Cash has less and less presence in society, although there is still time for it to disappear completely. In this context, alternative payment methods accumulate an ever-increasing volume of transactions.
Digitization, which little by little was making its way into society, and the health crisis caused by the coronavirus, have been the main elements that have driven the use of alternative payment methods digital at the expense of cash. According to the latest survey on the use of cash prepared by the Bank of Spain, 2.5% of those surveyed have stopped using this payment method for hygienic reasons.
The global payment platform, Sipay, has drawn up a list with five alternative payment methods for your business:
cards
Both debit and credit cards have become the payment method preferred by users when paying in a physical store and online.
One of the main reasons for the growth of its use is the NFC technology and contactless, which reduces contact with charging devices almost to a minimum. Initially, the payments contactless Purchases of less than 20 euros did not require the PIN to be entered, and as a hygienic measure during the most critical moments of the pandemic, the card brands raised this limit to 50 euros, causing people to start using the cards more, than the bills or coins.
Bizum
Incorporating Bizum as a payment method for a business is, without a doubt, a good option. Currently, this digital payment method associated with the bank account of the client can be found in more than 25,000 online stores. Although Bizum is mainly available for e-commerce, in 2022 it plans to launch its payment solution for physical stores, which will mean a great advance in terms of alternative payment methods in stores.
The payment process through Bizum in electronic commerce is as follows: once the customer reaches the shopping cart and decides to finish it, if he has an active Bizum account and wants to pay it with this payment method, he must select it. The user will enter their phone number and their 4-digit Bizum PIN code. Then you will receive an SMS with an OTP key (On Time Password) with which the operation is verified and carried out.
E-wallets: Apple Pay and Google Pay
The implementation of devices with NFC technology to allow payment through virtual wallets is another way to expand and improve the user experience. Two of the main wallets are Apple Pay and Google Pay, in which the registration procedure for both is similar. To do this, the user must scan through the camera or enter their card data in the application, where they will be stored securely.
Once the data is stored, the customer can now pay at the storesboth in person and online. In the face-to-face case, the customer must select the card from the wallet and bring their mobile device close to the PIN Pad. Once this is done, you will only have to authorize payment using biometric authenticationeither with facial or fingerprint recognition, or through a PIN code to complete the transaction.
Alipay and WeChat Pay
In addition to the virtual wallets of the American giants, we must take into account those of Asian countries, specifically those of Alipay and WeChat Pay.
The Asian giant is one of the countries that is reducing the use of cash the mostand it is that 84% of the Chinese population has paid through their mobile phone between July and September 2021. For this reason, the acceptance of payments through these virtual wallets becomes necessary considering the high volume of tourists and Asian residents in our country.
The modus operandi Alipay is based on four easy steps, so it’s also a pretty quick process. As with Google Pay or Apple Pay, the user chooses Alipay as the payment method and is automatically redirected to the wallet To proceed with payment. The last step is to enter a PIN code that authenticates the operation and confirms the payment made.
The purchase process with WeChat Pay is a little faster if possible. The user must scan the QR code that contains the information with the summary of the purchase and accept the payment by entering their personal password.
Immediate transfers: Sipay Transfer
Sipay Transfer is a payment method based on immediate transfers. The purchase process is very simple, since the customer must select Sipay Transfer as the payment method. Once this is done, the user selects their bank and enters their online banking access credentials. Finally, the buyer selects the account from which he wants to make the payment and authorizes it.
