Beyond cash and cards: A look at modern payment methods

New payment methods have been on the rise in recent years, making payments faster, more convenient, and importantly, more secure

THERE ARE TIMES in our lives when technology advances to such a degree that it changes the way we do things in our day-to-day lives. Cash is becoming increasingly less popular as a payment option, with many choosing alternative methods for convenience and safety’s sake. With this ever-evolving landscape changing, it’s a good idea to familiarise ourselves with some of the most popular methods. 

Mobile Wallets: Tap and Go

Mobile wallets such as Apple Pay, Google Wallet, and Samsung Pay have become absolute staples in our lives. These digital wallets store credit and debit card information, allowing users to make contactless payments by simply tapping their smartphones on a payment terminal. Out of all the modern payment options, this one has truly become one of the most universally used amongst the ages – no doubt thanks to its ease of use and setup. 

E-Checks: The Digital Evolution of Paper Checks

While physical checks may seem like a thing of the past, their digital counterpart—e-checks—are still going strong. E-checks allow users to make payments directly from their bank accounts by electronically transferring their funds. While they’re often used for larger and business-to-business transactions, some industries adopted their use and allow users to pay with e-check, such as iGaming and real estate. With added layers of security thanks to encryption and authentication – they provide a reliable, paperless option that blends the familiarity of time-old checks with the convenience of modern technology.

Cryptocurrencies: The Future or Just a Fad?

Cryptocurrencies like Bitcoin and Ethereum have caused quite a storm in our financial structure. While they are still in their early stages, the debate rages on whether they are actually more beneficial than their risk and whether they’ll simply become a fad. That being said, cryptocurrencies with their decentralized, secure, and borderless structure have the potential to revolutionize the financial sector. Something which has been limiting their widespread adoption has been their overall volatility and regulatory challenges.

Biometric Payments Paying with a Smile

Biometric payment methods, like facial recognition and fingerprint scanning, are becoming increasingly common, especially with younger generations. Due to the very nature of how this technology works, they are extremely secure ways to authenticate transactions. While they are remarkably difficult to replicate, you often get an additional layer of security as it is used in conjunction with some of the other payment methods mentioned here.

Contactless Cards: A Crowd Favourite

The one that started the revolution – the contactless cards. For years, the only way to make a payment was either to enter your PIN in the terminal or sign your transaction, which took quite a bit longer than the comfortable tap we’ve grown accustomed to. It’s undoubtedly become a staple in many countries and its main features are its speed and convenience.

The Impact of Modern Payment Methods

Needless to say, payment advancements have been on the rise in recent years and they have improved the quality and ease of our everyday lives in many ways. These methods have made payments faster, more convenient, and importantly, more secure. Additionally, on a wider scope, they have enabled businesses to become faster and spurred innovation and advancements in the field. While we must be cautious and ensure proper installation/use of these new technologies – staying aware of this changing landscape can help reduce any potential dangers that may arise from this shift.