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Diverse payment options are essential for attracting customers as well as promoting sales. Which online payment options are most popular? is here to help you decide which payment options you should allow for your business online.
Payment Type: Credit Cards vs. Digital Wallets
The payment method is diverse, consisting of debit and credit cards, digital wallets and even debit. What is the one that consumers prefer to shop on the internet? This 2021 Global Payments Report from Worldpay explores the payment methods of 2020 data for e-commerce, so you'll be able to determine which method customers prefer the most:
- Digital and Mobile Wallets Mobile and digital wallets, such as Apple Pay, Google Pay, and PayPay--took the top place as the most used choice for payment options for people around the globe with a share of 44.5 percent of all online sales.
- Credit Card: In the 2nd place, credit card made up 22.8 percentage of payments made online.
- Debit Card: Debit card payments were the third most frequent option with 12.3% of global purchase made online.
These three top payment methods accounted for a majority of purchases, then Bank Transfers (7.7 percent) and Cash upon Delivery (3.3%) as well as Charge and Deferred Debit Card (3.3%), Charge & Deferred Debit Card (3.3 %) and Buy Now and Pay Later (2.1 percentage), Direct Debit (1.2 percent), Pre-Paid Card (1.1 percent), PostPay (0.9 percent) PrePay (0.4 percent) Other (0.4%).
So, if you're looking to make use of the most popular payment option, Digital and Mobile Wallets are the best method to use!
What Digital Wallet is the Most popular?
The battle to be the top electronic wallet is a tense one--and there is no clear winner yet. As a relatively new feature within the market, information regarding digital wallets are wildly different among sources. It is not yet possible to establish solid, reliable metrics that are consistent in terms of user or transaction volumes. A recent study conducted by Investor's Business Daily worked to uncover the types of digital wallets that are preferred by customers--here's the results:
- Apple Pay was one of the most popular digital wallet, with a customer satisfaction rating of 78.7%.
- Zelle was second with a an overall satisfaction rate of 76.3%.
- Amazon Pay was the third most popular wallet on the internet, with a customer satisfaction rating of 73.5%.
- PayPal is followed closely with a customer approval rating of 73.0 percent.
- Google Pay took fifth place with a customer satisfaction rating of 71.1 percent.
Across the board, users seem to flock toward the most convenient payment methods. As an example, Apple Pay is popular for iPhone users, whereas Samsung Pay is most popular with Samsung users. It also seems that many consumers who buy online are using several payment options.
How Important is the payment method?
What is the payment selection you have available? Naturally, allowing a client to use their preferred payment method will make selling easier and result in greater income for your business. Why is that? We've compiled the most common reasons why your customers select to pay with their preferred method of payment:
- Customers may be reluctant to consider alternative payment options or sign up for a innovative payment service.
- The longer a customer spends thinking about their purchase, the more likely to abandon their cart. After all, impulsive internet shopping is a multi-billion dollars industry, as per finder.com.
- In certain cases, clients may not be able to use strict payment procedures, such as in the event that you can only accept payment via a payment platform not available in the country of your choice.
Every payment option your company accepts opens possibilities of new revenue sources audience, customers, and audiences. With the help of a payment processor the ability to include different payment options that can accommodate all your customers' favorites.
How do you incorporate Multiple Payment Methods?
If you are building an online business It is essential to find a selling platform that can accept a wide selection of payment methods. 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!