Trends in payment card acceptance on the Internet

Abstract

Abstract:The development of information and telecommunication technologies corresponds directly to an increase in the Internet application in modern banking and commerce. Acceptance of payment cards on the Internet is increasing, the aim being to enable safe and secure way of non-cash payment for goods and services purchased by means of payment cards. Banks and commercial companies have a shared interest in increasing their volume of business by developing a variety of options for payment card acceptance on the Internet, enhancing their clients'/buyers' satisfaction, increasing speed and security of transactions, lowering their operational costs and increasing profit margins. In order to follow trends in payment card acceptance on the Internet in the world, and in Serbia, as well, it is necessary to analyse consumer trends in that particular market, potential and capacity of the market, as well as the Internet infrastructure of the same market. For this purpose, segmentation of a potential market for payment card acceptance on the Internet is analysed, market conquering strategies are studied and ways for overcoming barriers hampering the growth of this method of payment are devised.