Cashless, the most popular cashless payment methods around the world
Digital payment systems have become increasingly popular over the past year, which has been a major driver for the adoption of "cashless" systems worldwide. Some studies predict that more than half of all online payments will be made using alternative payment methods during 2021.
Because of their ability to streamline processes and reduce the risk of contagion during the pandemic, alternative payment methods have become firmly established among the bulk of the world's population over the past year.
In Europe, for example, more than 85% of citizens say they have used mobile banking, as it is easy, efficient and secure to use, according to data from a Mastercard report.
On the other hand, digitization has enabled great advances in countries in Africa, such as Kenya, where more than 21% of the population use their mobile phones, according to a report by Mastercard;n uses its mobile phones to make payments or receive money, according to data collected by the World Bank and the Bill and Melinda Gates Foundation.
The pandemic, the new normal and digitization have encouraged the adoption of as many means of payment as there are needs or preferences. Here are some of the most popular cashless payment methods around the world:
BIZUM
Very popular in Spain, the Spanish bank's mobile payment solution
will close 2020 with 13.6 million users, more than double the number it had at the end of the previous year. During 2020, the average amount per transaction with Bizum was 48.3 €, reflecting the use of Bizum mainly for everyday, small-amount payments, which displace, above all, cash.
SOFORT
This model was born 15 years ago in Germany, trying to position itself as a secure and easy-to-use instant payment method. With Sofort, payment is made directly from the user's bank account, without the need to register or provide sensitive and vulnerable data. It is used in Germany as well as in Austria, Switzerland and Belgium.
TRUSTLY
It is used in countries such as Sweden, the Netherlands, Norway, Denmark, Poland and Italy. This Swedish solution allows direct online banking transactions with 90% bank coverage. The system is simple, and payment is made in three steps.
GIROPAY
It is the most popular and widely used payment method in Germany. It is an interbank system and the official implementation of German banks for electronic banking. More than 40 million shoppers have access to this method and it accounts for 16% of all online transactions in Germany.
IDEAL
It is an e-commerce payment system used in the Netherlands, based on online banking. Introduced in 2005, this payment method allows customers to buy on the Internet through direct online transfers from their bank account.
PSE
It operates in Colombia and allows companies to offer their customers the possibility of making payments or purchases through the Internet, debiting the resources from the user's financial institution and depositing them in the account of the financial institution that the company or business has defined.
GOOGLE PAY / APPLE PAY
These two mobile applications allow to have a virtual copy of the physical cards in the smartphone or Iphone through banking intermediaries card providers such as Visa or MasterCard and can be used as a payment method for contactless or online payments in practically all Europe and other areas of the world.
CÓDIGOS QR
QR code scanning is one of the most widely adopted by users and physical stores during the last year and its usefulness when making payments has gained a lot of popularity. Each user has a unique QR. Communicating with each other is how payments are completed. This option is very popular in China through WeChat Pay and Alipay, or in Latin America, where the use of these codes is a reality in establishments associated with applications such as Mercado Pago, the largest in the region.
PAYNOPAIN
Facilitates the integration of all these payment methods, and more, to businesses wishing to offer alternative systems, as it has partners around the world to offer virtually any local payment method. In addition, it offers simple and innovative solutions, including products such as its Paylands payment gateway, a convenient, fast and secure way to collect payment for products and services, and its ChangeIt e-wallet technology, a white-labeled app wallet.
The universality of digital payment methods means that more and more users rely on this type of system. Currently, technological and regulatory advances show that online payments from any electronic device are safe for both the seller and the buyer. The cashless trend, along with the associated convenience and ease of use for users, is encouraging transactions in a cashless society. This improvement in the payment experience has resonated with customers and is now a decisive factor when it comes to shopping.