The world as we know it is constantly undergoing change. Society is evolving faster than we can keep up with.
New and emerging online payment options
The growing influence of Artificial Intelligence is further accelerating the digital movement that is currently engulfing society.
But despite all the changes going on around us, there is one constant that will always remain a key fixture of life: paying for things.
The world is currently in a transitional flux between the use of cash and contactless payments.
But while society makes its mind up over which version of payment it prefers, there are new and innovative online payment methods and currencies emerging in the financial shadows that are beginning to gain greater influence in the world.
Cryptocurrency is becoming an increasingly used buzzword with more people around the world gaining a greater understanding of the digital currency and how it works.
However, despite the impact cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Dogecoin have already made, there is still a trust boundary to be overcome.
Perhaps the concept of an intangible currency is not fully convincing people to invest in and use it.
But although there is a reluctance and slow acceptance of cryptocurrency, the blockchain-driven currency is continuing to establish its presence on online platforms.
Cryptocurrency thriving in the online domain
The rise of cryptocurrency is no coincidence.
With the world becoming more digitalised, it is only natural that entities with a digital DNA will begin to thrive.
Cryptocurrencies are able to ride the digital wave so easily due to the fact it is a currency that consists entirely of a digital infrastructure.
The blockchain technology that powers cryptocurrencies are a digital ledger that consists of blocks of information that form a chain.
These blocks are secure and completely transparent and perhaps most importantly, are decentralised.
This means that third parties do not have to verify transactions which often leads to delays in transfers.
One of the main advantages of cryptocurrency is the speed of transfer.
With transactions that can be made instantaneously, it is no surprise that more online businesses are beginning to incorporate cryptocurrency onto their platforms.
Even QR codes are used as an equivalent to chip and pin or signatures if you go even further back.
Rise of Crypto Cards
The crypto word is spreading fast, and this was aided by the invention and subsequent release of the crypto card.
With debit and credit cards slowly becoming outdated, the introduction of the crypto card was essentially a hybrid of two different eras of payment method.
When Coinbase unveiled the first ever crypto debit card to the European market in 2019, people in Europe that were not so well versed in the language of cryptocurrency now had a traditional reference in the form of a debit card.
The crypto card functions exactly like a debit or credit card, but transfers funds from an owner’s crypto wallet instead of a bank account.
Perfect match for emerging online businesses
The hybrid payment method combines a contemporary feel with a future movement.
Since traditional payment methods such as debit and credit cards still exist, people will still feel comfortable, while also indirectly migrating to a digital currency that could be the future of payments.
This prospect is becoming more possible with the growth of online businesses due to advances made in technology and software.
For emerging industries such as iGaming, the extended outreach and accessibility provided by improved capabilities in software allows online casino and sportsbook operators to export their product all over the world.
And while the option to bet with credit cards on these platforms that offer exciting online versions of classic casino games such as blackjack, roulette and slots is still possible, new and emerging online payment options such as cryptocurrency are featuring more frequently as payment methods.
The post New and emerging online payment options appeared first on Payments Cards & Mobile.