Modern creative news

YouTube icon

Jun 9, 2022

A variety of payment methods is essential in attracting clients as well as promoting sales. So which online payment methods are the most popular? We're here to help in deciding which technique your company should accept

Payment Type: Credit Cards vs. Digital Wallets

The payment method is diverse comprising debit and digital wallets, credit cards and even debit. So which of these do shoppers prefer shopping on the internet? In 2021 the Global Payments Report from Worldpay offers the payment method for 2020 data for online purchases, so you can see what payment method customers are most likely to prefer most.

  • Mobile as well as Digital Wallets Mobile and digital wallets, such as Apple Pay, Google Pay and PayPay have topped the list. They are the most popular choice for payment options to consumers around the world and accounted for 44.5 percent of all sales on the internet.
  • credit card: in the 2nd place, credit card was the primary source of 22.8 percent of all payments on the internet.
  • Debit Card: Card payments made using debit are the third most-popular choice, accounting for 12.3 percent of all purchase made on the internet.

The top three options for payment made up the majority of purchases, then Bank Transfers (7.7%) as well as Cash on Delivery (3.3%) along with Charge and Deferred Credit Card (3.3 percent) and Pay Now and Later (2.1 percent) Direct Debit (1.2%) Pre-Paid Credit Card (1.1 percent), PrePay (0.9 percentage) (prepay (0.4%) (0.4%), PrePay (0.4 percent)) and others (0.4 percent).

If you're looking to utilize the most widely-used way to pay, Digital and Mobile Wallets are the most suitable alternative!

The race to become the leading digital wallet was a tight one. There isn't a clear winner at the moment. Since it is a relatively new product that is available on the market, information about digital wallets vary starkly among sources. The technology isn't yet able to establish credible, uniform metrics in terms of user or payment volumes. The most recent research conducted by Investor's Business Daily worked to uncover which online wallets have the most popularity with customers. Here's what they discovered:

  • Apple Pay was the most popular digital wallet with scores of satisfaction of 78.7 percent.
  • Zelle placed second and had the top customer satisfaction score of 76.3%.
  • Amazon Pay was the third most popular digital wallet, with a an average satisfaction rate 73.5 percent. 73.5 percent.
  • PayPal was closely followed with an overall satisfaction rate of 73.0%.
  • Google Pay took fifth place with a customer satisfaction rating of 71.1 percent.

The general consensus is that consumers are overwhelmingly drawn to the most convenient payment methods. As an example, Apple Pay is popular with iPhone clients, while Samsung Pay is well-liked by Samsung customers. Also, it is likely that many buyers on the internet account holders have several payment options.

How Important is the Payment Method?

What is the payment option you have available? Naturally, taking the preferred method of payment for your customers will make sales easier, resulting in more revenue for you. Why is this? Here are the most popular motives why your customers choose the payment method they prefer:

  • Some users may not want to consider alternative methods of pay or to sign up for a new payment system.
  • The more time a buyer is thinking about their purchase, the more likely it will end up abandoning their shopping cart. As impulsive shopping online is a multi-billion dollar business according to finder.com.
  • In some cases, customers might not take payment restrictions, for example, accepting only payment via a payment platform available in your region.

Every unique payment method that your business accepts opens the door to new audiences, revenue as well as customers. Through the payment processor, you can choose to adding multiple payment options to accommodate all of your clients' favourite choices.

How Do You Incorporate multiple payment methods?

If you're building your online company, it is essential to choose a platform for sales that can accept a wide array of payment options. In particular, it could allow customers to use Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal and many more payments options!

The following is an E-Commerce Platform to help creators

This post was first seen on here