Popular Online Payment Methods
Technology has heavily influenced the generation and the convenience of smartphones and internet access has changed their buying habits too. Seller and buyer, both are interested in safer, convenient and faster mode of payment because cash is becoming old-fashioned and credit cards are nearly phased out.
Below are a few popular online payment methods that Generation Y prefers to use:
Social Payment Gateways:
Transferring money from one user to the next within the network. Consumers with similar taste are networking frequently according to a survey. SnapCash by SnapChat is a quick money transfer channel allowing users to instantly exchange cash from one account holder to another. “Actions Buttons” are utilized by Pinterest within their platform to complete a purchase directly from within Pinterest site or to allow its users to add items to their Amazon Wish List to complete their purchase.
UPI Apps and eWallets:
UPI App facilitates the instant fund transfer between two bank accounts on the mobile platform. It is built over IMPS for fund transfer. On the other side, Google Wallet and Apple Pay are excellent example of eWallets being put to use.
The entire world is shifting towards payment methods which are more technologically-driven. Eg. Bitcoins. It may change the entire structure of the world’s economy.
Mobile Payment Apps:
Exponential increase in usage of mobile POS as mobile usage grows. Almost every millennial is in using their smartphone throughout the day. Researchers predict that nearly $4 billion worth of purchase is done from mobile device.
In-store payment apps like PayPal and Apple’s iBeacon are also on rise.
June 28, 2017
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