Modern consumers expect convenience and speed when carrying out transactions and the most popular payment methods reflect this.
In-person transactions have seen a rapid swing towards contactless payments due to the simplicity of ‘tap and go’ systems.
While all online payments are, in effect, contactless, many payment providers strive to improve systems to offer the same level of convenience and speed without jeopardising safety.
The payment methods listed below are set to grow in popularity over the course of 2024 because of the benefits they offer consumers.
Cryptocurrencies
Cryptocurrencies aren’t new, but they are becoming more widely accepted. Many big brands are starting to accept the more widely used cryptocurrencies including Starbucks, The Home Depot, and Microsoft.
The betting industry in particular has embraced crypto users and many operators now accept a variety of currencies.
Bitcoin, Ethereum, Tether USDt, and Ripple casino options are now available, making it easier for players to explore international betting sites without the time and expense of dealing with traditional currency exchange rates.
The additional level of security that crypto offers its users is down to public blockchain ledgers that detail the transactions being made. Blockchain technology also makes it extremely difficult for hackers to gain access.
BNPL
Buy now pay later is a system that allows consumers to break purchases up into more manageable amounts.
Some systems offer terms over a set period where the customer has to pay back a minimum amount on a pre-determined date, with others simply breaking purchases down into three or four equal payments.
This payment system has long been in place with online retailers and catalogs, but more and more businesses are starting to see the benefits.
Third-party companies, credit companies, and digital payment systems also offer this to customers who want to enjoy the benefits with businesses that don’t offer the service directly.
Many BNPL providers also offer 0% interest on agreed terms, with consumers only facing additional costs if they go over their agreed payment terms.
A2A
Account-to-account payments cut out middlemen and allow consumers to pay for services directly from bank accounts. Mobile apps have made this process significantly more convenient for users and this is a popular payment method for many.
The benefits of A2A payments include robust security, quick settlements, and reduced charges or fees.
Digital payment systems
Digital payment systems are a staple part of most people’s financial transactions with most online businesses accepting payments via popular platforms including PayPal, Apple Pay, Google Pay, and Venmo.
Digital payment systems act as an intermediary between bank accounts and the people or businesses that consumers want to send money to. The likes of PayPal allow users to hold traditional and digital currencies or link bank accounts for convenience.
Simple payment systems using mobile devices allow users to enjoy contact-free or one-click purchases.
Multi-factor authentication and biometric authentication are in place for many digital payment systems, which help to protect accounts and personal information.
Facial recognition, fingerprint technology, text or email authentication, and other systems are in place to minimise the risk of fraud and identity theft.
Conclusion
2024 is set to continue with fast and convenient payment systems for online and in-person transactions.
The rapid rate of technological development will help to streamline processes with banks and digital payment systems offering high quality services.
As payment methods develop, so do the sophisticated ways that cybercriminals attempt to access accounts and data. As well as developing payment systems, the development of security protocols will also improve.
The flexibility of decentralised cryptocurrencies offers consumers considerable levels of convenience, especially when dealing with international companies.
While the crypto market will always have a level of volatility, its reputation and use have been growing and look set to continue to do so into 2024 and beyond.
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