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Diverse payment options are essential to earning customers and promoting sales. Which online payment options are most popular? This article will help you select which payment method your online business should accept
Payment Type: Credit Cards vs. Digital Wallets
There are a variety of payment options, including credit cards, debit cards, and digital wallets. So which of these do customers prefer when shopping on the internet? This 2021 Global Payments Report from Worldpay explores the payment methods of 2020 information for online shopping, so you can see which option customers prefer the most:
- Mobile and Digital Wallets Mobile and digital wallets, such as Apple Pay, Google Pay and PayPay - topped the list. position as the top method of payment for customers around the world and account for 44.5 percent of all online sales.
- Credit Card: In the 2nd place, credit card were responsible for 22.8 percentage of payments made online.
- Debit Card: Debit card transactions were third in well-liked option in the market with 12.3 percent of all purchase made online.
These top three payment options accounted for a majority of transactions, being followed by bank transfers (7.7 percent) as well as Cash at Delivery (3.3%) and Charge & Deferred Credit Card (3.3 percent) Purchase Now and Pay Later (2.1%), Direct Debit (1.2%), Pre-Paid Card (1.1 percent) PostPay (0.9%) PrePay (0.4%), PrePay (0.4%)) and other (0.4 percent).
So, if you're looking to make use of the most popular payment option, Digital and Mobile Wallets is the right way to go!
Which Digital Wallet is the Most popular?
The battle to be the top digital wallet was a close one. There isn't a clear winner yet. It's a fairly new technology within the market, information about digital wallets differ starkly among sources. It is not yet possible to establish reliable, consistent metrics regarding user usage or transaction volumes. But a survey published by Investor's Business Daily worked to uncover which wallets on the internet are popular with customers. Here's the results:
- Apple Pay was the most well-known digital wallet having a satisfaction score of 78.7 percent.
- Zelle came in second place, with a the highest customer satisfaction score of 76.3%.
- Amazon Pay was the third most used digital wallet with a customer satisfaction rating of 73.5 percent.
- PayPal followed closely, with a satisfaction rating of 73.0 percent.
- Google Pay took fifth place with a customer satisfaction rating of 71.1%.
All over the world, people seem to flock toward the most convenient payment methods. For example, Apple Pay is popular among iPhone users, whereas Samsung Pay is most popular with Samsung customers. Also, it appears that a lot of consumers who buy online are using various payment services.
What is important about the Payment Method?
What is the payment option you have available? Naturally, allowing a client to use their preferred payment method makes the sale easier--leading to more income for your business. What's the reason? We've compiled the most common reasons that your customers prefer the payment method they prefer:
- Users may be reluctant to think about alternatives to payment or join a new payment system.
- The more time a buyer is thinking about the purchase The longer they think about their purchase, the more likely they are to leave their shopping cart. In the end, online shopping is a billion dollar business, according to finder.com.
- In some cases, customers may not be able to use restrictions on payment options, for example, if you only accept payments via a payment platform unavailable in their country.
Every payment option your business accepts opens the doors to new revenue, audiences, and customers. With this the ability to include different payment options that can accommodate the various preferences of your clients.
How do you incorporate multiple payment methods?
When building your online business, it is important to find a selling platform that supports a broad range of payment methods. , for example, can provide customers with access to Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal as well as many others!