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There’s no doubt that the internet has revolutionized our lives. It’s been over 25 years since we all began adopting internet use into our daily lives.
This meant new opportunities for businesses, some of which did not exist before. The role of an influencer would not exist were it not for the internet, as well as digital marketers.
It’s true that going online has been a huge boost for certain industries. They have more reach than ever before, and some services make it easier for other online businesses to run.
People can now buy almost anything online, including:
- Household goods
- Books and magazines
In the first decade of selling online, retail sales over the internet exploded – going up 5,000% in record time.
Of course, people need a secure way to pay for these items. That has benefitted one sector in particular – the finance and payments industry.
It was even complicated to accept credit card payments for some websites in the 2000s. After all, who wanted to put their details into an unknown website, not knowing who had access?
What if you had no credit card? Now, these issues are quickly being resolved by fintech companies.
What Are Digital Payments?
Even if you’re not familiar with the term, you probably know the methods. You’ve seen people pay a bill with their phone or even their watch.
In short, digital payment is one that uses the internet as the means of transfer. The payer and payee usually receive the money digitally too, although this is not always necessary.
In societies where cash payments are becoming rare, new digital platforms and easy ways to pay are evolving.
The big names in the digital payments industry right now are:
- Apple Pay
- Amazon Pay
- Google Pay
So, the trend has transformed the finance industry, as everyone wants to offer a way of paying digitally.
Why Do People Choose Digital Payments?
For most people, it’s convenience that has made them switch to paying digitally. If you don’t need to go and withdraw cash, you save time.
Now, you simply have to open an app, or even scan a QR code on your phone to pay. It is this simplicity that has made digital payments grow.
Wearable technology now allows you to pay digitally too. You don’t even have to carry your phone when you’re out for a run!
For businesses, offering customers that choice and ease is a high priority. However, they also need to reassure customers that their money and details are safe.
New technological innovations have made this possible. It is most evident in the use of smartphones as payment machines, something we couldn’t have dreamed of 20 years ago.
It all began with purchasing cinema tickets via mobile phone in 1999, now when you:
- Order your morning latte
- Grab sushi from your local neighborhood eatery
- Buy new boots on the high street
- Get new tires for your car
- Purchase your monthly train ticket
It’s likely that all of these in-person transactions will have happened with a tap from your mobile phone.
Businesses in every industry, from auto to pharmaceutical, are encouraging customers to use digital payments. Now larger retailers offer their own products, providing local coupons for customers to use digitally.
Are Digital Payments Safe?
An important point to note here is that all of these payments are more secure than ever. In most cases, the data is held on the mobile device, not the retailer’s, which is better for the customer.
Safety is as much a concern for each industry as it is for consumers. The gambling industry in particular has been a pioneer in offering digital payment options to customers. This has been a priority for them to ensure they are offering their players a safe, secure, and protected gaming environment.
For many years, different gambling sites have allowed customers to top up their accounts via different methods:
- Bank transfer
- Credit or debit cards
- Bitcoin (certain sites only)
Many casino providers now accept Paysafecards, which were originally developed specifically for the industry, allowing players to control what they spend. Since their creation in 2000, they have evolved to become more intuitive so there is no lengthy sign-up process.
Using the card also gives players access to great bonuses and promotions that aren’t available elsewhere. The following features make it a good choice:
- Mobile compatible – great for gaming on the go
- Can be purchased online
- Accepted at most major British casino sites
- Have no additional fees
- Secure – your banking details are never shared with the site
It’s all about fun and ease for the customer.
Switching To Digital Payments
As this market is expected to grow by nearly 13% every year, digital payments will take over. The businesses that don’t offer digital payment options will fall behind.
It’s expected that new innovations in technology will make paying digitally even easier to set up. Payment will become so seamless as to be almost imperceptible.
Facial recognition payment (FRP) is already becoming popular in China. This involves:
- Registering your bank details
- Uploading a selfie
on an app, but then you only need to look at the camera in-store! Some users feel more comfortable with a secondary validation, such as a PIN, though it’s likely FRP will grow.
This will also help people bank from home, removing the need to visit a branch at all.
Digital payments are certainly here to stay, and with the incorporation of bitcoin, people will find new methods to pay. Regulation and security measures are constantly being improved in line with technology, making digital the way forward for everyone globally.