With the world moving towards a digital economy, governments around the world including the UK are promoting digital transactions. That is why you can pay for most of the goods and services in the UK using various online payment methods.
The popularity of online payment methods is taking the internet by storm in 2024 as the convenience of making online payments has become smooth over the years. You can pay with a single click on most online shopping, online casinos, and online sportsbooks.
Online payments are fast and easy to track. You can find a UK payforit casino and play with real money by depositing some funds instantly using any digital payment method. Some popular online payment methods in the UK are debit cards, credit cards, prepaid cards, Google Pay, Apple Pay, and Cryptocurrencies.
In this article, we will look at some of the payment methods that will be quite popular in the UK in 2024. So, without further ado, let us dive right into it.
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Most Popular Payment Methods in the UK for 2024
Online payment methods can be used to pay for food, entertainment, luxury, fuel, etc. You can use them on a website or at a physical shop. To know which payment methods are being used the most in the UK in 2024, keep reading below.
Debit and Credit Cards
Debit and credit cards linked to bank accounts are among the most used payment methods in the UK. Service providers like Discover, Visa, Mastercard, etc., are quite popular in the UK. 57% of all payments in the UK are made through debit or credit cards, and 90% of UK citizens have at least one debit card.
People also like to use debit and credit card tap-and-pay features to make payments through POS (Point of sale) machines. According to reports, 32% of the total payments in the UK in 2021 were contactless payments.
Payment Through NFC-Enabled Smartphones
Speaking of contactless payments in the UK one can not leave out NFC-enabled payment systems like Apple Pay or Google Pay. These revolutionary payment apps work on NFC-enabled smartphones only. For iOS devices you can install Apple Pay and for Android devices, you can install Google Pay.
These apps let you link your credit or debit cards issued by one of the UK banks. Once linked, you can use the NFC chip in your mobile device to pay contactless at any store you want. These apps also allow you to make online payments on websites.
You can also use Apple Pay or Google Pay to receive online payments. The money you receive is stored in these apps’ inbuilt wallets. You can use this money to pay online somewhere else or transfer it to your bank account.
Prepaid Cards
Prepaid cards sound similar to debit cards but there is a fundamental difference. Debit cards are linked to your bank account while Prepaid cards are linked to digital wallets that you need to recharge using your debit card or any other payment method.
One advantage of prepaid cards is that you do not need a bank account to get a card with which you can make payments in the UK. 3% of the total payments in the UK are made through prepaid cards.
Prepaid cards may cost you a monthly fee. You also need to pay a certain percentage of your money if you want to transfer the funds from your e-wallet to your bank account.
Cryptocurrencies
Online casino games and betting on online sports is a big industry in the UK. Most of the online betting and gambling websites accept cryptocurrencies as a mode of payment. That is why UK players have crypto wallets where they buy and sell cryptocurrencies. These wallets can be linked to betting sites and pay for their bets.
Some popular cryptocurrencies used in the UK are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Cardano (ADA), Polkadot (DOT), Chainlink (LINK), Stellar (XLM), and EOS (EOS).
Conclusion
In 2024, the world and the UK are moving toward complete digitalisation. This includes ditching cash and accepting online payments. The UK government is promoting digital payments in an effort to achieve this goal. New and existing online payment apps are gaining new customers every day.
You can use online payment methods on any website to make payments and receive money. In this article, we discussed the top payment methods that will become popular in 2024.