Gone are the days of having to use payment solutions like credit and debit cards. There are many alternatives available today. Whether you’re making payments at your local store or shopping online, some innovative payment solutions make the whole process simpler, smoother, faster, and more convenient.

Below we look at 8 of the most innovative solutions to help find the one that best fits your needs. Although some have yet to really hit the mainstream, technology and its widespread use can move quickly, which means getting in on these technologies could see you at the forefront of the latest advances.

1. Digital Wallets

Digital wallets have come a long way. Wallets from Google and Apple are found on most modern mobile devices, but these only scratch the surface. PayPal and Skrill are other popular options, while emerging wallets like Payz can be used to send multiple currencies to other users, pay for online shopping, and even at online casinos.

You can click here for a list of casinos that accept Payz which, according to online gambling expert Ryohei Kiriyama, is accepted at more online casinos than Vega Wallet, Match Better, and iWallet.

2. Cryptocurrency

Cryptocurrency is also becoming increasingly popular with online bettors as its use is being adopted by more iGaming websites. There are also around 10,000 businesses that now accept cryptocurrency payments, including the likes of Microsoft.

Cryptocurrency is virtually anonymous and offers privacy and security but it can be difficult to find physical merchants that will accept Bitcoin, and even fewer businesses will take payment in other cryptos. It also means users need a cryptocurrency wallet and some knowledge of the market. Some banks and financial institutions are using blockchain, which is the technology on which cryptocurrency is built, so you may be making blockchain payments without knowing it.

3. Crypto Debit Cards

It is challenging to find physical merchants that accept Bitcoin payments, but there is a solution to this. Crypto debit cards enable users to hold their funds in various cryptocurrencies.

They can use their Visa or Mastercard card at any retailer that accepts these payment methods, and at the point of sale, the cryptocurrency is exchanged for fiat currency and the payment is made. The merchant receives the payment as they would for any fiat currency card payment and doesn’t have to sign up for a crypto wallet or even know you are essentially paying with your Bitcoin balance.

4. Biometric Payments

Fingerprint, retinal, voice, and facial recognition may seem like something out of science fiction, but some are already in widespread use and others are gaining in popularity. Most of us have some experience of using biometric identity verification, and some of us use the technology to verify contactless payments on our phones.

Mastercard and other card manufacturers have developed cards that have a fingerprint sensor built into their cards. The user’s fingerprint must match the account’s records for payment to be made, preventing anybody else from using the card. And, although still uncommon, there are cash machines that use retinal and face scanning technology to verify account ownership.

5. Voice Payments

Voice payments are a form of biometric payment using the account holder’s voice as a unique form of identification. This type of payment enables the user to ask their phone or other device to send a payment to another user.

To ensure security, the user will be prompted to verify their identification and the transaction on a mobile or other device, but voice payments could represent a simple way to initiate smaller peer-to-peer transactions using digital wallets and other payment systems. Voice payments are gaining traction, with some banks and voice assistant apps combining to allow for voice-activated payments. This technology is being billed as especially beneficial for those with visual impairments or motor disabilities.

6. Watch Payments

Contactless payments continue to gain traction in the payment processing world. They are offered via debit and credit cards and now through mobile phones. Contactless payments don’t have the same restrictions or limits as contactless card payments, because they link directly to a bank account, and most physical shops now have contactless payment machines in operation.

Most smartwatches connect to mobile phones which, in turn, means they can also be used in the same way, to make contactless payments. Users simply hold their watches up to the payment device,

7. Smart Rings And Other Wearables

Not everybody wears watches, and many of us don’t like getting our phones out to make payments. Fortunately, companies are making other wearables that can be used in a similar way to make payments.  

Smart rings, for example, can be used to track biological data like heart rate and pulse, but they can also be connected to mobile devices and payment networks so users can tap their ring finger against the contactless payment device to initiate payment. Bracelets, keyrings, and even hats are being manufactured and offer the same contactless payment benefits.

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