What are the most utilized payment methods globally and what are they best for?

There is no doubt that we all need money to live, have fun and generally enjoy our lives. Without money to pay bills, buy food or stay entertained for example, life would be a lot less enticing. Earning the money we need is just one half of the story though. Once we do, we then have to find a way to buy goods or service with it. Although this might have involved handing over wads of cash to the seller in previous years, modern payment methods have changed this.

The most popular payment methods now generally use technology to operate and make buying the things we need much easier. As with other areas of our lives where tech is prominent, the developments in this area over time have enabled payment methods to become more convenient.

But what are the most popular ways to pay for things now and what sort of things do we buy with each?

E-wallets

When it comes to the most popular payment methods on a global scale, tech heavy e-wallets are certainly making waves. If you have never used one before, these are digital wallets which store your payment details, so you can pay for goods online. Easy to use, very secure and very convenient, they can be especially useful in countries where you might not be able to use other popular methods, such as credit cards, to pay for goods.

The big names in the world of e-wallets include well-known brands such as PayPal, Skrill and Neteller. There are other e-wallets that certain countries can seem drawn towards though. In Canada for example, Interac dwarfs PayPal and has around 40 million users. These digital wallets are handy for multiple uses, but many people prefer them for playing games online. Enjoying top titles like Money Train slots is a lot simpler if you use e-wallets to fund your casino account and means you can get started playing right away.

Credit and debit cards

These are both tech-based payment methods which have become massively popular worldwide. Credit cards simply give you access to money that you don’t have in your bank account but might need to make a purchase — you do have to pay it back though. Debit cards on the other hand link to your bank account and only allow you to digitally spend money that you have.

Big names in this sector include Visa and Mastercard. Such is the trust and security these brands offer that they are accepted in most countries and on most websites. Easy to use, familiar and secure, credit and debit cards have long been a way many people globally pay for things. Good examples of what you might use a credit card for include paying for large expenses, like holidays or unexpected repairs to your house. Debit cards tend to be used for more everyday stuff, such as paying for drinks or shopping online.

Cryptocurrency

While investing in cryptocurrency is something of a hot trend right now, people using it to pay for things is as well. This might be a bit of a curveball to some, as crypto coins are not yet as popular as e-wallets, debit cards or credit cards. Cryptocurrencies such as Bitcoin are quickly catching up though and starting to be used more often on a global scale. But why is this? Many users like the enhanced privacy that paying with crypto provides and the superior online security that blockchain technology offers. Paying with digital cash is also fast and usually features very low transaction fees.

As coins like this become more widely accepted in society and more familiar, we should start to see them used more to pay for a wide variety of things. At the moment, the list of things you can buy with digital cash includes certain brands of vehicles, items from a range of online stores and even expensive jewelry from brands such as Patek Philippe.

Tech-backed payment methods take over

When talking about payment methods in the past, cash might have been king or old-school bank transfers might have been the most used. Modern times have seen this change though and the above shows how this is true.

Currently, payment methods which use tech to operate, such as e-wallets, debit cards, credit cards and crypto, are the go-to solutions for the majority of people globally. As the world heads in an ever more tech-centric direction, we will likely see this happening even more. If it does, it will be another example of how technology has positively impacted society for the better.