HOW TECH HAS REVOLUTIONIZED PAYMENT METHODS

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It seems a very long time ago now that customers would stand around at a checkout counter writing out a cheque to pay for their weekly shop. The online revolution soon began to change the way in which we did our shopping and how we ultimately paid for items. Wi-fi and other high speed wireless connections came to fruition and now the rise in mobile innovations have prompted even more drastic changes in how we spend our money. So put down the cheque book and sit back as we take a look at how technology has changed the way we pay for things.

CONTACTLESS PAYMENT

There are reportedly millions of contactless cards in circulation around the UK generating around 300 transactions every minute. These cards require the customer to simply wave their special debit or credit cards over a terminal that instantly takes the payment without having to wait for the card to connect or for the owner to enter a pin. This convenient enhancement to our payment experience has also been developed for use on the underground as well as toll booths to help keep things moving along. The limit for transactions of this kind has been recently increased to £30, and, once security improves, that limit looks set to rise even further.

APPLE PAY

It’s fair to say that the evolution of the smartphone has well and truly opened the floodgates for how payments can be made more swiftly and conveniently. Even though contactless payment cards are still as popular as ever, we are fast moving into an era where our smartphone is to become our new go to electronic wallet. This type of transaction allows customers to simply wave their actual phone over the payment terminal and the transaction will be instantly debited. Apple are currently rolling out their new payment system around the UK so that iPhone users can pay for goods and services in-store without even having to worry about carrying their wallet around.

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BITCOIN

Bitcoin is a digital currency which relies on a network of users with no banks, organisations or central authorities involved. It’s a particularly favourable alternative to traditional payments as you are able to send and receive money in this unique currency at a very low cost. There has been some controversy over Bitcoin, particularly in relation to anonymity features, but this digital currency could see a resurgence.

PAYPAL

Still one of the most popular choices for sending and receiving money online is Paypal. This money transfer system has been around for quite some time now and was used almost exclusively with auction site eBay, helping the site to become one of the worlds leading payment providers. Paypal can be used to buy almost anything online in an instant, for those online services that accept it, and most financial operators or gaming service providers like bingo sites UK opt for the service for deposits and withdrawals

 

Sami Mughalhttps://www.oxgadgets.com
Can be found somewhere between designing new tech as an electronics engineer or testing new tech as a technology enthusiast. Lives mostly on Twitter, and would love to have a word with you there as @smacula.

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