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is available with the complete guide to popular e-commerce payment methods.
Popular Mobile Wallets
The popularity of mobile wallets has exploded popularity in recent times as researchers anticipate the mobile payment industry to reach $273.1 Billion in 2028. This leaves online businesses struggling to juggle a wide variety of potential payment options. The right e-commerce platform will help you accept the most well-known mobile wallets. However, if you are doing it yourself to keep up with the latest payments on mobile, here are some of the most popular options:
- PayPal Platform: The PayPal platform had reported 435 million users in 2022.
- Google Pay: Globally, Google Pay has over 150 million customers, and makes up 14.9% of the local market share.
- Apple Pay: The Apple Pay platform was estimated to have 45.4 million people using it in 2022.
With the millions of people who use mobile wallets daily, it is easy to understand why compatibility with the various payment options is vital for businesses that operate online.
Online Credit as well as Debit Card Payments
Debit cards are responsible for 12.3% of e-commerce purchases. They act as cash, removing money directly out of a bank account when they make a purchase. Although the design of the customer's credit card may be contingent on the bank that issued it The majority of debit cards operate through Visa as well as Mastercard. More specifically, the most popular debit cards include:
- Visa (54.42% market share)
- Mastercard (22.14 percent market share)
- Domestic debit cards (15.54% market share)
- Private label cards (7.56% market share)
- AACH cards (.34 percent market share)
Credit cards account for 22.8 percentage of transactions made through e-commerce. They use funds directly to the bank of the buyer, which customers are contracted to repay at a later date. Credit cards provide customers with more buying power in your online retail store. According to Shift the following are the four main credit cards your online shop ought to accept:
- Visa (52.8% market share)
- Mastercard (31.6 percent market share)
- Discover (8.1 percent market share)
- American Express (7.5% market share)
The growing importance of Buy Now Pay Later
Any payment method could be paired with a buy now, pay later (BNPL) platform, such as Klarna, Afterpay, and Affirm. This payment method is popular and allows consumers to control how their purchases align with their paychecks.
The pay now, buy later arrangement is a short-term and interest-free installment loan. Across popular platforms, customers pay only BNPL services in the event of missed payments and extended loan terms. According to Yipitdata, the most popular BNPL platforms is Affirm with 40% of the US market part. Overall, the most popular buy now, pay later options include:
- Acfirm (40% market share )
- Klarna (19.6% market share)
- Afterpay (16.4 percent market share )
- PayPal Pay In 4 (11% market share )
The majority of these buy-now payment later services divide the order into four separate payments. First, the payment is paid in advance when the customer checks out from your online store. The subsequent 3 installments are made each two weeks.
It's easy to understand why the buy now pay later is quickly becoming the preferred option for many e-commerce buyers.