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is here with the complete guide to popular e-commerce payment methods.
Popular Mobile Wallets
The popularity of mobile wallets has exploded the last few years in popularity, with researchers expecting the industry of mobile payments to grow to $273.1 billion in 2028. Online businesses are now struggling to manage a variety of potential payment options. An appropriate e-commerce platform can enable you to take advantage of the top mobile wallets. However, if you are trying to work on your own to stay up with the latest payments on mobile These are the top contenders:
- PayPal Platform: The PayPal platform has reported 435 million people using it in 2022.
- Google Pay: Globally, Google Pay has over 150 million customers, and is responsible for 14.9 percent of the local market share.
- Apple Pay: The Apple Pay platform had an estimated 45.4 million users in 2022.
With millions of customers using mobile wallets each day It is simple to see why the compatibility of the various payment options is vital to online businesses.
Credit and Debit Card Payments
Debit cards are responsible for 12.3 percent of all online purchases. They function as cash and remove money from the bank account of the buyer after the purchase. Although the design of the card of a buyer may depend upon the bank which issued the card, most debit cards can be processed by Visa or Mastercard. Particularly The most frequent debit cards include:
- Visa (54.42% market share)
- Mastercard (22.14 percent market share)
- domestic debit cards (15.54 percent market share)
- Private label cards (7.56% market share)
- ACH cards (.34 percent of market share)
Credit cards are responsible for 22.8 percentage of transactions made through e-commerce. They use funds directly by a bank account of the purchaser, and customers are contracted to repay on a future date. Credit cards offer customers greater purchasing power when they shop at your retail store. According to Shift There are four primary credit cards that online shops should accept:
- Visa (52.8% market share)
- Mastercard (31.6 percent market share)
- Discover (8.1 percentage market share)
- American Express (7.5 percent market share)
The Growing Importance of Buy Now Pay Later
Almost any payment method can be combined with a purchase today, pay later (BNPL) platform--like Klarna, Afterpay, and Affirm. The most popular option for payment allows consumers to control what they purchase and how it is matched with the amount of their pay.
The pay now, buy later plan is a one-time and interest-free installment loan. Through the various platforms, consumers are only charged by BNPL services for missed repayments and loan terms that are extended. According to Yipitdata the most widely used BNPL platform is Affirm, holding 40% of the US market part. In general, the most popular purchase now and pay later options include:
- Acfirm (40 percent market share )
- Klarna (19.6% market share)
- afterpay (16.4 percent market share )
- PayPal Pay In 4 (11 percent market share )
The majority of these buy-now, pay later platforms break up the customer's purchase into four separate payments. The first payment is made upfront when the buyer makes a payment at your shop. The subsequent 3 installments are scheduled out, often each two weeks.
It's not difficult to comprehend why the buy now pay later is quickly getting popular with many e-commerce buyers.