Web payment service


Also found in: Dictionary, Financial.

Web payment service

An online service that manages the transfer of funds from a customer to the merchant of an e-commerce website. The money may come from a prepaid account or credit card stored in a digital wallet in the user's device or stored in the service's datacenter.

Credit Cards and PayPal
In the late 1990s, many people were reluctant to pay for merchandise online via their credit cards. In addition, it was believed that information would be widely sold for a few cents (micropayments) per article. As a result, several payment systems emerged to make online payments more reassuring than credit cards. Most of them have faded or evolved into parts of other financial systems. Today, credit cards are widely used online, and PayPal has also endured with its various money transfer methods. See mobile payment service, PayPal, Bitcoin, Brodia, CyberCash, e-cash, eCharge, InternetCash, iPIN, Qpass, Windows Live ID and 1ClickCharge.
References in periodicals archive ?
Never one to be left out of anything new on the web, BT is also planning to launch a new web payment service called Click&Buy.
A ParkingEye spokesperson said: "ParkingEye is investing in developing bilingual options for Welsh speakers, and along with signs being in Welsh and English, we have introduced a bilingual payment line and web payment service.
While speaking on the occasion, Mohamed Essa Al-Taheri said, PTCL online web payment service is a testament to the company s relentless pursuit to provide convenience to its customers while introducing state- of- the- art value added services.