Certain countries have developed native payment methods that leave international giants such as Visa in the dust. These methods have become the fabric of societies and have been adopted by the countries’ businesses, financial institutions and citizens. Here are some of the payment methods that have been tailored for citizens from specific countries:
Blik was established in February 2015 after six Polish competitor banks agreed to form a standard payment method. The idea was a huge success, and Blik spread like wildfire, making its way into Polish mobile banking and other financial institutions. The covid-19 pandemic further pushed Blik’s popularity as mobile transactions were at a record high due to the strict lockdown measures.
Most Blik transactions involve e-commerce, with millions of orders being made on Polish online shops. Many Blik casinos are coming up, as Polish casino operators are jumping on the bandwagon to capture a larger market by providing seamless transactions. Prominent casino brands like Boomerang Casino accept Blik and, as a result, it has had such a huge following.
PIX ( Brazil)
PIX is a groundbreaking Brazilian account-to-account payment method that first made headlines in 2020. The Brazilian Central Bank built the payment method from scratch after the increased insecurity associated with cash transactions. After thorough consultations with Brazilian banks, fintech and credit unions, PIX was released into the market and has since been integrated into the Brazilian Community.
All people need to get started is an account that includes a payment account with at least one of the nearly 800 PIX affiliates. With that, users can transfer funds, pay for purchases in physical and online stores, pay invoices and bills, pay taxes to the government and even facilitate remuneration to employees. It is safe to say that PIX has taken a load off Brazilian citizens, especially those who lacked prior access to electronic credit transfers.
Though Russians were quite sceptical about letting go of the cash payment method, the launch of QIWI melted any doubts about embracing change. QIWI allows its users to shop securely electronically without having to reveal sensitive bank account details. Customers first deposit their cash in an ATM and later use it to pay for utilities, bills, bank loans, online shopping purchases and many more. Those who’d like to save money can leave their cash in an online account for later use.
Russians were used to paying bills and supermarket purchases through traditional means. But with the introduction of QIWI, consumers need not stand in lines for hours awaiting their turn. Over 170,000 Russian kiosks and 40,000 vendors accept QIWI. The customer turnout has also been impressive, with 65 million QIWI users paying a staggering 39 billion rubles monthly.
Digital payments in India have come a long way to cater to the country’s ever-growing population. PhonePe is India’s largest financial technology company, with its roots in Bangalore, India. It was initiated in December 2015 by Rahul Chari and Sameer Nigam and was officially launched to the public in 2016. The app gained so much popularity in India that it has enabled more than 2 billion transactions and won several awards.
Similar to other digital payment methods, PhonePe only requires users to download the app and link it to their bank accounts. All transactions via PhonePe are connected to the user’s respective bank account. This digital wallet has various applications, from sending and receiving money, checking bank balances, phone recharge, electricity, gas refills and water bills. Many Indian traders have embraced PhonePE to allow customers to book rides, order food and shop using the method. PhonPe has without a doubt touched millions of lives in India.
Judging from what we’ve seen, it’s clear that the dark ages are far behind us, and newer, more digitised payment methods are on the prowl to change the money transactions as we know it.