For the past few years, the way people have paid for goods and services has been steadily changing. Cheques were the big new way of paying for things without money in the past, but they were seen as easy to forge and not reliable. These days, there is now a myriad of payment options available to consumers and new ones are being developed. Here are some of the payment methods making an impact in 2018.
Credit and Debit Cards
Although credit and debit cards have been around for years, their use is still as popular as ever. The development of tap and pay a few years ago, made using cards even more convenient, and some have said, more secure. With online shopping now becoming more popular than going to the store, cards are a vital part of everyday life. The number of stores and other places that are using cards has also increased. Many public transport systems now allow you to use your cards to pay for travel including single trips.
Tap and Pay
As mentioned earlier, tap and pay has made paying with credit and debit cards a whole lot easier and faster. However, the technology has become even more convenient for those with Android and iPhones. Google Pay and Apple Pay were developed to use the phones NFC or Near Field Communication chip to pay for goods or services simply by tapping the phone on the payment terminal. It means you don’t even need to have your cards with you when you go out somewhere. Because many phones now have fingerprint security as well, it makes unauthorized use less common and potentially even safer than having your card in your wallet.
The newest currency to hit the high streets and online businesses, bitcoins or btc is rapidly becoming a more acceptable form of payment. Many large organizations are looking at accepting this online currency as payment for goods and services. All you need is a mobile phone app or an online wallet to keep your bitcoins in, and you are ready to buy and sell goods. Many of the people who buy BTC are also looking for more places to use them, so any business that accepts them will be a popular choice.
Using E-wallets is fast becoming a popular way to pay for goods, and many companies are developing their own ways of using them. The most well-known company to use E-wallets is PayPal, and they are now accepted as a form of payment almost anywhere, especially online. Companies such as coffee shops, restaurants, and public transport are also using them as a way to make paying for items easier for their customers. You can top the wallet up and keep it for when you want something and don’t have money.
Technology has changed the way everyone deals with money. For many people, they don’t have to handle physical money anymore, because of the technology on their phones.