Digital payments have been making headway in Weybridge even as various trends gain popularity in 2024

Digital payments have been making headway

Businesses in Weybridge, UK, have been adopting various digital payment methods, especially in the e-commerce sector. Well, this is just a depiction of how the global market has been taking shape in the last few years. Actually, Statista forecasts that the global digital payment market is expected to grow by 9.52% between 2024 and 2028.

But you might ask, what is leading this massive growth? Well, various trends have been coming up that have drawn more people to the digital payments market. This article illustrates a number of these trends that have been taking root in Weybridge as well as the rest of the world.

Digital wallets

It is for a fact that people, both consumers and businesses, are incorporating e-wallets in their day-to-day routines. Actually, a study by Emarketer reported that 53% of ecommerce transactions in the UK were done through PayPal. A further 30.5% reported to use Apple Pay for their day to day transactions.

One of the most common industries using digital wallets is the iGaming industry. Online casinos have largely incorporated this mode of payment because of the many advantages it offers. The many online casinos accepting PayPal in the UK acknowledge that this method is fast and secure, and that’s why many people prefer it.

What is most interesting is that digital wallets are not just being used for payment. This might be surprising to some people, but, a study by PYMNTS reveal that a good number of Gen Zs and millennials in the UK use digital wallets to store tickets and even IDs. Actually, the report’s intelligence shows that 71% of UK users are satisfied with how they are experiencing digital wallets beyond shopping. Some use these wallets to store hotel keys, scan rewards and even as boarding passes.

Contactless payments

Contactless payment methods are becoming a new normal in Weybridge because of their convenience and ease of transactions. The contactless payments in the town are part of the 38% of all payments made in the UK in 2023, according to a report by UK Finance. The reports also show that the total number of contactless payments made in the year were 18.3 billion, which was a 7% increase from 2022’s 17.0 billion.

Contactless payments use NFC technology, which allows you to share small payloads of data between an NFC tag and a device. To make it simpler, this is similar to the technology used by scanners to read items in supermarkets or tagged luggage. Now, this technology has been infused with debit and credit cards, mobile devices and even smartwatches. With such a payment method, you just need to tap or wave your mobile phone over the payment reader.

The most common contact payments used in Weybridge include Apple Pay and Google Pay services. If you are yet to join this bandwagon, then you should definitely try it out.

The rise of cryptocurrencies

Crypto has been among the biggest buzzes in the tech world over the last decade. Actually, Statista forecasted that the market for crypto payments will grow at a CAGR of 17% between 2023 and 2030. This just shows how crazy the crypto market is gaining acceptance by both businesses and consumers.

But if you are not using crypto you might be wondering; why is crypto such a big thing? Worry not, you will get your answers right here.

To start with, the transaction speed of cryptocurrencies is comparable to none. Some crypto payments are almost instantaneous, while others take only a few minutes. Now, imagine you want to make an international transfer from HSBC Weybridge to your relative in the US. Which would you prefer, a bank transfer that takes between three to five days or a Bitcoin payment that takes around 10-60 minutes?

Apart from speed, crypto payments have reduced transaction costs. Just imagine, blockchain technology, through which crypto is transacted, reduced the transfer fees to just 0.5 to 1% of transaction, compared to the traditional transfers that take 7-10% of transactions. This is because cryptocurrencies do not need intermediaries as you transfer funds from wallet to wallet. Well, the more the number of intermediaries, the higher the transaction cost.

Voice-activated payments

One of the most user-friendly modes of payment is this trend: voice payments. We have all been in a situation where you miss out one number of your card number or mixed up the numbers when writing down your account information. Frustrating, right?

Now, with this innovation, all you have to do is say a phrase, and the transaction is complete, just using your voice. Many financial institutions are embracing this innovation as it has helped streamline payments. Voice payments are essential for offering high security by using voice recognition and authentication.

To summarise all this, it is vital to note that technology is increasingly becoming more advanced as days go by. Many payment trends are coming up, which allow customers to have great shopping experiences without having to worry about their security or having bulky wallets. Today, if you are travelling with just your phone, you are good to go.