Are the hottest payment trends safe for your wallet?

New online payment services are revolutionizing the way we shop. The convenience they offer has made them a hot trend in the world of e-commerce. But before you jump on board with your bank account in tow, it's important to be careful and make the best choices for you.

When you take the right steps, digital payments can be a safe and reliable way to pay for all the products and services you need. Read on for an overview of today’s top online payment services, from cloud payments to cryptocurrency and everything in between.

Choose a secure cloud payment service.

Shopping online has become easier than ever with cloud services like Shopify, Apple Pay®, Google Pay^TM and Amazon Pay. Each of these services has different features, but all of them are designed to secure your payment information when making an online purchase.

Remember that each service has different capabilities, and certain services may not be accepted at certain stores. You can also seek guidance from online reviews or contact customer support if you're unsure about any aspect of the payment process.

Along with choosing a service that offers secure data protection, there are some essential steps you may want to take when shopping online. For example, you can check the website’s privacy policy and confirm the site is using secure encryption by looking for “https” at the beginning of the web address. This helps ensure that your payment goes through securely, no matter which service you choose.

Check out your payment app options.

When it comes to social payments, there are many different options to choose from. You’ve probably heard of PayPal, Venmo, Cash App or Zelle. All these social payment platforms offer secure payments between individuals or organizations. However, each one also has its own unique features and security protocols.

Even though the top social payment services are considered secure, it’s a good idea to stay cautious and only send money to people you know. Two-factor authentication to authenticate your login requests should give you extra protection.

Buy now, pay later: Pay for a purchase over time.

New apps like Klarna, Affirm and Afterpay allow you to purchase goods or services from an online store immediately and then pay for them later. The payments are usually spread out over several months or the length of an installment plan.

However, it’s still important to stay within your budget when taking advantage of buy now, pay later (BNPL) services. You'll want to make sure the pay-over-time service is legitimate. Also, take time to read their terms and conditions to understand exactly how and when you’ll be charged.

Be on the lookout for any extra fees related to the payment you choose and remember to adjust your budget to make room for the new payments you’ll be making.

Consider the evolving option of cryptocurrency.

Cryptocurrency has had a lot of hype in recent years, with payment networks such as Bitcoin and Ethereum offering the promise of a new digital currency. The idea of cryptocurrency is that it allows users to securely store and exchange money on the internet without involving banks or third parties.

While cryptocurrency may be generally safe to use, it’s important to watch out for fraudulent activity when shopping with it. It may be best to look for a vendor that provides clear verification and guarantees on their transactions.

All these new online payment methods can be intriguing. Each type offers different opportunities to do more with your money as you shop for the things you want and need. By shopping smart, staying wary of scams and keeping an eye on your budget, you can make the most of today’s hottest trends in shopping.

Bread Pay™ offers easy and convenient ways to buy the things you want now and pay over time. At participating merchants, you can add items to your cart as usual.

When you hit checkout, choose Bread Pay and get a real-time pre-qualification decision about your “loan” for the purchase without it affecting your credit score. If eligible, you could check out with a buy now, pay later option.

Bread Pay™ loans are made by Comenity Capital Bank, a Bread Financial™ company.