Financial transactions have become easier than ever with the many digital payment options available today. However, this is a bit of a double-edged sword. Where does one begin to make sense of all the possibilities? We hear all this new jargon, from the option to sell bitcoins online to innovative tech that allows customers to tap their transactions. It all seems somewhat daunting, and we instinctively know that a lot of it has to be a fad or at least rather niche.
This doesn’t mean that there aren’t some feasible and efficient payment options you can implement to improve customer convenience. While there are several ways to turn site visitors into loyal buyers, payment options are important. The trick lies in understanding how these options work, and what degree of market adoption they enjoy. There is no point in investing in a technology that only a fragment of the market uses.
One must then look for the options that have a broader market adoption, and there are a number of them that stand out. The possibility that is garnering the most significant market share is NFC payment, and it is prudent to understand why. Most new technologies fail because they rely on the implementation and adoption of entirely new tech. NFC, or near field communication, owes its success to the fact that it utilizes a technology that most people carry around in their pocket in any case.
The technology was initially developed to share media and documents between personal devices instantly. It just so happened that it is the same technology your bank card uses to make single-tap payments. Using readily accessible payment services that act as an intermediary between the banks and your client, a simple tap of their device is all it takes to complete a transaction.
QR Code Payments
Unfortunately, not all smartphones have NFC capabilities. This doesn’t exclude users without the facility to use their smartphones to make transactions. Companies like Zapper have stepped in with an alternative solution. QR codes made their debut as a novelty method of directing internet traffic in an engaging and fun way. You may remember a few years ago when scanning QR codes were all the rage, and every brand was coming up with ways to get you to scan a code to get more exposure.
That trend has died down, but the technology has found a new purpose by way of payment option. Zapper links to your bank account and allows a simple method of transaction. You simply scan the code and follow the on-screen prompts and bob’s your uncle. It turns out that this is also a very secure method of payment. Although it was initially a fifty-fifty bet on whether it would see significant adoption, the number of options and ways for QR payments has made it accessible enough to see a decent market share.
Speaking of market share, PayPal is one of the most broadly used payment methods for international transactions. For the legion of freelance workers across the globe who get paid in USD, there is a bit of a challenge and process of freeing funds into local currency. It is because of this rather notable demographic that it is strange to see how few companies offer payment options for PayPal accounts.