Looking At The Latest Trends In Payment Methods
The way we pay for goods and services has changed a lot in recent years. It’s not all about cash and cards anymore. Technology has brought about many new ways to us to make purchases and transactions.
Consumers have many choices when it comes to storing their money and paying. Stores and businesses also offer plenty of ways to pay. It’s interesting to take a look at all the recent changes in payment methods. Here are some of the latest trends in payments.
Mobile Payments
For a lot of people, their smartphone is a multi-functional device that comes in handy in many aspects of daily life. As well as being used for communicating with people and entertainment, people also use their phones for payments.
Mobile payment methods have become a growing trend- especially this year. The Android Pay service is quickly growing in popularity. It allows people to make fast purchases with their mobile wallet. Apple Pay is a similar service for Apple products such as iPhones. Some stores are even making their own payment apps, such as Walmart Pay.
Of course, you can also use online payment services such as PayPal and Skrill from your mobile phone. These make payments fast and easy. It seems likely that things like debit and credit cards may be unnecessary in the future, thanks to the use of mobile payments.
Fast Card Readers
Credit and debit card payments are still popular. But the way stores are handling them is changing. New card readers make payments quicker and easier.
NFC card readers speed up service for many stores and businesses. They allow people to make fast payments by just swiping their card. NFC readers are also compatible with some forms of mobile payments.
Businesses can even take card payments from their phones nowadays. Thanks to mobile credit card processing gadgets, companies can take fast payments with a smartphone. It also comes in handy for remote workers or freelancers who visit clients.
It’s now quicker than ever to both make and receive card payments. Cash is quickly going out of fashion with bank payments being faster. Albeit, there are some security concerns with contactless payments.
Virtual Currencies
It’s been fascinating to watch how virtual currencies or “cryptocurrencies” have developed. The most popular, of course, is Bitcoins. Despite constant fluctuations in value, the price of Bitcoins has grown by 122% this year to $1000.
It’s an unregulated and decentralized form of virtual currency you can use for real transactions. A lot of companies accept Bitcoins the same way they’d take regular money. Even large businesses like electronics store Newegg and travel booking site Cheapair accept Bitcoins.
There are also other cryptocurrencies gaining traction. They may not be as practical, due to companies not taking them for transactions. However, people often invest in these, seeing that they may rise in value in the future.
Online Payments
Businesses often do most of their work online now. Social media and websites are essential tools for all companies. What’s more, easy-to-use ecommerce software makes it easy to take transactions online.
Shopping online has become a large business. People can use all kinds of payment methods through online stores. There’s also some added security, as every transaction will be recorded in their accounts.
Online payments only look set to rise- especially with new payment methods being primarily digital.