Over the years, we have seen many different types of payment methods appearing in our favorite online shops. PayPal is one that has been very popular since its introduction due to the convenience and safety that comes with it. Of course, this is not the only payment method that is offered online with alternative options like Skrill, Neteller, and other online wallets becoming more popular.
Here, we are going to discuss why PayPal is the king of online payments as well as look at alternative methods. Keep reading to find out more.
PayPal
If you have never heard of PayPal before you would be interested to know that it is a free service that anyone can take advantage of as long as they have funds to support, it. With PayPal, you enter your bank details and then use the PayPal portal as a safe way to transfer funds to online merchants, family, or friends. PayPal is very common due to how quickly payments can go through and the safety aspect.
You’ll find that most online shops use PayPal as a safe payment option. This shows that PayPal is still one of the strongest online payment companies and customers enjoy the fact that it hassle-free.
Neteller
PayPal is no longer the only online wallet that people are taking advantage of to deposit funds. Neteller is a popular payment method that comes with an app to make depositing money a lot easier. This is a payment method that has the potential to take over PayPal in being the king of online payments due to its accessibility.
With Neteller, signing up is really easy and you can control how much you spend by depositing money into your account. Neteller boasts having over 24 million account holders around the world so look out for this to grow even more.
Pay by Phone
You might have already heard of pay by phone which is becoming a much more popular payment method for many around the world. Pay by phone works using the phone bill of the player who will be invoiced each month with details of their deposits.
With Pay by phone, everything is easy to set up and make deposits with. Despite the fact that this payment method comes with many advantages it is not clear if it will take over PayPal.
Cryptocurrencies
If you haven’t heard of cryptocurrencies, then you must have been living under a rock as these have been becoming more and more popular over the past few years. Cryptocurrencies like Bitcoin are a new type of payment method that only a small number of online businesses are using, however, this is set to become a lot more popular soon.
There are many benefits to using bitcoin including the preservation of coins and the lower risk of theft. These advantages appeal to people and we expect bitcoin and other cryptocurrencies to start making a play for PayPal’s title of the most popular payment method.
Final Verdict
It is unclear which payment method will be the king, but it is possible that PayPal will be knocked off the top spot within the next few years. Look out for options like Bitcoin and pay by phone becoming stronger this year as players start to try out more options.
Interesting related article: “PayPal to Increase Investment in New Digital Finance Brands.”