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Diverse payment options are essential to earning customers and promoting sales. Which online payment options are most popular? is here to help you choose which payment methods your website should be accepting
Payment Type: Credit Cards vs. Digital Wallets
The payment method is diverse, consisting of credit cards, debit cards, and digital wallets. What is the one that customers prefer when shopping on the internet? The 2021 Global Payments Report from Worldpay unpacks the 2020 payment method details for e-commerce so that you'll be able to determine which method the majority of buyers choose:
- Mobile and digital wallets: Digital/mobile wallets--such as Apple Pay, Google Pay and PayPay--have risen to the top spot as the most popular choice for payment options for people around the globe with a share of 44.5 percent of sales made online.
- Credit Cards: In 2nd place, credit card were responsible for 22.8 percent of all online transactions.
- Debit Card: Debit card transactions were third in well-liked option in the market and accounted for 12.3% of global internet-based purchases.
These three top payment methods were the most popular choices for purchases, being followed by bank transfers (7.7 percent) as well as Cash upon Delivery (3.3%), Charge & Deferred Debit Card (3.3%), Charge & Deferred Debit Card (3.3 %), Buy Now and Pay Later (2.1 percentage) Direct Debit (1.2 percent) and Pre-Paid Cards (1.1%)) PostPay (0.9%) and PrePay (0.4 percent) and other (0.4 percent).
If you're looking to make use of the most well-known payment method, Digital and Mobile Wallets is the right method to use!
Which Digital Wallet is the Most Well-liked?
The competition to become the top electronic wallet is a tight one--and there is no clear winner at this point. Since it is a relatively new concept in the industry, reports on digital wallets vary starkly between sources. There are currently no solid, reliable metrics that are consistent regarding user usage or payment volumes. But a survey conducted by Investor's Business Daily worked to uncover which wallets on the internet are popular with customers. Here's what they discovered:
- Apple Pay was the most used digital wallet with a rating of customer satisfaction of 78.7 percent.
- Zelle was second with a a customer satisfaction rating of 76.3 percent.
- Amazon Pay was the third most popular wallet on the internet, with a rating of customer satisfaction of 73.5 percent.
- PayPal was followed closely with a customer satisfaction score of 73.0 percent.
- Google Pay took fifth place and had a rating of customer satisfaction of 71.1 percent.
In general, consumers seem to flock toward their preferred payment methods. For example, Apple Pay is popular for iPhone users, while Samsung Pay is well-liked by Samsung users. It also seems that many consumers who buy online are using multiple digital payment platforms.
What's the importance of the payment method?
How important is the payment selection you have available? Of course, accepting the customer's preferred payment method makes sales easier, resulting in more profits for you. But why is this? Here are the top reasons that your customers prefer their favorite payment method:
- Customers may be reluctant to consider alternatives to payment or sign up for a new payment platform.
- The more time a buyer spends thinking about their purchase the more likely likely to drop their order. In the end, online shopping is a billion dollars industry, as per finder.com.
- In some instances, users may not be able to use strict payment procedures, such as in the event that you can only accept payment via a payment platform unavailable in their country.
Each payment method that your company accepts opens possibilities of new revenue sources, audiences, and customers. With the help of a payment processor the ability to include different payment methods to account for every one of your customers' favorite options.
How do you incorporate Multiple Payment Methods?
If you are building an online business It is essential to choose a platform that supports a broad variety of payment options. For instance, it can allow customers to access Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal as well as many more!