There can be little doubt about the impact PayPal has made in the business world since its launch.
This is in terms of the global brand it has built, the central place it plays in daily life and the investments it makes into other companies. Of course, PayPal is also one of the best examples of how technology has merged with the financial world to stimulate next-level innovation.
Due to all of this, this online payment provider now has an estimated 435 million users around the world. This large customer base is best explained by not only how convenient PayPal makes online transactions but also the variety of uses it has in normal life. This will only become truer as we move into 2024 and see where the next 12 months takes the company.
Below are some of the top uses for PayPal heading into 2024:
Online casino gaming
One of the top uses for PayPal in the coming year will be depositing and withdrawing money when playing games at online casinos. There are already numerous reputable PayPal casinos to game at and this is only likely to grow in the next 12 months. The same should also be true for the number of people who choose this option when making transactions at digital casinos. While a great number of people globally have been using PayPal in this way during 2023,the year to come should lead it to attract an even bigger audience in iGaming.
This digital payment provider is such a hit with online casino lovers as it is free to create an account with and simple to use. PayPal is also very secure and accepted by most top iGaming sites. These factors definitely contribute to its popularity with internet casino fans.
Online shopping
It is no shock to learn that e-commerce is now a massive industry. As a result, all top brands maintain an online presence to boost revenues. People just love the convenience, choice and offers which shopping in this way offers. They also love the range of secure payment options e-commerce stores offer and PayPal is among one of the most widely seen.
With the trend for online shopping set to continue apace in 2024, it is also safe to assume that using PayPal to make online purchases will also continue to be popular. As with online casino gaming, it seems that the ease of use which the platform offers allied with high-end security is key for shoppers.
The easy integration PayPal delivers to e-commerce stores makes it a hit with them and means it’s a payment option many carry heading into the new year. This accessibility should lead to people continuing to use PayPal when checking out online and enjoying the easy way it offers to pay for goods from a linked bank account.
Money transfers
Another top use for PayPal in 2024 will be safe, secure and fast money transfers. The quick transaction speeds PayPal offers is especially key, as users are starting to expect lightning quick processing times for online transactions. When you use this platform for transferring money digitally, it includes user protection features and has no hidden fees. The platform provides account monitoring to detect unusual payments and fraud prevention to help protect users.
All of this makes PayPal a money transfer option that is already well-loved in many countries and one that is set to light up the world of money transfers again in 2024. This of course is true on a local level, where sending friends what you owe them for a taxi home or a meal out the previous night is simple. However, PayPal is also perfect for handling international money transfers and this is sure to be something it is used for over the next 12 months.
Crypto trading
As with online e-wallets like PayPal, cryptocurrencies have been a relatively recent innovation which have had a massive impact on business, investments and people’s daily lives. With the global crypto market expected to hit almost $5bn by 2030, it is easy to see what a presence it is now in the world.
One use you can expect to see for PayPal in 2024 therefore is cryptocurrency-based trading. This is essentially buying or selling specific tokens on crypto exchanges to make a profit. Although it might not have been the preferred payment choice previously, 2024 could be the year PayPal really comes into its own in this realm.
PayPal supports the transfer of crypto assets to other users or external wallets. While this might incur higher fees than other payment options, the security and safety PayPal brings to the process makes up for it. For those who like to trade in coins which PayPal supports, such as Bitcoin, Ethereum and Litecoin, the protection of crypto assets from unauthorized transactions is especially useful.
High street shops and restaurants
As PayPal is a digital payment provider, it is easy to assume that all major uses for it in 2024 will be online. This is not strictly true though and we expect that paying for goods in physical high-street shops will also be one way people utilise it. As PayPal can be used on the mobile devices we all carry around with us now, it offers a convenient and quick way to pay for goods in physical shops.
By the same token, we also predict that the trend for using PayPal in restaurants will continue in 2024. This use for PayPal has grown in recent years and there are now many restaurants that allow people to pay for meals in this way. As with using PayPal for high street shopping, it is the mobile functionality of the platform which is key here and the quick, easy payments it supports.
PayPal set for a big year in 2024
From PayPal’s acquisition of Happy Returns in 2021 to its success in 2023, there is no doubt what a leading light it remains in the FinTech world. As we move towards 2024, it will be interesting to see where this massive global brand heads. The ways we use it will play a major part and it seems safe to assume the examples listed above will come into play.
Source: finsmes