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Jun 9, 2022

Different payment methods are crucial for attracting customers as well as promoting sales. Which online payment options are the most well-known? This article will assist you to select which payment method you should allow for your business on the internet.

Payment Type: Credit Cards vs. Digital Wallets

The payment method is diverse and includes debit and credit cards, and digital wallets. What is the one that customers prefer to use when shopping through online? In 2021, the Global Payments Report from Worldpay provides the payment method 2020 details for e-commerce so that you'll understand which option the majority of buyers choose:

  • Mobile as well as Digital Wallets Mobile and digital wallets, like Apple Pay, Google Pay and PayPay have topped the list. It is the preferred option for payment to customers around the world, accounting for 44.5 percent of all sales online.
  • Kreditkarte: On the second position, credit card made up 22.8 percent of all online transactions.
  • Debit Card transactions were third in the most frequent transactions with 12.3% of global purchase that were made on the internet.

These three top payment methods were responsible for the majority of all purchases. They were closely followed by bank transfer (7.7 percent) and Cash on Delivery (3.3 percent) as well as Charge and Delirred Debit Card (3.3 percent), Buy Now and Pay Later (2.1 percent), Direct Debit (1.2 percentage) and Pre-Paid Cards (1.1 percent) Pre-Pay, PostPay (0.9 percent) PrePay (0.4%) Prepay (0.4 %)), and Other (0.4 percentage).

If you're trying to make use of the most famous payment option, Digital and Mobile Wallets is the right option to pick!

The race to become the most popular electronic wallet can be a very tense battle. There's no clear winner at this point. It's still a fairly new technology available, information on digital wallets varies in stark contrast between the sources. Current state is that there are no accurate, consistent, and reliable statistics for user numbers or payment volumes. But a survey released by the Investor's Business Daily worked to uncover which digital wallets were most popular among clients. Here's what they discovered:

  • Apple Pay was among the most popular digital wallets and had a score of satisfaction of 78.7 percent.
  • Zelle came in second place, with an overall satisfaction rate of 76.3%.
  • Amazon Pay was the third most popular digital wallet, with a ratings of satisfaction with customers at 73.5 percent.
  • PayPal followed closely with a very high acceptance rate of 73.0 percent.
  • Google Pay took fifth place with a satisfaction score 71.1 percent. 71.1 percent.

In all over the world the world, consumers tend to gravitate to the most convenient payment options. In this case, Apple Pay is popular with iPhone customers, but Samsung Pay is most loved by Samsung users. It also seems that many customers who purchase online have accounts with different payments services.

What is important about the payment Method?

What is the payment option that you offer? Of course, accommodating a client's preferred method of payment will make sales easier, resulting in greater profits for you. Why is that? Here are the top reasons why your clients prefer your favorite payment method:

  • Some users may not want to look at alternative methods of payment or to sign up for the latest payment method.
  • The more time a buyer thinks about their purchase, the more they contemplate buying something, the more likely they will be likely to abandon their purchase. In the end, online shopping is a billion dollars industry according to finder.com.
  • In some cases, customers might not be able to adhere to strict payment policies like when you accept only payments via a site that's available in your region.

Every payment option the business employs opens up possibilities of additional revenue streams, audience as well as customers. You can offer a variety of payment options that can accommodate all your customers' preferences.

How Can You Integrate multiple payment options?

If you are building an online company, it is important to choose a platform for selling that accepts a diverse selection of payment methods. It can, for instance, provide customers with accessibility to Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal along with many more payments options!

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