Payment Methods

payment methods is an advancement of technology and the continuous evolution of the Fintech sector. In recent years, different payment types have emerged that have revolutionized the day-to-day lives of all consumers and business, who cannot stop incorporating new features if they do not want to be obsolete. The days of traditional cash payment are a number, and at Credit, we wish to discover all the different options available to you.

Cash payment

Cash payment consists of paying for a good or service with physical money, a bearer bank check, or similar physical means. It is the most conventional form of payment, and although it is still the most used since in 2018, it was prefer by 77.3% of Spaniards according to the Atrevia and Global Exchange study, its use trend is decreasing.

Thus, consumers have acquired the habit of using technology for everything, and cash is becoming less frequent. In addition, the financial authorities try to encourage other means of payment to fight against fraud. An example is a limitation on payment in cash, which was implement in 2012 and prevents paying more than 2,500 euros in cash in any transaction in which one of the parties is a professional or a company.

Payment by Credit or Debit Card

Credit cards are issue by a bank and are associate with a current account to which payments are charge. However, it is unnecessary to have the amount of the purchases made through the card since they allow you to pay and return the money later. It does not happen with debit cards, which only allow you to pay if you have the money.

In Spain, payment by debit and credit card is one of the most frequent. It is due to its ease of use and comfort since Spain is one of the European countries with the largest network of ATMs and point of sale terminals.

Pay pal Payment

Pay pal is a reliable and secure payment platform. It consists of a payment method through the Internet that has the purpose of protecting users’ bank details. In other words, Pay pal allows you to pay by simply entering your email and password. Neither the account numbers nor any credit or debit card is necessary, so the chances of theft or fraud are reduce.

How to Pay by Pay pal?

How To Pay By Pay pal_

Paying through Pay pal is very simple. You have to register and associate a card or bank account. Once registered, you can add the amount of money you want to your Pay pal account and pay what you want by entering your email and password, without personal or bank details. The entire process is safe and requires several checks to verify that it works correctly.

Payment by Bank Transfer

This payment method transfers money directly from one bank account (that of the payer) to another (that of the beneficiary). It is one of the services with the highest volume of banking operations. Nowadays, smartphones have simplified them since they allow them to be carrie out at any time and from anywhere.

When making a bank transfer, keep in mind that it is not immediate, so it may take several days to arrive. In addition, it is most likely that the bank will charge us commission. Although if it is done through the Internet, they are cheaper, and some banks do not trust them.

Transfers can be national or international. International transfers are effortless if both parties have IBAN and BIC, although they are less economical and slower.

Mobile Payment

Mobile payment is one of the fastest-growing since the history of money. It consists of paying by approaching the smartphone to a POS instead of approaching or inserting the credit card.

How do you Pay By Mobile?

To carry out purchases using this payment method, it is necessary to meet a series of requirements. The person who will pay must have an app installed on their mobile that allows these transactions, and their smartphone must have NFC connectivity. For its part, the seller must have a POS that has contactless technology, which is what allows paying without inserting the card. This way, it will be paid simply by bring the telephone closer to the POS. In some cases, contingent on the amount of money to be paid and to guarantee the security of the operation, the payment must be accept by enter a password.

What Mobile Payment Systems Exist?

To pay with your mobile, you must have downloaded an application that allows it. Since this payment method is growing, several mobile applications have already been developed through which to pay. Next, we leave you the most outstanding:

  • Apple Pay is the application that allows iPhone users to pay through their smartphones. It is currently integrate into most banks in Spain and is already available in most European countries. Google Pay is the other most used mobile payment app.
  • Bizim is the most widespread mobile payment application. It allows you to send and receive money through your bank’s app by simply entering the person’s phone number you want to send the money to. The process can take as little as five seconds.
  • Facebook has also want to enter this market and has been allowing payments to be made through Facebook Messenger, associating the profile on the social network with a card, a bank account or Pay pal.

Conclusion

Today’s monetary system allows for payments to be made with currency. Currency, which has simplifi the means of economic transactions. Provides a convenient medium through which payments can be made, and it can also be easily store.

Also Read: What is User Experience Design? Overview, Tools and Resources

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