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Jun 9, 2022

The variety of payment options is crucial in bringing customers to you as well as boosting sales. What payment methods are the most widely known? We are here to assist you choose which payment methods your website should be accepting

Payment Type: Credit Cards vs. Digital Wallets

Payment methods are diverse comprising debit and credit card, digital wallets, and debit cards too. What is the one that consumers prefer to shop on the internet? The 2021 Global Payments Report from Worldpay analyzes the payment methods used in 2020 data for e-commerce, to determine which option customers prefer the most.

  • Digital and Mobile Wallets: Digital/mobile wallets--such as Apple Pay, Google Pay and PayPay--have risen to first place in the rankings as the most popular payment option for consumers globally and are responsible for 44.5 percent of all internet-based sales.
  • Credit Card: On the second place, credit card was responsible for 22.8 percentage of online payment.
  • Debit Card transactions came in third in popular option, representing 12.3 percent of the total purchase done online.

The top three options for payment were the most popular options for purchase. They were followed by Bank Transfers (7.7%), Cash-on-Delivery (3.3%) along with Credit and Deferred debit cards (3.3%) and Buy Now and Pay Later (2.1 percentage), Direct Debit (1.2 percentage) and Pre-Paid Cards (1.1 percent) PrePay (0.9 percentage) PrePay (0.4%), and Other (0.4 percent).

If you're trying to take advantage of the most well-known payment method, Digital and Mobile Wallets are the options you can pick!

The battle to be the top digital wallet was a fierce one. There's not a definitive winner as of now. As a relatively new feature within the market, information about digital wallets can be wildly divergent among different sources. It's not yet possible to create solid, trustworthy measurements that are comparable to customer numbers or the volume of transactions. However, a recent survey that was published in Investor's Business Daily worked to uncover which digital wallets are most preferred by customers--here's the results:

  • Apple Pay was the most popular digital wallet, with ratings of satisfaction for customers of 78.7 77 77%.
  • Zelle came in second place, and had an overall satisfaction rating of 76.3 percent.
  • Amazon Pay was the third most used wallet on the internet, with a rating of satisfaction with customers at 73.5 percent.
  • PayPal is closely followed by the achievement of the highest approval rate of 73.0 percent.
  • Google Pay took fifth place and had a rating of customer satisfaction of 71.1 percent..

Around the globe People are flocking towards their preferred payment method. For instance, Apple Pay is popular among iPhone users, while Samsung Pay is popular with Samsung customers. Also, it appears that the majority of customers buying online use multiple digital payment platforms.

What's the most important aspect of the method of the payment?

What is the most important aspect of choosing which method of payment options you're able to offer? Of course, allowing your customers to make use of the payment method they prefer can make it easier to sell and generate more revenue for your company. What's the motivation? We've compiled the most common reasons that customers choose payment using their preferred method of payment

  • People may be reluctant to look at alternative methods of payment or join a new payment system.
  • The more time that a consumer thinks about the purchase The longer they contemplate their purchase and the longer they think about it, the more likely they are to leave their shopping cart. After all, impulsive online buying is a billion-dollar company, according to finder.com.
  • In some cases, customers might not be able to take payment methods that are strict for example, if you only accept payments on a platform that is unavailable in the country they reside.

Every payment method your business employs opens the door to the creation of additional revenue streams, audience, and customers. In addition, you can offer a variety of payment options in order to satisfy the diverse desires of your clients.

What can you do to integrate multiple Payment Methods?

If you're building your online company, it is essential to select a sales platform that is able to accept a diverse variety of payment options. It can, for instance let customers access Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal and many more!

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