Top Alternative Payment Trends To Look Into in 2022

payment trends

When thinking about the future of payments, many people imagine something like the Jetsons. We’ll be paying with our retinas or voices, and maybe there will be flying cars involved. In reality, though, the future of payments is more subtle and much more practical than that.

There are already several alternative payment trends that could grow in popularity over the next few years. These trends include contactless payments through mobile wallets and wearables (which are already well-established), mobile banking apps that can send money to friends in seconds, apps like Venmo and Zelle, cryptocurrency exchange like OKX, and P2P lending platforms. 

The future may not look exactly like we thought it would ten years ago. But as long as payments keep getting faster and easier for consumers to use without having to trust their financial information to third parties or learn complicated new technology, it’s close enough. Here are the top alternative payment options.


Cryptocurrency is a type of digital currency that is created and managed through the use of advanced encryption techniques known as cryptography. Cryptocurrencies are decentralized in nature, meaning they are not controlled by any government or central authority and run on a distributed ledger called a blockchain.

Cryptocurrencies are used for transacting on the Internet but can be used in many more ways than just that. Cryptocurrency can also be traded as an investment product and can also be bought and sold like stocks or commodities on stock exchanges.

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Virtual currency is an electronic representation of value that functions as a medium of exchange. The most significant characteristic of virtual currencies is that they do not have legal tender status. Virtual currencies can be exchanged for real money, products, or services with vendors who accept them as payment.

Mobile Wallets

Mobile wallets are one of the hottest trends in payments. Mobile wallets have become so popular that they’re graduating from being a standalone product to becoming an integral component of other payment products and services. Mobile wallets can be used for anything from paying for goods and services in retail stores or online marketplaces to sending money directly from one person’s digital wallet to another via their phones or computers.

They are convenient because they let you store all of your credit cards and bank accounts in one place on your phone instead of having to carry around multiple cards or open new bank accounts just because there’s some kind of reward attached to it. They’re also easy to use because many offer features like NFC chips (which make contactless payments possible) as well as biometric authentication options such as fingerprint scanning technology. These make it harder for hackers or thieves trying to access personal information stored within these apps.

Online Payment Processing

Online payment processing is the process of accepting payments online. It’s used to pay for goods and services, as well as online subscriptions and services. Online payment processing has been around since the early 2000s and has become one of the most popular ways to pay for things online. Companies like PayPal offer both a way to accept payments online as well as provide a secure way to store your personal information and make transactions in real-time with other users using their accounts.

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All forms of online payment processing require that you have an account with a company that specializes in this service (such as PayPal or Stripe). The first step is usually opening up an account with one of these companies. It requires filling out some forms, verifying your identity by submitting documents such as driver’s licenses or passports then linking your bank account or credit card information. So they can transfer money into it from customers who purchase something through their website.

Contactless Cards

Contactless cards are one of the easiest ways to pay for things because they’re easy to use. Once you’ve set up an account with a contactless card issuer, it’s as simple as tapping your card against the payment terminal and entering your PIN if prompted. This can be done at any location that accepts debit or credit cards, including major retailers like Walmart and Target.

You don’t have to reach into your wallet or purse every time you want to make a payment, you just tap. Because there isn’t much effort involved in using contactless cards, they’re perfect for busy people who don’t have time on their hands (but still need money). Additionally, since they’re so small and lightweight compared to physical wallets full of cash or plastic gift cards, carrying around multiple contactless cards is easy enough even if you don’t have pockets.

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Another benefit of contactless payments is that your personal information remains hidden behind layers upon layers of encryption until it reaches its destination. Only then does it become visible by someone else who might intercept it during transmission between parties involved in processing transactions from point A (your bank) directly through B (the merchant). 

Social Media and Messaging Apps

Social media platforms like WhatsApp, Facebook, Twitter, and Instagram are all expanding their payment capabilities under the guise of convenience. But while these services may be convenient and simple to use, they’re still far from being secure.

Social media payments are growing in popularity as a result of their simplicity and convenience. While these services are not yet as trusted by consumers as other forms of payment (such as credit cards), they have been gaining momentum over the past few years. Thanks in large part to the growth of mobile payments such as PayPal’s Venmo app for iOS devices and Android phones.

The bottom line is that social media payments are here to stay. But if you’re going to use them yourself or recommend them to others who might be more vulnerable targets than yourself, make sure that your passwords aren’t easy.


There are a lot of different payment methods out there that companies can choose from when it comes time to transfer funds, but not all methods are created equal. We believe that the best way to find out which method works for you is by trying out these five alternative payment trends in 2022.

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