Finance

Understanding and Exploiting Modern Payment Methods

Innovations in technology have led to the development of alternative payment methods both online and in stores. Some retailers and services have stopped taking cash altogether, so if you haven’t caught up with the newer methods of payment, you might find you’re stuck when you next need to pay for parking! There are pros and cons to all payment methods, old and new. Carrying cash may eliminate the problem of online hackers stealing your money, but there are still plenty of pick-pockets roaming the streets. The best approach is to have an understanding of modern payment methods, so you can select the one that works best for you in any given situation.

Exploiting Modern Payment Methods

Contactless card payments

New credit and debit cards come with contactless technology, which means you can use the card instantly without having to enter your PIN into the machine. It makes the purchase of smaller items far easier, as all you have to do is press the card to the machine’s screen and payment is completed. Several myths grew upon the introduction of contactless cards, but statistics gathered on their use shows contactless is a safe way to pay. The only way a thief could use your card details would be to have the card in their possession, and if this should occur any losses would be covered by your card provider. The next step along this path is the use of mobile technology such as Apple Pay. This allows you to use your smartphone to make payments, avoiding the need to carry a card at all as the details are securely stored on your phone.

Cryptocurrencies

You may have heard of Bitcoin or one of the increasing number of alternative currencies on the market, but not be aware that you can use them just like standard cash at some locations. Most of the news and information you read online about Bitcoin involves the trading aspect – using cryptocurrencies as an investment. However, there is an increasing number of retail outlets and service providers who will accept these currencies, so it could be a viable alternative for your spending needs. If you don’t know much about cryptocurrencies, find out more and learn how and where to buy Bitcoin by visiting a reputable broker’s website.

PayPal and other online payment systems

PayPal makes online shopping a lot easier and quicker, allowing you to pay almost instantly for what you’ve bought rather than having to fill in personal details and all the information from your credit card. Much like the Apple pay option in stores, PayPal securely stores all your information and deals with your transactions; you just need to enter one username and password to enable a PayPal transaction. Even this step can be avoided if you have an automatic sign-in enabled on your device.

These examples of modern payment methods illustrate how technology is moving things forward, and as a consumer, you need to be aware of these new methods and how to use them. They do offer advantages, and in most cases, your payments are protected, so you will, in fact, be more secure in the long run.