybrid online payment models you can do the payment using the Pos in a retail store. Furthermore, you can buy the goods on line and then make the payment too. A hybrid system is the combination of cloud technology and the presence of the hardware stuff. It allows us to make the in-app purchases while downloading the app on the phone. By using the hybrid thing, the details of the debit and credit card remain behind a firewall. Therefore, the hybrid system of payment of more secures one.
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Future Use of the Hybrid Payment System
While making an online payment security system is important. Therefore, the hybrid payment model has an optimistic future. Using this payment system, the merchants and the customers can get a guarantee on the security thing. In the coming days, we can see that the hybrid model will replace the other existing payment models in the business sectors. Apple launched the hybrid payment model Apple Pay for its mobile users during the launch of the iPhone 6. Still, it is not a popular thing now. Apple products are expensive. Therefore, many people cannot afford it. Still, Apple Pay could not make its place in the hybrid payment sector. There are several other options available in the future. People can use these cost-friendly things to pay for their things.
Advantages of Hybrid Payments
Using the AES and the DES systems, your bank and card details are secure.
- MD5 secure key is an applied generated key that came out from the message digest.
- Now, people can easily do bank transactions without worrying about the attacker’s issues. Everything is under safe hands.
What is the difference between Pure and Hybrid Payment Models?
- Using the hybrid payment, you can secure doing the mobile transactions. However, you have to compromise with the security thing using the pure payment system.
- Hybrid is a convenient system to do payments for customers. Still, the pure payment model is only for the merchants working in the hospitality sector.
- While using the mobile phone you can do the payment transaction easily.
- In the pure payment, you should have a VISA and MASTER card with you along with the hardware device.
Garima Mahajan
