Navigating the modern wallet

26 Jun 2024

Navigating the modern wallet: a guide to payment options

In an age where cash is no longer king, navigating the plethora of payment options available can be daunting. However, understanding the landscape of modern payments and embracing their various applications will give you the confidence to tap, touch and transfer your way to financial freedom!

Apple Pay has revolutionised the way we make transactions, allowing you to securely pay with your iPhone, Apple Watch or iPad. With its simplicity and widespread acceptance, it’s an attractive option for tech-savvy seniors looking to streamline their purchases.

For online transactions, PayPal offers a convenient and secure platform. By linking a bank account or credit card to a PayPal account you can make payments with just a few clicks, making it ideal for online shopping or sending money to family and friends. 

BPay, on the other hand, is a familiar option for those who are used to traditional banking methods. By using a unique biller code and customer reference number, BPay allows you to pay bills electronically through your bank’s online or mobile banking platform, eliminating the need for physical cash and cheques.

Other popular payment options include Google Pay and Samsung Pay, which function similarly to Apple Pay, providing contactless payment options for those with Android devices. Additionally, tap-and-go cards, equipped with contactless payment technology, offer a quick and convenient way to pay for everyday purchases without the need for cash or a PIN. 

Osko payments, made via BPay, offer swift, secure and instantaneous transactions, transforming traditional payment methods. Its real-time transfers eliminate waiting times, and enhanced security protocols ensure peace of mind by safeguarding sensitive information. 

PayID is another fast and secure way to send and receive payments. Payments are made via a mobile number, email address or ABN, all within the security of your online banking. You can check that your money is going to the right person before you hit send, which helps avoid mistaken payments. 

Splitwise is another popular app, designed to simplify splitting expenses among friends and groups. It makes it easy to track shared expenses and settle debts without the hassle of constantly exchanging money or keeping tabs on who owes what. The app does the maths for you, accurately calculating each person's share of the expenses, including adjustments for uneven splits or partial payments, and integrates with various payment platforms like PayPal and bank transfers, which means you can easily settle debts directly from the app. 

However, despite the convenience of these modern payment methods, it’s important to keep security in mind. Protecting your personal and financial information is essential, whether through using secure passwords, enabling two-factor authentication, or monitoring accounts for suspicious activity.

By understanding and utilising these and other payment options effectively, you can navigate the modern wallet with confidence and ease. So, tap, touch and transfer away!