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The News God > Blog > Business & Finance > How advancements in payment technology have improved the user experience
Business & Finance

How advancements in payment technology have improved the user experience

Rose Tillerson Bankson
Last updated: June 14, 2025 7:54 pm
Rose Tillerson Bankson - Editor
June 14, 2025
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8 Min Read
The Micropayment Cash Conversion and Credit Card Cash Advance Tag Team
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Advancements in payment technology have significantly transformed the way people interact with and manage financial transactions. For starters, new innovations in payment technology have made transactions more effortless and safer for everyone.

Contents
Contactless payments have made the checkout process a breezeMobile payments and digital wallets eliminate real walletsBuy now, pay later: better for budgeting?Cryptocurrencies are becoming more mainstreamWith the rise of digital payments, security systems have improvedIn-app payments and one-click payments: easy money managementAI is integrated into many payment systems

The shift toward a more digital, mobile and seamless financial system has improved user experience as it offers consumers more control and convenience than ever before. For instance, contactless payments, in-app purchases, AI integration and other innovations have made a traditional wallet look like it belongs in a museum somewhere.

Contactless payments have made the checkout process a breeze

One of the biggest advancements in payment technology is contactless payments. If you own a card with a contactless payment option, you probably use it much more than chip or swipe. Who wouldn’t? With the quick tap of a card or smartphone, you can complete transactions in seconds, without having to enter a PIN or sign for the purchase. This makes quick purchases at a deli or a gas station very easy. Paying for a quick snack? Tap. Paying for a coffee at a coffee shop? Tap.

Contactless payments utilize near-field communication (NFC) technology, which allows secure, wireless data exchange between payment terminals and devices. This has been a game-changer for people who value fast transactions.

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Mobile payments and digital wallets eliminate real wallets

Mobile payment systems, such as Apple Pay, Google Wallet and Samsung Pay, have changed the game even more. Thesedigital wallets store credit card and bank account information securely on a user’s smartphone. This makes it easy for you to pay by contactless payment or even complete in-app purchases. For instance, you can pay for parking with ParkMobile by using Apple Pay in-app, so you don’t need to enter payment info or scramble for change at the parking meter.

Mobile wallets have made carrying a physical wallet with cash or multiple credit cards unnecessary. As long as you have your smartphone, you can make secure payments at millions of locations worldwide. And you don’t have to worry about someone stealing your phone and making purchases, either: you typically need to enter a four digit passcode before completing the mobile payment.

Buy now, pay later: better for budgeting?

Buy now, pay later (BNPL) services like Afterpay, Klarna and Affirm have gained significant popularity as they allow customers to make purchases and pay in installments. Usually, there is no interest incurred if settled within a specified period. This is an excellent way for many to make bigger purchases, like buying furniture or kitchen appliances. It also makes budgeting easier.

The BNPL model helps with budgeting by breaking up payments into manageable chunks, so users can make purchases they might not otherwise be able to afford. BNPL services typically provide instant approval, which allows customers to complete their purchases without the delays they would experience if they applied for a loan from a bank or a credit card increase.

Also, BNPL services usually have straightforward terms and they don’t charge high interest rates or crazy fees.

Cryptocurrencies are becoming more mainstream

Cryptocurrencies might have been somewhat of a question mark some years back, but in 2025, they’re a part of our everyday lives. Not only do more and more online stores accept payments with Bitcoin, Ethereum and other cryptos, but it’s very easy for a regular person to invest in cryptos with apps.

Many online stores and gaming sites offer options for payments with cryptos. Cryptocurrencies provide fast payments and low fees. Also, they offer a borderless solution, so users can send and receive payments to and from anywhere in the world, without the need for currency conversions or high international transaction fees.

With the rise of digital payments, security systems have improved

One of the biggest worries with digital payments has always been security. However,advancements in payment technology around the world have made transactions much more secure. For instance, tokenization and biometrics, two-factor authentication (2FA), end-to-end encryption and AI-powered fraud detection are ensuring that user data remains safe.

Two-factor authentication, for example, requires users to verify their identity with a secondary method, like a text message or authentication app. This added layer of security helps prevent unauthorized access and brings peace of mind for users. Also, AI and machine learning algorithms monitor transaction patterns and flag any suspicious activity in real time. This helps to prevent fraud before it even occurs.

As a result, people are becoming more confident in using digital payment methods, because they know that their information is protected. This reassurance is particularly valued by people engaging in online transactions, like those at an online casino. With this payment option, casino-goers can make deposits and claim rewards with the confidence that their transactions will be protected, which can’t always be offered by any form of online transaction. Due to this, the rise of E-wallet availability at online casinos has drastically increased and become the most popular option for most players. You can discover more about the payment options available at some online casinos online.

In-app payments and one-click payments: easy money management

The ability to make in-app purchases has become a big part of the digital experience. The integration of payment gateways such as Stripe, PayPal and Apple Pay into mobile apps makes it easy to subscribe to services or make in-app paymentswithout entering credit card info or leaving the app.

With pre-stored payment information, you can make purchases with one click, which bypasses the need for manual entry of payment details. This is not only great for customers but it helps businesses too. By simplifying the payment process, businesses can reduce cart abandonment rates and increase conversion. It helps to provide a better overall experience for both users and businesses.

AI is integrated into many payment systems

AI is everywhere. If you use a smartphone, you have been involved with AI. If you own an Alexa device or use chat bots online, you’ve used AI. So, it’s no wonderartificial intelligence has also been used for improving payment systems and security. AI can analyze user behavior, preferences and spending patterns to offer personalized payment options or suggest budgeting tools that fit your needs.

Also, AI can help businesses predict customer preferences, improve service delivery and tailor custom-made promotions. This makes the whole shopping experience more aligned with users’ desires and thus improves the overall experience. This level of personalization, together with seamless payment technology, can deliver a smoother and more enjoyable experience for customers.

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