While online commerce was growing before 2020, it was precisely this year, with the global pandemic, that we have experienced when all online commerce has experienced enormous growth.
Obviously, we will approach this from an international point of view, as there are peculiarities in each country.
One of the easiest ways how we can see the evolution and especially the new payment methods that are being used massively to make online payments are the bookmakers and online casinos, as they are the early adopters of these new payment methods for their users.
Within casinos, of course, we can find big differences from one country to another. For example, in Japan, there are very popular payment methods, such as Paidy, acquired by Paypal a few years ago. According to specialized media such as xn--24-fi4arbez1j4a3z.com, we can see that there are other payment methods that may not be known outside Japan, such as Kyash.
The newest payment methods worldwide
Excluding payment methods that do not operate internationally and are more specific to a particular country, we can point out a number of payment methods that are popular internationally, as they operate in many different countries.
Undoubtedly one payment method that has revolutionized online payments in many different sectors is payment via cryptocurrencies. Not only is Bitcoin accepted by most new casinos and online sportsbooks, but also other cryptocurrencies known as Altcoins (Alternative Currencies) can be used to make and receive payments from an online gambling site.
Even around this payment method, in order to include it in some markets where cryptocurrency payments are not allowed, startups have emerged that act as a bridge between the user and the betting site so that the user can pay via cryptocurrencies, but the online bookmaker receives the payment in the chosen FIAT currency.
Online stores do not adopt as many new payment methods
We have taken bookmakers and casinos as a reference precisely because online stores usually offer fewer possibilities when it comes to payment. Most online stores are limited to using basic payment methods such as Paypal or credit card via Stripe. This is because of the ease for online stores to implement these payment methods and that everything is done automatically, being able to process even services or digital products automatically after receiving the payment correctly by one of these payment methods.
Payment methods are becoming less and less used
While there are some payment methods that are growing and making more and more transactions online, there are others that are becoming less and less used by online merchants. One example is the traditional bank transfer, as online store owners prefer to use other payment methods such as those mentioned above, since they do not need to manually verify the payment and everything can be done automatically, reducing the work and resources that must be allocated to process each of the payments received in their online store.
And for you, what is your preferred payment method to pay online?
