Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
The days of “cash is king” have evaporated over the last 10 to 15 years. While it may have been the only way of spending your money before the internet bulldozed its way into our lives, the rise of the digital age has also ushered in a range of new, cheaper and more convenient ways to make online transactions. Today we will examine how they’ve changed our lives and the pros and cons regarding the top online payment methods in 2023.
The top payment methods in the United Kingdom (2023)
With trillions of pounds worth of transactions taking place over any 24 hours in the United Kingdom, it’s big business for companies who can identify an area of this market that could benefit from a more improved or convenient alternative to the current competition, and execute their plan. Apple Pay, Google Pay, Revolut, Skrill and PayPal are the top payment methods in the United Kingdom that we will discuss today.
Revolut
Revolut was one of the first start-up banks to target the United Kingdom customer base, which was widely moving to a digital-first solution. While traditional, legacy banks dragged their feet and took years to create mobile apps and online services that were fit for purpose, Revolut spearheaded innovation. As a result, Revolut now serves over 25 million customers across several European countries and employs over 6,000 people.
You can do so much using this innovative payment method, which first hit the financial sector in 2015. You can pay with Revolut in online casinos, invest in cryptocurrency and invest in other commodities, such as gold and forex. There are not many banks, especially traditional high street banks, that have a facility whereby you can sign up and immediately access markets which were previously the playground of the rich.
You can also use Revolut traditionally; you can use it with online retailers or through your phone wallet for Google or Apple Pay. This financial flexibility in a world with such lightning-fast innovations is why Revolut has managed to carve out such a thriving corner of the market for themselves.
PayPal
As arguably the most successful digital finance company, PayPal took full advantage of an early online partnership with eBay to establish itself quickly and early. As a result, PayPal today has nearly 30,000 employees and operates in over 150 countries.
Current numbers indicate that there are 432 million people who have a PayPal account, so not only did they manage to identify the vast potential of the internet, but they have also used their market standing to stay ahead of their competition and become a global bastion representing the finest FinTech that America has to offer.
Much like Revolut, PayPal allows its customers to buy and sell cryptocurrency, a feature first introduced toward the end of 2021. Both companies are popular online payment methods because they embrace this new technology rather than shy away. Companies that besmirch or try to disregard cryptocurrency immediately shut themselves off from a potential customer base of millions.
While cryptocurrencies are volatile, and the price of prominent digital assets such as Bitcoin can fluctuate wildly, many Gen Z and millennials choose to invest and trade crypto instead of traditional investments.
Google Pay
With an estimated four billion smartphone users today, Google Pay and Apple Pay are among society’s most common payment methods. Given that our community now revolves around the unbelievably sophisticated mobile phones we carry daily, it’s a natural evolution for physical wallets to be replaced with e-Wallets.
They’re a revelation and widely popular. The ability to securely hold your bank card information and use the latest technology to tap and go whenever you need to make a transaction is a must in today’s world. The same applies when you use Google Pay online; you can save your details to an e-wallet, and when you make your transaction, it automatically imports the details, saving you time.
Skrill
Another trendy digital wallet that operates across several continents, as PayPal does, is the Skrill digital wallet. You can send money to your Skrill wallet, and it can be used for thousands of other purchases online in over 130 countries, whether it is a cryptocurrency or a standard retail transaction.
Apple Pay
Finally, we have Apple Pay. When Steve Jobs revealed the iPhone to the world over 15 years ago, it was revolutionary technology. However, Apple became a trillion-dollar company through its ability to innovate continually. Whether it was the groundbreaking iPhone, iPod, iPad or AirPods, they have always looked for ways to stay ahead of the competition. They have been highly successful in their quest, culminating in becoming the first company valued at $3tn last year.
Apple Pay works identically to Google Pay with the only key difference being that Apple uses the iOS system, and Google uses the Android system. Both payment systems are widely used and popular with people worldwide. All the payment methods we have discussed today are expected to grow in stature as the world continues to shift online.
