There are a whole world of payment systems out there!

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Have you ever wondered what the differences are in how payment systems work?

With digital currencies constantly changing and evolving we feel it is still important to keep your feet on the ground and show you a core understanding in how these 8 key currency systems work in how they handle cash and online payments.

 

Physical Cash
Putting cash in and taking cash out of the bank is still a requirement, but due to the increase in money laundering Banks can insist on information from you as to where the cash originated from.

microexpert how it works physical cash

PayPal
PayPal is a worldwide online payments system and is also designed to support online money transfers.

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Mondex
Mondex was a smart card electronic cash system designed to replace coins for small transactions.

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MintChip
Mintchip is a digital currency platform designed to facilitate the exchange of value between consumers and merchants in real-time.

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Bitcoin
Bitcoin is a peer-to-peer cryptocurrency system that implements the Blockchain technology.

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MPESA
MPESA is a mobile money digital wallet initially created for Kenya giving you total access from your mobile phone.

microexpert how it works mpesa

TIBADO
TIBADO is a digital cash system that emulates digital coins that can be easily transferred or shared and having no registration and transfer fees between transactions.

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DigiCash
DigiCash was the first electronic payment system that involved crypto tools in making online transactions anonymous.

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As with all these payment systems security considerations have become the largest issue, and what exists in the physical and digital world become constant challenges in the form of threats, vulnerabilities and attacks.

The bottom line question should you be asking yourself is how safe are your payment methods?

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