How we pay for things has changed a lot in recent years, with a shift from mainly physical cash to now the majority of transactions being done online electronically. Over time, as technology advanced and people’s needs and requirements changed, so did how we pay for things. Gone are the days of writing someone a cheque or going to the cash machine, with virtually every store and shop having a card reader or some method of online payments.
Whether you’re trying to send a friend some money or paying for goods and services, you’ll pretty much guarantee you’ll be paying for this online.
With online mobile payments now dominating the market in how we pay, it’s only right we look at not only what options you currently have for payments, but what options could become standard in the future.
In this article we’ll be taking a look into the rise of mobile payments and what the most common forms of payments currently in use.
Apple and android pay
Just imagine, you’ve gone out to do your weekly shop, you’ve spent your morning walking around filling up the trolley, everything has been scanned and bagged only to find you’ve left your wallet at home. The thought of having to do all that again once you’ve gone and got it can be heartbreaking.
Luckily, most smartphones now have the capability to use apple or android pay, where your card details are stored on the phone, meaning from a tap of the phone on the card machine and the payment is done. There’s no need to enter your pin or even get your card out as your card is there ready waiting on your phone.
Using Apple Pay has been a lifesaver on numerous occasions, with many times having forgotten my wallet but being able to use my phone to pay. There are no additional costs to this and gives you that backup payment method. The only downside to Apple pay is there is a maximum payment limit per transaction to prevent fraud, however it’s not that often you’ll be spending that much each day!
PayPal
Having seemingly been around for years, PayPal was one of the first online payment portals that allowed you to purchase something online without using your card. Before this, you would have to use your card details, which people were hesitant to do on less secure websites as the fear of their card details being stolen was too much of a risk.
PayPal completely took that worry away, as using PayPal you were taken away from the website and onto PayPal itself where you would log in and confirm the details. Once complete you were sent back to the page where the order would be complete.
It was a much safer way to make payments and is still used for security to this day with millions still choosing this service over using their card details.
Various industries now accept PayPal payments including the casino industry, as many players feel more comfortable using a trusted third party payment provider than sharing their details directly with a casino. Here casinos.com reviews the best PayPal casinos for players to choose from.
Transfer
In the UK, you’re able to simply send money directly from your bank account to another person’s account instantly. However, in the US, there is one more step you need to take. Most US banks don’t allow this, so a third-party app is required such as Venmo or Cash app.
This is still a great way to make payments via your mobile. However, as for example you owe your friend money, you’re able to login and send it directly to their money app, whereas previously you would have either given them a cheque or cash, which they’d then need to take down to their bank to deposit.
Although not as easy as the UK, it’s still a very convenient way to send money to people and completely eliminates any physical money needing to be used.
Tap to send
Following on from transfers, a new feature for iphone users allows tap to send, where if you’re next to someone you input the amount you’re looking to send, hold the phone up to their phone and the money gets directly sent. You don’t even need their details, the phones will do all the work for you and send it directly.
With technology advancing as quickly as it is, there’s no doubt in the next few years a new type of payment method will have taken over, maybe we’ll all be paying for gas and groceries via crypto. One thing is for sure however, the days of cash are long behind us, with less and less people using cash each year and choosing electronic payments instead.
With how easy it is to make electronic payments, what type will we see next?
