Do you know the most popular payment methods in Europe?

In the world, the current technological revolution has allowed us to have more and more ways to carry out our transactions. Before the technological revolution, the means of payment were quite limited, but today, we find hundreds of them.

Today, I want to talk to you a little more about the various payment methods that you can find, both online and physical. Surely, you know most of them, however, I will surely surprise you with some that you did not know.

The most popular payment methods in the world

Next, I will tell you which are the payment methods and platforms most used today to carry out financial transactions.

1. Cash payments

This is the payment method par excellence, it has been in force for centuries and to this day, it is still the most used throughout the world. People often have a great appreciation for payments that are made on paper.

However, cash payments do not refer only to bills and coins, but also include checks and other similar means.

Despite the advancement of technology and electronic payments, cash payments remain in the first place. And this is because most people prefer to have a banknote in their hands than digital money.

2. Credit and debit cards

Credit and debit cards are an extremely popular electronic payment method around the world.

Many people around the world use their cards on a daily basis to make purchases both physically and online.

It is a fairly simple and reliable payment method, in addition to avoiding having a large amount of cash on top. Virtually all businesses in Spain have a terminal to be able to pass cards.

3. Bank transfers

This was probably the first online payment method that existed, banks allow you to transfer money between people in a simple way. This makes it very easy for you to mobilize money from the screen of your mobile device.

This payment method is more common in the business sector or among people who move a good volume of money.

To move small quantities, we find better alternatives. However, bank transfers are a payment method that cannot be ignored.

4. PayPal

When we talk about online payment methods, without a doubt, PayPal is king. This is a payment platform that allows you to send and receive money between people and businesses in a fairly simple way without the need to provide bank details.

You can pay anyone who is registered on the platform only with their email.

It is widely accepted to make purchases online, although in physical stores it is also usually well accepted.

The only negative point that PayPal has as a payment processor is that it usually charges quite large commissions. So it is something that you should take into account when using it.

5. Bizum

One of the payment methods that has gained a lot of strength in Spain has been Bizum. This is a payment platform that has collaboration with many banks in the country. In this way, it allows you to make transfers instantly and for free from the same application.

It is a very interesting proposal that you should take into account if you are looking for new forms of online payment to mobilize your money without complications.

The main advantage that Bizum has over other online payment platforms is that it has no commissions, which makes it quite interesting.

6. Cryptocurrencies

For some years now, we have seen cryptocurrencies have had overwhelming growth. Today, they are increasingly consolidated as one of the new forms of online payment. Best of all, cryptocurrency transactions are anonymous, that is, nobody knows who pays and who receives.

It is a decentralized payment method in which you will need to have a wallet in which you can store, send and receive your cryptocurrencies.

You don't need paperwork or enter any personal information, which makes it an attractive payment method for many people.

7. Mobile payments

Another form of online payment without a card is mobile payments. In this type of payments, you will need to have an application installed on your device that will be in charge of processing the payments. It is based on NFC technology for and is used as a contactless card. However, you do not need a card, since the mobile does the function of it.

Here we have different means of payment such as Apple Pay for iOS devices or Google Pay for Android devices. However, we are seeing more and more manufacturers include their own payment application.

8. Fingerprint payments

Another of the payment methods that we can find is the one made by means of a fingerprint. You do not need a mobile phone, card, password or internet connection to make your payments. You can pay just by putting your finger in the sales terminal.

It is a simple, fast and secure way to make purchases. However, it is a technology that has not yet become widespread in Spain, although there are other countries where it has become a popular payment method.

What can we expect from the means of payment in the future?

Payment technologies have grown at a gigantic rate, each time we have a greater number of different forms of payment.

The trend for the future is that most payments are made from our mobile devices and the eventual disappearance of cash.

However, some people have spoken about various proposals such as pay per voice or being able to pay with a selfie. It would be necessary to know what the security of these payment methods is.