We live in an era where online payment methods are undergoing a great change, with such radical innovations as cryptocurrencies. But beyond cryptocurrencies, such as bitcoin, there are companies that are bringing to market new payment methods that improve the current ones in some weak point that each one has.
This is how some of today’s most widely used payment methods came about, as is the case of PayPal.
A payment system that revolutionized Internet payments due to the security it provided to the buyer, at a time when distrust towards e-commerce and the scams that could be suffered was still very high.
But, although many of the payment methods are global, each country has its own country-specific payment methods or, at least, where they are much more popular than elsewhere.
An example of this is the case of Paypay, which although it sounds similar to PayPal is another different company. It is very popular in countries like Japan, where it is widely used for online gaming. It is one of the most used payment methods in the country to deposit balances in online casinos and sportbooks, as you can see in specialized websites.
Other payment methods very popular in many countries and specialized in gambling, although nowadays they are used for payments in many different online products and services, are Skrill and Neteller, which were born with the intention of making payments to online casinos and withdrawals faster than they were at that time, without the need to use a credit or debit card, which was the most used payment method before.
Sectors with the most innovation in payment methods
Companies related to some sectors are the ones that innovate the most and create new payment methods, due to the high volume of transactions that are made. This is how in sectors such as online gaming there have been so many payment services and payment gateways specially created for it, due to the fact that every day thousands of payments are processed.
Also, some very large companies develop systems and processes that improve the user experience, as is the case of the online retail giant Amazon.
Investment vehicle for large companies
Even the aforementioned cryptocurrencies are a very powerful investment vehicle for large companies that rely on their growth and development in the coming years, as is the case of the company Tesla, who invested several times in different cryptocurrencies and even announced that it would accept payment via Bitcoin to acquire any of its electric vehicles, although this did not happen in the end.
However, it does seem that both Elon Musk and other big businessmen trust in the evolution of cryptocurrencies and that they will end up being implemented as another payment system. And what is clear is that the support of such influential people is positive, so cryptocurrencies can have a great journey if this continues to be the case. After all, their main advantage is supposed to be their decentralization and lack of control by national institutions.