YouTube icon
Different payment methods are crucial in bringing customers to you and encouraging sales. What online payment method are most well-known? is here to help you choose which payment methods you should allow your business online
Payment Type: Credit Cards vs. Digital Wallets
The payment method is diverse, consisting of debit cards, credit cards and digital wallets. What's the method that consumers prefer to shop online? In 2021 Worldpay's Global Payments Report from Worldpay will provide the payment method for 2020 data for e-commerce, so you'll know which one customers prefer the most:
- Mobile and Digital Wallets The digital and mobile wallets such as Apple Pay, Google Pay and PayPay took the top place as the most used payment method for consumers across the globe, by accounting for 44.5 percent of the total online sales.
- Credit Card: On the second place, credit card represented 22.8 percent of all payments on the internet.
- Debit Card: Debit card transactions were the third sought-after option and comprised 12.3 percent of all purchases done online.
These top three payment options were the most popular transactions. Then bank transfers (7.7 percent) and Cash on Delivery (3.3 percent) and Charge & Deferred debit card (3.3%) Purchase Now Pay Later (2.1 percentage) Direct Debit (1.2 percent) Pre-paid Cards (1.1 %)), PostPay (0.9 percent) PrePay (0.4 percent) (0.4%)) and other (0.4 percent).
If you'd like to use the most well-known payment method, Digital and Mobile Wallets is the best alternative to consider!
What Digital Wallet is the Most Well-liked?
The battle to establish itself as the leading digital wallet was a tense one. There isn't a clear winner at this point. This is a relatively new technology that is available on the market. The reviews on digital wallets differ in stark contrast from one publication to the following. Current state is that there's not precise, trustworthy data that is consistent with users' usage, or the volume of transactions. However, a recent survey that was published by Investment's Business Daily worked to uncover the types of digital wallets popular with users. Here's what they discovered:
- Apple Pay was one of the most well-known digital wallet having a satisfaction score of 78.7 percent.
- Zelle was second with a high overall satisfaction of 76.3 percent.
- Amazon Pay was the third most frequently used digital wallet, with a the highest satisfaction rate in the range of 73.5 percent.
- PayPal has been closely followed, achieving a high satisfaction rating of 73.0 percent.
- Google Pay took fifth place with a satisfaction score of 71.1 percent.
All over the world, people tend to gravitate to their preferred payment method. For example, Apple Pay is popular among iPhone users, whereas Samsung Pay is highly-rated by Samsung customers. It is also apparent that a lot of customers who buy online are registered on various payment services.
What's the importance of the payment Method?
What's the payment method that you provide? Naturally, allowing a buyer to use their preferred payment method will make selling easier and increase the revenue of your company. What is the reason for this? The top reason that your clients choose their preferred payment method
- Customers may be reluctant to explore alternative options for payments or register to a unique payments service.
- The longer a customer spends thinking about their purchase, the more likely to abandon their shopping cart. In the end, online shopping is a multi-billion dollar industry, according to finder.com.
- In some instances, clients may not be able to use restrictions on payment options such as when it is only possible to accept payments via a payment platform available in your region.
Each payment method that your company uses can open doors to new revenues as well as audiences and customers. With the help of payments processors, it is possible to include different payment methods that will accommodate all your customers preferring.
How can you incorporate multiple payment methods?
When you are establishing your online company It is crucial to pick a platform that can accept many payment choices. In particular, it could give customers the ability to use Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal and many more!
Is an E-Commerce Platform Designed For Creators
Article was posted on here