No matter whether you are shopping online, paying an invoice, gaming, betting or using an online casino, access to a secure online payment method is a must. In the UK, there are a growing number of options, allowing customers or players to make secure, low-cost payments across an increasingly large selection of online platforms. On top of this, an increasing demand for one-click checkout options is pushing the market into specific directions regarding the payment methods available. But how do you really know which banks or payment platforms are safe and secure, and which ones are the most user friendly?
Buy now, pay later
One of the most recent developments when it comes to the UK payment scene, is the arrival of the buy now, pay later system. This has revolutionised the way online shopping is performed, especially in the case of companies or businesses who are selling high-priced products. By offering this service, customers can opt to split their payments into more manageable monthly chunks. This makes it much easier to make large purchases online. One of the best options for this is Klarna.
The payment system makes it easier for businesses to boost their own sales, while keeping customers happy with the flexible, risk-free payment option. Better still, there are no fees when using Klarna. The monthly specified payment instalments are interest-free to the customer, which makes it a really safe option to use. It also offers full merchant protection, as well as higher conversion rates. As such, it’s becoming an increasingly popular option for customers.
Another option under this type of payment method is Clearpay. It’s becoming more popular and also offers interest-free payments and the ability to split shopping into more manageable chunks. However, it doesn’t offer options per month, but rather every few weeks. Like Klarna, though, customers don’t face any fees, and payment increments can be modified or even paid early should the need arise.
Speedy payments with eWallets
One of the best, and most enduring options for payments are, of course, eWallets. There are various eWallets out there include Skrill and Neteller. But the current popular option, and one that’s been popular for a long time, is PayPal. This is available across businesses, shops and betting sites. It’s well-known as it was one of the first eWallets to grace the market. Better still, it has global recognition and can be used in countries around the world. It’s also very easy to join and sign up to. On top of that, there’s great buyer protection in place as well. Widely available, there are many betting sites that accept PayPal, which mean speedy deposits can also be made, not just payments at online stores. However, there are often fees involved with PayPal and some of these are higher than other payment methods. Nevertheless, the speedy payout and transfer times, ease of use, and app all combine to make this one of the popular options.
Transfer with a bank
Now, one of the longest-used payment types is the bank transfer. However, for many, this can be a slow process, which is a dampener when it comes to paying at an online casino or shopping online. Particularly when it comes to withdrawals from casinos, bank transfers can be incredibly time-consuming. However, they are still one of the safest options online due to the stringent bank processes and protocols that users have to go through. That being said, increasingly, there are different ways to get access to bank transfer options that are actually pretty quick. One of these is the use of Trustly, which is an open banking method. Impressively, more than 75% of UK businesses actually use open banking, which means lower fees for both the business and the consumer. It’s accelerating in its adoption too, which means that soon it’s going to be very easy for consumers to access this type of payment. Trustly offers fee-free payments and makes it easy to make a transaction directly from the bank account of the customer. There’s no sign-up needed, nor is there any software download requirement either. Money can be transferred to other countries too, which makes the process a whole lot easier.
Going digital
Finally, there is a rise in the use of cryptocurrencies. While businesses in the UK are still somewhat behind in this area, online casinos and betting sites are not. Increasingly, it is possible to make deposits and withdrawals using various cryptocurrencies and meme coins. This means that players can enjoy superfast transaction speeds for most of their different payments. Typically, this means that payments are completed within minutes, though the exact length of time is dependent on the crypto used. Each crypto has different confirmation requirements in place, with options like Bitcoin taking longer than DOGE, for example. There are also minimal fees in place when using crypto. Of course, there is a gas fee for usage, and again, this depends on the blockchain and network being used. However, from the vendors side, no fees are implemented. For those concerned about security, then digital currencies represent one of the safer options. Using the blockchain means that all transactions are carefully recorded. As such, once a transaction has been done, there’s no reversing it, plus everyone can see it was made. On top of this, crypto payments are anonymous, which means that they can’t be traced back to a specific person, only an account, which is useful for those looking to avoid providing identifying information online.
Which one to use
At the end of the day, choosing which payment method is right is up to each individual. There are pros and cons to all the options when making a payment online. There are also additional options out there that aren’t mentioned here. Other popular low-cost and secure payment methods include using a debit or credit card, WorldPay, Apple Pay or Google Pay. As long as the customer or player is comfortable with the security and fees in place, then there are many different options available.
Disclaimer:
The information provided in this article is for general informational purposes only and does not constitute financial, legal, or professional advice. Readers should exercise their own judgement when choosing and using online payment methods, whether for shopping, gambling, or other activities. Online gambling carries financial risks and can be addictive — please gamble responsibly and seek help if you experience issues. We do not endorse or guarantee the security, reliability, or suitability of any payment providers mentioned. Always conduct your own research and consult a qualified professional if you require advice specific to your circumstances.