The payment revolution is upon us. Much like the changing of a figure on the £50 note or the removal of paper notes for polymer ones, it will happen so gradually that most people won’t even notice. There are already huge swathes of the population who are actively participating in the new wave of payment methods. But what does this payment revolution look like?
Alternative Payment Methods
Offering alternative payment methods is the first step in the payment revolution. It can be best highlighted by one specific and forward-thinking industry: the online casino one. The online casino industry utilises a range of digital payment methods, with sites making it clear which options they offer before the customer has even signed up. As the link here to the top online casinos shows, most make sure that potential customers know which payment methods they can accept. Some focus on PayPal and bank transfer, while others allow payments to be made with Skrill, Neteller, MuchBetter, and even Paysafecard.
Offering potential customers such a range of payment methods caters for different kinds of players while also showing that the site is engaging with modern technology. This commitment to alternative payment methods shows that the site understands the digital landscape, which tells the customer that the content on the site will reflect this, too. Setting the precedent across the industry for these modern methods is just another example of how the payment revolution will unfold.
Digital Bank Accounts
The start of 2021 brought with it the news that more than a quarter of British adults have a digital-only bank account. Whether this is Starling, Revolut, Monzo, first direct, or another challenger, it does represent a shift in how we consider our finances. This figure is expected to increase from the 14 million it stands at today by about 10 million in the next five years. The only reason the figure hasn’t risen more is that regular banks have worked fast to compete with their own digital services.
Many like the convenience of a bank solely attached to an app, while others enjoy the fact these banks put money into creating analytical reports, help with savings, and allow the easy transfer of money to friends and family. A cashless society means that many pay on one card and then quickly transfer the money, which has been made possible through digital engagement with bank accounts.
However, most people also have a regular bank account – through habit or for direct debits. Few people actually solely use a digital-only bank account as their sole account. Perhaps people are waiting to see what might happen with digital-only banks or – to prove why digital is succeeding – find that it is too much of an inconvenience to close their other accounts.
The payment revolution is gradually happening and there will be a watershed moment when we realise that we view making and taking payments completely differently from how we did before. Until this happens fully, we can expect to see the small changes that represent the payment revolution.