Top New Payment Options to Consider


Just a few years ago, the major question regarding payment was, “Cash or credit?” Today, the question is a bit more complicated. Consumers are utilizing more than just cash, checks, credit cards and debit cards. They now use a number of different smartphone apps and digital expense options to pay for products and services nationwide. Here are some of the top new payment options to consider if you plan on entering the digital age of capitalism.

Payment apps and services

According to Eran Feinstein of Business.com, nearly 90 percent of millennials own a smartphone and utilize it throughout the day. It should then come as no surprise that payment app usage is on the rise. In fact, smartphones are so pervasive throughout the consumer community that the payment service Venmo is phasing out its web-based service entirely and is going all mobile.

For those with Apple products, Apple Pay offers an alternative way to pay for everyday purchases. David Phelan of Forbes notes that individuals who purchase Apple products are encouraged to sign up for Apple Pay for free, immediately after their iPhone or iPad is set up. Apple rivals Samsung and Google were quick to follow with their own payment services.

Social media payment methods

Feinstein noted that five out of six millennial consumers connect to companies through social media, creating an environment where social media can be used to potentially pay for products. Many of these platforms have already introduced such services. SnapChat released SnapCash, which allows users to transfer money to another user of the app. Pinterest, long used to advertise custom crafts and other goods, is taking advantage of this market opportunity to sell the aforementioned products. The “action buttons” allow for the purchase of a product directly through the Pinterest website.

Cryptocurrencies

It’s likely you’ve heard of Bitcoin, the cryptocurrency that grew immensely in value in late 2017 and was in almost every headline. While early adopters of Bitcoin were rewarded for their initial investment, Feinstein warns that cryptocurrencies are not currently being regulated by the majority of governments. While the currency is borderless in nature, it is also highly volatile, as displayed by its severe decline in value not long after its growth. Nevertheless, Bitcoin and other cryptocurrencies may be a prototype for how currency will operate in the future. With an increasing amount of purchases taking place over the internet, digital currencies might be the most efficient way to pay for transactions.

Payments with cash, card or check are not nearly as ubiquitous in the current consumer market. As more consumers complete digital purchases, they will likely turn to these new digital payment methods at an increasing rate.

 

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