There was once a time when cash was king, as the slogan went, but that continues to be less and less true as the world — technology, namely — evolves.
More and more companies are going cashless, as the ease of use and accessibility are huge selling points for them. Customers simply don’t have the time to waste no wait in line while cashiers or whomever sit and attempt to count out change. Instead, chip and card readers continue to increase in popularity, to help combat that issue. Nowadays, customers need not to carry cash, as they can use credit cards, or even their cell phone, to pay for items and services.
And it’s helped them from a security aspect as well. Having a wallet or purse packed with a wad of cash can be noticeable, and can put people at risk. It’s one of the first warning signs potential robbers look for when targeting a poor individual. Allowing them to simply carry a card or a phone increases their chances of being safe and secure.
Those are a few benefits to going cashless in peoples’ daily lives, but they apply to online transactions as well. Not only that, the Internet and technology have opened doors for online payment methods. In fact, there are far more used online than in person, due to an increase of payment processors.
So what are the most popular payment methods that are commonly used online?
Well, there are many. Obviously, the first one that comes to mind is the most-used, and also the oldest. Credit (or debit) cards are a simple and popular online payment method, as all that’s needed is a number and expiration date, and credit card payments on casinos can be completed with ease.
There are also ACH — Automated Clearing House — transactions, so people can move money out of their bank in the form of an e-check, rather than resorting to a wire transfer or something of that regard, which could result in high transaction fees. Avoiding paying these steep fees, and ease of use, make ACH transactions popular.
The newest payment method rapidly increasing in popularity is cryptocurrency. This payment method using blockchain payments such as Bitcoin, Ethereum and others — completely removing the need for banks to be involved. That’s what makes it so powerful, and while it’s still not widely accepted, it continues to increase in use.
The Internet has opened the door for online payments, and the future is bright.