We are slowly but surely walking into the world of virtual money and contactless payments — a place where cash might cease to exist. While there are still conflicting opinions on this subject, we will mainly focus on the rapid growth of digital payments in the online world.
Making payments online has never been more convenient. People find it easier to use e-wallets when shopping online for clothes or booking plane tickets for a vacation. Digital payment options have made their way into the iGaming industry as well. For instance, casino players can now easily fund their accounts and use the money to try out new online poker combinations.
Some of the benefits of using digital payment methods include increased security, seamless and fast global transactions, and low payment fees, among others. If you’re planning on switching to a digital wallet, we’ve compiled a list of the best ones. Below, you can read more about every digital payment option, and choose the one that works for you.
PayPal
Without a doubt, PayPal is the best-known digital payment method used by millions of people worldwide. Ever since its appearance in 1998, PayPal entirely changed our perspective of digital payment systems and revolutionised online transactions across all business sectors.
E-commerce still recognises PayPal as one of the safest online payment options with top-notch security systems in place. With a neat website and a mobile app created by top-notch developers, PayPal is a convenient and easily accessible digital wallet. PayPal users can make online transactions up to £10,000 at once. If you worry that setting up your account is complicated, we’re here to tell you otherwise — all you need to do is link your bank account to PayPal and you’ll be good to go.
One downside we would mention is that the transaction fees apply when you’re making instant transfers, international sales or using your debit or credit card.
Skrill
Some refer to Skrill as a perfect alternative to PayPal. It’s a virtual wallet that allows its users to make and receive payments worldwide. Skrill accepts over 40 different currencies, and it’s one of the leading wallets used in e-commerce. Additionally, the company specialises in anti-fraud technology, making every payment perfectly safe.
If you opt for Skrill, you can receive a prepaid Mastercard for a low price. Furthermore, the global transactions don’t have such a high transaction fee, so you can make international payments without them affecting your bankroll.
Skrill also has an exciting referral feature — if you refer a friend, Skrill will give you 10% of the fees they generate from other payments for a whole year. Finally, users can also choose a cryptocurrency Skrill wallet, which is one of the newest additions introduced by this digital payment method.
Square Cash
Unlike some of its competitors, Square Cash is a peer-to-peer payment option that allows its users to register quickly and link their bank accounts or debit cards. Furthermore, all users can make transactions for free. However, if they opt for a credit card, they can make transactions for a standard fee.
However, the main feature that attracts business owners is the magstripe reader. It allows users to swipe their credit cards for a lower fee of 2,75%, compared to the standard 3% fee. Furthermore, via Square Cash, you can send electronic invoices and receive payments.
Additionally, Square Cash App users can activate discounts, known as ‘cash boosts’, which help them save money. Available to users in the UK, Square Cash App can also be used to sell or buy Bitcoin, which gives it a slight advantage compared to other digital payment options.
Bitcoin
This trend has taken the world by storm the moment it first appeared. Cryptocurrencies have changed the game, and now, all tech-savvy users are looking to invest in Bitcoin and use it as their primary payment option. The great thing about this is that more and more businesses are starting to support crypto payments.
Bitcoin comes with its own set of benefits, including user anonymity, cutting-edge security measures, and super low transaction fees. One of the main reasons people choose Bitcoin is that no regulatory bodies are controlling it.
Each Bitcoin payment is processed via a set of private networks, meaning your bank won’t interfere with transactions. Bitcoin is attracting millions of people worldwide, and we believe its popularity will only continue to grow.
Apple Pay
Apple has introduced another feature that comes along with your iOS device — Apple Pay. Launched in 2014 in the US, and in 2015 in the UK, Apple Pay already counts millions of users. If you’re searching for more secure and fast transactions, this app might be the solution. With the innovative touch ID payment confirmation, you can make payments with just a few taps.
With Apple Pay, you can make or receive payments from your friends and family by ordering them via iMessage or by asking Siri. It’s one of the most advanced digital payment apps that has been the leader among the online payment options.
Some will say Apple Pay is safer to use even than credit cards as it supports contactless payments, and merchants can’t get your card information. If debit or credit cards are involved, Apple Pay won’t keep the transaction details.
With this app, you won’t even need to carry your wallet and risk it being stolen — everything you need will be on your mobile device.
Conclusion
While some are still trying to reconcile cash and digital payments, others are already moving forward by switching to contactless e-payments. One of the main characteristics of digital payment systems is their convenience. No matter if you’re making a payment or receiving money, it will all be done in a matter of seconds.
In terms of business, digital wallets improve revenue and offer the possibility of additional business growth. Generally speaking, e-wallets and mobile payment apps have extra security and provide easier transactions.
There is no denying that e-commerce will expand, and the need for the advanced digital payment options will continue to grow. However, it’s up to you to choose the one that makes your transactions more comfortable and convenient.