If you’re the kind of person who does a lot of online shopping, you may be interested in exploring some different methods of payment. Technology has come a long way in recent years, and customers are no longer restricted to paying with a credit card or debit card linked to their bank account. Successful systems such as PayPal and Apple Pay are still very much in demand, but have also paved the way for innovative methods such as bitcoin wallets, paying by phone, and instant transactions within social media apps.
PayPal is one of the oldest and most successful forms of conducting online transactions, and the American-owned electronic payment system is now worth $49.5 billion. This is more than Netflix, eBay, and Twitter, and highlights just how much of a hold the company has on the payment market. PayPal started off acting as a third party between eBay customers, which helped it make a name for itself as the trading website was hugely popular in the 2000s. PayPal thrived because customers could make swift payments without having to trust strangers with their bank details. The worldwide popularity of the transaction system, which operates in 30 currencies across 190 nations, inspired other companies to create their own modern payment methods for the internet.
For people who don’t want to trust a third party like PayPal with their hard-earned funds, some businesses are now offering their customers the chance to pay by phone. This means that transactions will appear on a customer’s phone bill in an easy-to-navigate, itemised list.
As online casinos seek ways to attract wider audiences, British company mFortune became the original phone casino. Customers can simply tap the ‘phone bill’ option in the banking section of their account to deposit £3, £5, or £10. Players then receive an SMS confirmation that their transaction has been processed. Some players think this is the most convenient way to pay for things, as there is no need to key in card details and the money is instantly credited to the gaming account.
A similar way of paying like this would be by using a bitcoin wallet, but rather than use traditional currency you would have to buy the e-currency first. The rise of the currency to an all-time high of $2,000 this year shows how a lot of people are seeing the benefits of using this growing internet payment method. It is fast, secure, and can be done from anywhere in the world. Bitcoin is also, arguably, a safer way of storing funds because it isn’t subject to volatile variations in exchange rates like the dollar and the British Pound.
The main objective of these modern payment methods is to make sure that transactions are safe and secure, but customers appreciate them to be swift and cheap as well. Did you know that now you can even send money to friends instantly on Facebook using the Messenger app? The multiple payment systems in place now enable people to really choose the best one to suit their needs.