Online payment methods have changed the way in which many of us shop and do business. We are increasingly becoming a cashless society, and some coffee shops in Cardiff have even switched to a completely cashless system. But it’s not just in-person transactions that are being transformed by an increasingly electronic transaction system, web-based transactions are removing the need for banks and making online payments faster and safer than ever.
Alternative online payment methods have changed the way that we shop, whether online or in person. Most people will be familiar with PayPal, probably the most well recognised online payment method, which was launched in 2002, before being bought by eBay. It allows money to be sent around the world in an instant, meaning funds can be transferred quicker than ever before. It has also paved the way for younger companies to offer similar services, such as EcoPayz and WebMoney.
The benefits of online payment methods to both business owners and consumers are substantial. Where it may have taken a week to process an international transaction via BACS, online payment methods can reduce transfer time to under 24 hours. Consumers are increasingly turning to online payment methods because they are trustworthy ways to store and send money, and many businesses are recognising this. One such example is in iGaming, where platforms such as 777 Casino have been using faster payment methods for a couple of years, which means that players can access casino bonuses much quicker than was previously possible, which gives players more flexibility with their money.
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For small Welsh businesses such as children’s clothing store, Siop Babi Bach, these online payment methods could make a huge difference to their online business, and it could mean that their business can operate more internationally, allowing them to expand their very personable brand. For property companies, such as estate agents, alternative online payment options could speed up rent payments for tenants and security deposits, ensuring that contracts are completed in a shorter timeframe, and ultimately giving tenants more options of how to pay their rent.
Where international transactions may have previously taken a long time, WebMoney, which is run by transaction veterans WesternUnion, has made the process of sending money abroad an easy process, which takes minutes. You can choose the currency in which you wish to send and receive money, with over 200 currencies available and competitive exchange rates.
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Traditional banking is becoming a thing of the past with fintech startups such as Monzo and alternative methods of payment breaking down barriers between companies, opening up businesses to the world. This is an incredibly positive movement for Welsh business, giving owners more visibility than ever before, and an ability to reach customers that may never have been possible. If social media can open up a brand to global visibility and couriers can reach the address, having simple payment options could unlock a new level of prosperity for small Welsh businesses and put some of our most creative independent makers on the map.
We are going to continue to see major disruptions in the banking sector, but one thing is for sure, the alternative payment industry is going to continue to streamline the way in which we make payments domestically and abroad, making transactions faster, and allowing for more flexibility in the way we pay and can be paid.