Cash: Traditional and universally accepted, cash transactions involve physical currency notes and coins. Cash transactions are immediate and do not rely on electronic systems, making them suitable for various situations.
Credit/Debit Cards: Widely used around the world, credit and debit cards allow users to make electronic transactions. Credit cards provide a line of credit, while debit cards are linked directly to a bank account. These cards are commonly used for in-person and online purchases.
Mobile Payments: With the rise of smartphones, mobile payment apps have become popular. Services like Apple Pay, Google Pay, Samsung Pay, and various regional options enable users to make payments by simply tapping their mobile devices or scanning a QR code.
Online Banking: Many banks offer online banking services, allowing customers to transfer funds, pay bills, and make purchases directly from their bank accounts through internet banking platforms.
Digital Wallets: Digital wallets store payment information securely, allowing users to make transactions without using physical cards. PayPal, Venmo, and other digital wallet services are commonly used for online purchases.