With digital finance, fintech, mobile apps, and e-wallets, it feels like a non-stop list of fresh digital payment systems is coming our way. Online payment methods are one of the greatest ingenuities that the internet facilitates. By adapting to the online world and providing a service where people could make secure transactions, the internet proved it was more than fit for purpose. Still, it was best placed to pick up the torch and take our society into a brave new, digital frontier.
It’s the boomer generation to feel sorry for, though. Adapting to the internet, mobile apps, and online payment methods is a steep learning curve, and this is where the element of trust is so important. Of course, the younger generations know how valuable it is that an online payment method provider can maintain and retain the trust of its customer base. Still, for older customers and those who are already slightly skeptical of being online, trust is the number one factor behind their online payment method.
#1 – PayPal
Good old PayPal—and we say old, well, because it’s the oldest. However, PayPal was the first piece of the puzzle, and it played a significant role in engineering a world where online payment methods have battled traditional finance. It has also shown that e-wallets will become the future of online transactions. Starting in the late 1990s, the San Jose-based fintech juggernaut has over 27,000 employees and is available in over 100 countries, which speaks volumes for how it’s viewed on a grander scale.
PayPal has been able to grow its brand trust because it was the first to highlight that online marketplaces like eBay were viable and provided more convenience and choice for those looking to contact sellers directly on the internet.
In addition, they’ve continued working with traditional finance providers, are among the market leaders in security, and have championed ideas that put security at the forefront of their work, such as the PayPal guarantee, which is one of the market-leading fintech ideas that protects both buyers and sellers online who use their service.
As one of the first online payment methods to appeal to the casino industry, PayPal also spearheaded the change in online gambling. It’s now a payment method on thousands of different gambling sites, including traditional providers and more niche, recent emerging contenders like sweepstakes casinos – where users do not need to place real money bets and use in-game currency to browse and play their favorite casino games.
The highest-rated PayPal sweepstakes casinos offer similar to traditional ones, with the likes of https://www.sweepstakescasino.net/payment-methods/paypal/ and their experts detailing where you can find the highest-rated operators who cover this type of service. You can use your PayPal balance to purchase in-game gold coins or redeem voucher prizes. The platforms look the same, and the games play the same. It’s just the method of payment that differs.
#2 – Apple Pay
Unlike PayPal, which had to build its brand from the ground up, Apple Pay has the mammoth name of one of the world’s biggest tech companies behind it. Apple Pay quickly became one of the most trusted methods for online payments because it leaned into the security that Apple iPhones have had since they came to market in 2007.
Instead of having to build its brand and prove over several years that they were as secure as its competition, Apple simply said, look, you can add your e-card to your wallet on your phone; it uses the same security and links to your online banking or whichever leading provider you use.
We’ve made it sound much more straightforward than the mechanics involved in ensuring that billions of devices connected to Apple’s servers remain secure. Although it launched a decade ago, Apple Pay quickly became a big hit. It engineered a change that meant we saw a tsunami of people tapping their phones at pay terminals in grocery stores rather than inserting their cards and PINs.
Current figures show that over half a billion people use Apple Pay globally. This is due to the combination of Apple’s security and the fact that it is far more convenient to get your phone out and scan it rather than carry around a wallet or purse full of different credit cards. If you lose your phone, this statement might not have as much truth. Still, Apple Pay is yet another pioneering invention emerging out of Apple that has resulted in yet another multi-billion dollar arm of their company.
#3 – VISA
Just twenty years ago, it seemed like Visa would be the dominant force in online payments. While they trailblazed right through the 1980s and 1990s, how they had designed their cards, card numbers, expiry, etc., meant that companies could create a facility for customers wanting to use their cards online.
They didn’t need to adapt, unlike cheques, which went from one of the top three payment methods in the 1990s to a method that many companies don’t even provide a facility for anymore. It’s the main route and the most trusted, especially for the older generations who do not particularly wish to use PayPal or their mobile phones as payment methods. They prefer the old-fashioned way, and companies are more than happy to accommodate them.
Final Thoughts
With trillions of dollars worth of transactions taking place on the internet every day, there’s a sustained demand for fintech companies that can highlight some of the inconveniences within the realm of digital finance and alleviate them through innovation.
Cryptocurrencies could be a payment method on this list a decade or so from now. While they’re still on the fringes of online payments and make up a small percentage of the markets where they’re used as a means of transaction, they had a significant breakthrough year in 2024.
Not only has Bitcoin returned to an all-time high, but many crypto enthusiasts cite the blockchain and the immutable ledger that publicly records all transactions as one of the most trustworthy and ironclad ways to create transparency in a world of digital payments. As colossal finance companies and hedge funds get on board with the idea of it being a reliable means of payment – expect to see it utilized more by digital companies and traditional stalwarts and platforms.
