What is the future of payments?

The payment sector is facing increasing challenges. While cash is already well on its way out, traditional payment methods also feel the heat. Customers and businesses alike yearn for more convenience than credit cards, and bank transfers may provide. And new technologies are changing the landscape as fintech and tech companies bring their A-game to revolutionise the payment experience. We look at some trends that are shaping the payment methods of the future.

Social payment

Social media are now vital to billions of people’s daily lives. And it took no longer for tech giants to tap into the financial potential of social networks with such a global reach.

The means of using social media to transfer money to a fellow user or business is now known as social payment. Social payments allow users to trade money between friends or within stores without exchanging cash or bank details.

PayPal paved the way for the development of peer-to-peer transactions, quickly followed by many fintech companies, including Lydia and PayPal’s own Venmo. Platforms like Affirm also fuelled the rise in “Buy now, pay later” options.

Other tech giants have put their foot in the door, with Apple Pay being a major success story. Now widespread globally, Apple Pay boasts 500 million registered users. In the US alone, over 85% of retailers accept payment by Apple Watch or any Apple mobile device.

Hyper-popular social networks have also hatched their versions, from Twitter Buy to WhatsApp Pay. Besides quick cross-border transactions, paying through WhatsApp comes with no fee in multiple countries. And Mark Zuckerberg did not stop there, launching a brand-new digital wallet for the metaverse.


Cryptocurrencies have been splashing the financial world for over a decade. The most popular digital assets have had their highs and lows, with Bitcoin and Ethereum frequently making headlines for crashing down. But blockchain technology is already redefining the boundaries of finance.

And while cryptocurrencies haven’t gone mainstream yet, many physical and digital outlets have already started accepting them as payment. Several companies allow their clients to use Bitcoin to make payments, from Microsoft to Tesla and Starbucks.

The travel sector has been proactive in the crypto sphere, with many airlines and hotel chains showing acceptance of Bitcoin. Crypto-friendly platforms like Bitrefill have also allowed converting digital currencies into gift cards.

Meanwhile, several countries across the globe have embraced the endless possibilities of cryptocurrencies. In 2021, El Salvador took the world by storm by officially making Bitcoin a legal tender. Other nations are not as enthusiastic, and Chinese authorities even cracked down on the entire cryptocurrency industry.

Still, with no intermediary involved, digital coins have proven an efficient and secure means of exchanging money. And as the technology matures, the world may join the crypto hype sooner.

Credit cards

The dominance of credit cards over the payment market is undoubtedly coming under threat. JP Morgan Chase, the biggest US bank, even created controversy as CEO Jamie Dimon pressed for a new “pay-by-bank” payment processing system.

As dated as it may seem, this traditional payment method is reinventing itself to stay ahead of the curve. While credit card technology remained more or less stagnant from the 1980s to the 2000s, recent years saw a push toward increased security as EMV chips and PINs replaced magnetic stripes and signatures.

Designed to prevent fraud, credit and debit cards are especially popular across the online gaming sphere. Visa casinos, for instance, allow quick and easy deposits through debit cards. Instant transactions usually imply low fees, if not no fees at all. The max bonuses gamblers may claim are significantly higher than other payment methods. And the popularity of Visa cards means this deposit option is available among most top platforms online.

For users, contactless payment has equally revolutionised physical purchases. Besides security, credit card companies also hold their customers with many loyalty rewards and cash-back programs. Benefitting from hotel points to fraud protection and rental car insurance, cardholders could defer the disappearance of credit cards a while longer.

The payment market is ever-evolving; these trends are barely the tip of the iceberg. But with new technologies making headway, the push for ever-so globalised and convenient options is here to stay.

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