As our day to day is moving increasingly online much of the infrastructure and tech that supports the change is often underappreciated – one of the most important changes that have come to the online space have been within the different types of online payment methods that are offered, but how are digital payment options not only changing the online space but also changing payment options as a whole?
Rise of eWallets and other payment options – Perhaps the most impactful change has been within the rise of eWallets as the priority forms of payment – PayPal is certainly the most widely used and the biggest but has started to quickly be overtaken by the likes of Amazon Pay which has been well integrated into different online spaces, especially as the servers that run many different online platforms powered by Amazon AWS have an easy option to integrate it. These have become increasingly important for more independent services too, online gaming options available here for example make growing use of eWallets as a safe and secure payment option for not only deposits and payments, but also for withdrawals for those looking to pay-out the winners too.
Crypto’s increasing popularity – Alongside the digital options offered by eWallet, crypto has also started to find its home in the online space too as it had been the primary use for a longer period of time – whilst there’s still uncertainty around the best possible uses and how widespread the use will be, larger organisations are starting to pick up crypto as a payment option. The most popular are certainly within Bitcoin and Ethereum, with smaller options like Dogecoin starting to gain some traction, and even being an being proposed with links to Tesla too. Many also predict that crypto could become the future of online payment, overtaking many of the more popular options once it becomes more accessible to a wider audience.
Typical credit and debit still hold at the top – Despite the success in the different spaces for eWallets, Crypto, and the many other options available, the traditional credit and debit options still sit firmly at the top of the list for not only the safest and most secure payment options but also as the most popular too – whilst the gap is closing this will likely be the payment method that eeks its way to the top of the list for quite some time yet, but will quickly be challenged by the growing eWallet options as they’re used offline too.
The same changing tech for the online space has been the same that has powered newer opportunities in the likes of contactless payment too, and so the big changes that come to the online space will likely move to other spaces too.