Whether in person or online, there are various payment methods that help consumers seamlessly complete their transactions. Gone are the days when you had to roam around in search for an ATM to withdraw cash or look for loose change in your bag to make payments.
Each year comes with its new payment trends, which are an update to the previous year’s payment methods. Technology has advanced tremendously, giving us the gift of seamless payment methods, saving consumers and businesses time. As we are approaching 2024, we should familiarize ourselves with the newest and innovative ways to make payments, which include the following:
1. Digital Wallets
It is likely that the demand for digital wallets will rise in 2024. Digital wallets are online services which offer a practical means of conducting online and in-store transactions. Services like Apple Pay, Samsung Pay, or Google Pay are useful in the exchanging of digital currency units for the desired goods or services.
Some of the benefits of using this payment method include speed, safety and ease of use. The process of transferring and receiving money is sped up and all of this can be done within the app.
2. Cryptocurrency Payments
Cryptocurrencies are continuously growing in their acceptance and use. Although there are some businesses that have not adjusted and adopted cryptocurrencies as a form of payment, 2024 is providing great projections of the spread and use of crypto payments.
Cryptocurrencies such as Bitcoin and Ethereum are useful in making payments in casinos and online sportsbooks. The privacy, security, and accessibility are some of the benefits of using cryptocurrency for deposits and withdrawals. Crypto payments also offer a faster rate of making payments, allowing for more convenience when completing transactions and letting customers enjoy their winnings sooner. Crypto is one of the best ways to make it fast when processing withdrawals from these platforms.
3. Contactless Payments
It is expected that the use of contactless payment methods such as contactless cards and Near Field Communication (NFC) technology will increase even further. These technologies offer a quick and safe way to conduct business without the need for physical contact to make transactions.
Contactless payments allow customers to wave or tap their mobile devices or card over the card reader on the POS system to complete transactions. This payment method provides more convenience to customers and businesses.
4. Biometric Payments
Payment systems may incorporate biometric authentication like fingerprint scanning or facial or voice recognition, improving convenience and security. To use this kind of payment method, customers would need to register for a biometric payment card at the store, then their biometric data will be stored in the stores’ system.
The biometric payment system typically employs two-factor authentication, where the customer enters either their personal identification number (PIN code) as normal and the biometric scanning replaces the swiping of a card.
5. Buy Now, Pay Later (BNPL)
In 2024, the buy now, pay later market is expected to expand, allowing more consumers to shop for goods and pay for them at a later stage. BNPL allows for customers to spread out the cost of expensive items like furniture and electronics into smaller, more manageable payments.
Now you can walk into the store or do some online shopping and find something that sparks your interest and be able to either have it put aside for you or take it home with you on the same day. With this payment method, the cost will be separated into equal installments, and you would only have to make the first payment at check out.
6. Mobile Payments
The use of mobile payments is increasing and becoming more common for people all over the globe. Both small and large businesses can benefit from integrating this payment method as they can reach all their customers wherever they are, which becomes more convenient for the businesses and the customers.
Apart from its contactless aspect, the main benefit of mobile payments is their versatility. The ease of use and the payment speed allows for customers to enjoy their shopping experience and businesses to operate smoothly without having to wait for a long time before they can complete transactions.
7. Instant Payments
Immediate or real time payment methods are becoming more widespread, allowing speedy and effective transactions between consumers and businesses.
Instant payments are more convenient for both consumers and businesses as they allow for payments to reflect in the bank account in approximately 10 seconds or just under a minute. If you have your mobile device on hand, you can quickly log in to your banking app and make payments instantly in no time.
8. Peer to peer Payments
Peer to peer payment methods allow users to transfer money to each other with ease. This payment method is gaining popularity because of how simple and convenient it allows people and businesses to make payments. It’s expected that more than 70% of mobile users will have adopted this payment method by 2025.
Apps such as PayPal and Cash App enable users to transfer and receive money by linking their bank account or cards on their mobile devices. Some apps or providers can charge users a percentage fee for payments, while others provide this service free of charge. It’s popular when splitting bills with friends or making purchases on peer to peer selling platforms like Facebook Marketplace or eBay.
Conclusion
Since innovations and advancements in the payment sector can happen swiftly, it is important to stay informed about the recent and upcoming payment trends at all times. These innovations in payment methods are designed to make the lives of consumers and businesses much easier, offering more convenience, efficiency, and security, allowing people to enjoy their shopping experiences.
