Not long ago, paying for media meant pulling out your credit card, entering your details and committing to a full subscription. Now, payments are almost instant and often much smaller. You can send a tip to a writer you like or subscribe to just one person’s feed, all made possible by mobile payment platforms.
This new system represents a big change for creators who can now earn directly from fans without relying only on advertisers. For the audience, it also means more power to choose and better flexibility with regard to payment.
With that said, let’s look at both the good and bad sides of this shift in banking options.
The shift away from traditional subscriptions
It wasn’t that long ago that most online purchases required a credit or debit card for subscriptions. You would sign up for a magazine or cable service and get everything offered for a set monthly fee. While this was fine for many people, it excluded those who did not have access to cards or preferred not to use them online.
To counter this, digital payment methods started to grow, and the nature of subscriptions began to change. Now, we have many more options like e-wallets, instant bank transfers, prepaid cards and even cryptocurrency. There are also various payment apps, including PayPal, Apple Pay, Google Pay and POLi.
These payment methods have made it possible for audiences to pay only for what they want. So, instead of committing to a full month of content, you can pay for a single article, one song or just the next episode of a series. This way, you enjoy more flexibility and can avoid paying for extras you may never use.
Casinos Integrating More Payment Methods
As consumers increasingly demand convenience, speed, and security in their transactions, online media platforms are evolving to meet these expectations. From streaming services to eCommerce, the way we pay is changing rapidly, and industries are adapting accordingly.
Interestingly, we see this mirrored in iGaming too, where casinos accepting POLi payment have become a standard expectation for secure payments. Players not only look for fast deposits and withdrawals but also want reassurance that their financial information is protected. As a result, online casinos are integrating a wider range of payment options, from e-wallets to cryptocurrencies, to stay competitive in a market where payment flexibility is becoming just as important as game selection or graphics.
Effects of these new banking methods on the media
The rise of digital payments has resulted in several direct and indirect impacts, as you’ll see below:
Increased speed and convenience
Digital payments and real-time payment networks allow for instant transactions, making it easier to purchase content online. Simply put, a digital wallet is an app or service that securely stores your payment details, allowing you to make immediate purchases. Popular examples include PayPal, Apple Pay, Google Pay etc.
With these wallets, paying for content is almost effortless. You can pay for a movie rental or tip a podcaster without ever typing in your card number. Through this ease of use, it’s more likely that people will support creators in the moment, increasing conversion rates for online media businesses.
Faster access to content
One other noticeable effect of new payment methods is speed. When payments are processed swiftly, users get access to their content right away, which is especially important in online media where people expect immediate results.
Additionally, the availability of buy-now-pay-later services makes it easier for consumers to access content even if they don’t have all the funds available. You can get your content delivered immediately while you pay in instalments.
Growth of microtransactions
As the name implies, microtransactions are small payments that let you unlock specific features or pieces of content. So, if you want to read an article from a news site or download a single track from a musician, you can do so by paying only a few cents. For creators, this means a steady stream of income from many small sales, while the audience enjoys more choice and less commitment.
Improved security
When it comes to online transactions, security has always been a major concern. It’s therefore no wonder that many people initially avoided paying online because of worries about fraud or theft.
However, with these new payment methods, there’s no need to worry due to improved security features that include:
- SSL certificates.
- Data encryption.
- Tokenization.
- Decentralized networks.
- Blockchain technology.
- Two-factor authentication.
All these security protocols build trust between users and platforms. And when people feel safe making payments, they are more willing to spend money on online media.
In-app purchases and mobile payments
Mobile applications have become a central part of online media. As a result, many of these online media platforms now have apps that allow in-app purchases, and thanks to digital payments, it’s easier and safer to do this. Instead of entering details manually, you can use fingerprint or face recognition to approve payments via Apple Pay or Google Pay.
More opportunities for independent creators
One of the most positive changes from new payment methods is that they allow audiences to support creators directly. Now, they can set up accounts on platforms like Patreon or Ko-fi, and fans can send them money using multiple payment options. This flexibility means that creators can earn income from anywhere in the world without complicated bank restraints.
Introduction of cryptocurrency and blockchain in the media
Cryptocurrency is another payment method slowly making its way into online media. While it is still less common than digital wallets or microtransactions, it offers some unique benefits. With it, you can make payments from anywhere in the world without involving a bank, and transaction fees can be very low.
Some online media platforms have started accepting Bitcoin, Ethereum, Litecoin, USDT and others for digital purchases. Blockchain technology also allows for the creation of smart contracts that automatically pay creators after selling their work.
For example, artists and writers can sell their work as digital collectables, and receive a percentage every time someone resells it.
Are there challenges?
While there are many positives, this change in payment methods also creates challenges. Some of them include:
- Increased competition for audience attention and money.
- Small payments add up quickly and can lead to overspending.
- Greater risk of impulse spending due to easy transactions.
- Difficulty for creators to stand out in a crowded market.
- Need to convince audiences that their work is worth paying for.
There is also the question of regulation in specific regions, especially when it involves the use of cryptocurrencies. As such, platforms must make sure they comply with the relevant laws to avoid legal trouble.
Last words
Thanks to new payment methods, online media is no longer tied to old subscription models. With the right payment tools, more people can now enjoy content, and more creators can get paid fairly. It’s an exciting time for both sides of the online media world.
