Are Alternative Payment Methods the Future of Transactions?

Payment Methods

We are shopping more than ever, and yet cold, hard cash is being phased out? Why is that?

Well, there are a lot more options out there. In a world that is becoming more and more dependent on the internet, doesn’t it make sense that our buys would be done over a network too?

There are lots of ways you can do it too. PayPal and Venmo are the most common apps, but there are also contactless payment machines, bank transfers, and more, allowing you to input a piece of data, and voila! Your item is paid for. Take a look at our guide to the benefits of alternative payment methods to be sure.

Hygiene friendly

Considering what the world went through over the past few years, one thing’s for sure: most of us came out of it a little more hygiene cautious. Cash might seem outright disgusting to you now. Transferring cash from hand to hand means that a note has maybe gone through millions of strangers’ hands – some washed, some not.

With contactless payment methods, that is eliminated. Whether you’re tapping your phone or your card or you’re paying for something online, there is no physical transfer of funds, which means you don’t have to break out the hand sanitiser every time you buy something. If you’re looking to make your deposit on GGPoker and start playing, you don’t need to stop to wash your hands.

More secure

One good byproduct of cryptocurrency is the end-to-end encryption that it involves. When you are making a transfer of any data on a public network, where a majority of your buys are going to be, there is a chance at someone intercepting the transfer and either taking the money or following it back to some bank details.

Alternative payment methods all come with end-to-end encryption in the tech, which means that any grabby hands looking for data are blocked. This makes for a more secure transaction so that you know your money will always end up where it’s supposed to go.

It’s also worth mentioning that it is more secure for business owners too. Not only will they avoid the hacking possibilities too, but the technology of alternative payment methods causes every transaction to be recorded, so you will have an automatic paper trail of all transactions. This way, a lot of disputes will be solved quickly with, theoretically at least, less arguing.

More convenient

There are a lot of things that make alternative payment options superior, but the convenience is definitely the most popular aspect.

Contactless payment methods, for example, will see you simply tapping your smartphone or bank card against a device and being on your way. No putting in a PIN, no waiting for change, just tap and be gone.

It also greatly helps paying someone who isn’t their own business. You don’t need to go asking for bank details and the US seems to have abandoned the idea of the bank transfer anyway. You don’t need to go fishing around for notes for your share of the pizza tonight, simply access your app, put in their mobile number or username, and pay exactly what you owe. No more handing over a $20 note for one slice of pizza because it’s all you had on you.

And of course, online shopping is a lot easier. No one wants to keep inputting that long card number into every online store they visit, so instead use an alternative payment method, like PayPal and let them store it. Access it whenever you’ve got another buy in mind and you’ll never look back.

Daniel Carter

Daniel Carter is a senior writer and editor at Usevoucher. His work has been featured by The Associated Press, USA Today, the Chicago Tribune and Reuters. He holds a bachelor's degree in journalism from University of North Carolina at Chapel Hill. When he’s not writing about money, Carter enjoys traveling around the world.