Today's Payment Options

All the payment options discussed on the history page have remained in some form of evolution. For example, wire transfers no longer require telegraphs, but remain a popular way to send money. If you go into Walmart you can choose from over 200 countries and territories to send the money. 

The most popular payment option today is credit and debit cards. At the end of 2023, the average credit card user carried over $6000 in debt. There is a total debt of $1.13 trillion in the US. PayPal, which allows payments from bank accounts, credit cards, or PayPal balance saw 25 billion transactions in 2023. This totaled $1.52 trillion spent by 431 million users. ApplePay, which is the most widely used digital wallet, saw $6 trillion dollars spent in 2022. ApplePay is used as the payment in 12.6% of all online payments and 3.1% of in store purchases. This payment option is accepted in 90% of US retailers.

A modern trend affecting currently payments is the linking of consumers to retailers through social commerce. Buyers can now make purchases through Facebook, Instagram and TikTok. The TikTok shop launched in 2023 and allows influencers to make a percentage off purchases they recommend. The payments for these products are made through credit or debit cards, Apple or Google Pay, or PayPal. 

Cryptocurrencies are used as an investment and to also make purchases. Some examples of purchases include digital real estate, software, and illegal items. This is due to cryptocurrencies not being controlled by governments or banks. Biometric payments are increasing in usage with Apple Face ID being used for in app purchases. In Amazon's physical stores pay-by-palm is being used. In Asia, pay by face is used in many restaurants. 

Many trying to avoid credit card debt switch to using cash or check as much as possible. These customers benefit from saving money at many retailers who add a small fee to credit card purchases. One example of this is a local family restaurant that adds 2.5% to all credit card purchases. Their printed bills from the waitresses states the cash and credit card prices on the bottom. Another local hair salon only accepts cash or checks. An ATM is available in the salon to withdraw money for customers that weren't aware of this policy before visiting the salon. 

The first form of payment is also still widely used. A modern version of bartering is social sellers posting products they offer on Facebook and looking for trades from other social sellers. There are still local farmers exchanging the produce they grow for others they do not. Bartering is also used for services. One local accountant cancelled one client's bill because the client who owned a bike store gave his son a bike.