ATMs may facilitate you with cash anytime, but visiting an ATM always demands time and effort. Sometimes you don’t feel like even visiting the nearest atm. You wish for a solution so you don’t need to leave your couch to withdraw cash from an ATM. What if we tell you there are payment methods where you don’t need to pay in hard cash? This blog tells you the payment methods that will help you roam cashlessly and pay bills without even cash. If you seek such alternatives, read this blog to upgrade your knowledge.
Credit/Debit Card Payment Method
Credit or Debit cards are the cards issued by your bank that allow you to pay without cash. However, When you pay via card, the payment amount is automatically deducted from your account. Credit/Debit comes with a magnetic strip and a unique code.
Therefore Swiping or inserting a card into a payment processor allows the processor to track the details of your account and initiate a transaction. Then the processor transfers the command to your bank; the bank verifies the credentials, and the billing amount is deducted from your account.
Also Read: How To Turn Your ATM Machine Into An Income Stream?
In this way, you can pay your bills without carrying cash. However, every vendor doesn’t accept card payments. Still, most vendors have payment processors to accept card payments.
Credit/debit comes with dual features. You can pay via a payment processor and withdraw cash from ATMs with cards, i.e. royal bank atm cards.
Mobile Payment Systems
Mobile payments serve as contactless payments. A customer can send the billing amount via mobile phone to the vendor. Mobile-authorized payments are analogous to transferring funds from a bank account to another bank. However, mobile payments are secure and quicker. Mobile payment is an integrated payment method and end-to-end encrypted.
In addition to this, customers can scan the QR code to pay their bills.
With mobile payment, you wouldn’t need to search atm machine near me as you can roam without carrying any cash. There are many mobile payment methods; however, Google Pay, Apple Pay and Samsung Pay are some noteworthy mobile-authorized payments.
QR Code Payment Method
The QR- Quick Response Code payment is one of the fastest and most secure methods to pay bills and shop. In this method, the customers must scan the code on their mobile and pay the due amount.
The QR code payment often helps people shop in a superstore or mall. It helps people to avoid standing in queues at the point of sale. Customers can pay their bills on their own just by scanning the code.
Also Read: How Do ATMs Work As A Passive Income Stream?
Most products come with a QR code. When customers scan the code from their phones, an amount equal to the product’s price gets deducted from their accounts.
Earlier, Malls or stars used to have ATMs so that customers could withdraw cash and pay their bills. However, standing for long in the queue took a lot of work. But now, this payment method has made customers forget “what’s the meaning of atm.”
Crypto Payment Method
Cryptocurrency has taken the digital world by storm, especially Bitcoin, as Bitcoin has become the most expensive digital coin. However, Cryptocurrency is not only about coins but also can replace conventional payment methods. The property that makes crypto payments authentic is the blockchain.
The blockchain is a decentralized and end-to-end encrypted technology, making it one of the most secure payment methods. Not only secure, but the blockchain is also the fastest payment method. It can process any transaction within seconds.
Although crypto payments are rare for merchants, they’re still a new concept; however, their demand and scope are gradually increasing. Crypto payments are faster and more secure than any other payment type. However, Crypto payments will have a greater impact on the payment industry over time.
In today’s busy world, the concept of ATMs needs to be updated. The world is switching towards a cashless society, and no one has that much time to withdraw cash from an ATM. It’s high time we should look for alternatives to ATMs.
ATMs are to facilitate us, but sometimes relying on ATMs can be hurting. Most of the time, ATMs run out of cash, need to be in order, or have technical issues. However, it may be any ATM in the world, i.e. Bank of America, scotia bank or citibank atm.
Therefore it is better to catch up with moving technology instead of practising the ineffective and older means of payment.
Wrap Up
In this blog, we aim to educate our readers about the methods that can save them ample time. This blog states the payment methods that will forever free you from the fuss of ATMs. You can pay your bills on your own anywhere, anytime.
