Online shopping is nothing unusual these days. Fashion, accessories, even groceries and furniture can now be ordered and paid for online and delivered directly to your doorstep. This method of shopping is certainly convenient, but many people are too willing to share their bank details and give little thought to what might happen to this data when used on the internet.
Shopping online, net banking, and online gambling – in short, any website where users disclose their bank details – are popular targets for fraud. Therefore, when paying online, you must protect your data just as you would protect your wallet when out and about.
Anonymous Online Payments are Slowly Increasing
When boomers talk about their fear that the internet could steal their data, many people roll their eyes. But they are not entirely wrong. The importance of data protection is often underestimated and downplayed, especially by corporate websites that want to encourage their customers to make purchases. As a customer, however, it is important to be aware of the dangers and not to recklessly decide to buy that requires the disclosure of sensitive data.
With the rise of online services, cyberattacks and data breaches are also becoming more frequent. For this reason, users are slowly becoming more cautious and looking for options to make their online payments anonymously. Privacy is another reason why some people prefer to remain anonymous online. Firstly, because it is nobody else’s business what they spend their money on, and secondly, because online payments can be tracked and exploited for personalized advertising.
Common Anonymous Payment Options
Nowadays, there are many ways to pay securely online and protect your data:
- Vouchers: Users can exchange cash online for vouchers or prepaid codes. To do this, they must first select CashToCode as their payment method on the website where they wish to make a purchase. They will then receive a unique barcode that they can redeem at a nearby branch or kiosk and use to top up their cash balance. This is a popular payment method for online gambling in particular, as it allows users to remain anonymous. In designated CashToCodeCasinos, these barcodes can then be used instead of a credit card, leaving no trace on the internet and avoiding exposure to cyberattacks.
- Prepaid credit and debit cards: These work similarly to CashToCode. Prepaid cards can likewise be loaded with cash, often at shops, gas stations, or kiosks. For online payments, prepaid cards function just like regular credit cards, with the difference that no identity check is necessary.
- Crypto payments: Cryptocurrencies go one step further and enable payments without banks. Of course, this requires familiarity with at least one cryptocurrency and some investment (with real money). Although payments with crypto are not completely anonymous, they are much more secure compared to traditional bank payments, as every transaction is stored on the blockchain, where it is immutable and transparent. This makes a cyberattack very unlikely. Nevertheless, it is important to note that cryptocurrencies are highly volatile, and their value can fluctuate significantly.
Who Pays Online?
A survey by NMI revealed what consumers really value: seamless transactions. Especially for Gen Z and millennials, hassle-free in-app payments are more important than anonymity. In fact, 64% of respondents embrace biometric authentication such as Face ID or fingerprints, while 59% believe that smooth transactions are the top priority.
This means that certain groups still lack awareness of cybersecurity and its consequences when shopping online. Younger generations are responsible for most purchases and are therefore the most important customers. Parents with children under the age of 25 are also increasingly reporting that they prefer online purchases via apps to visiting a store to save time.
For businesses, this means that they have to work even harder to protect their customers who take little responsibility themselves. Offering anonymous payment methods is part of best practice. These are not only convenient for the user, since identity checks often slow down the sales process, but also ensure the necessary data protection.
Even though it is beneficial for companies to know and track their customers’ consumption behavior in order to send targeted offers, they are playing with fire: platforms where money is traded are prime targets for attacks. When user data is leaked, it damages both the customer and the company, as it undermines trust and reputation. To maintain a positive image, anonymous payment options are therefore more valuable than knowing consumer behavior.
Safe Payments in the Future
A study on consumer payment habits found that the number of people paying with cash has declined from 87 percent of consumers in 2023 to 83 percent in 2024.
Due to the convenience and increasing prevalence of online payment methods and their acceptance, this figure is set to rise in the future. However, in order to ensure consumer protection for online payments, companies must provide trustworthy and anonymous payment methods. This is the only way to guarantee customer satisfaction and, in turn, a strong annual turnover.
