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Jun 9, 2022

Diverse payment options are essential in bringing customers to you and encouraging sales. What online payment method is the most popular? This article will help you select which payment method your website should be accepting

Payment Type: Credit Cards vs. Digital Wallets

There are a variety of payment options, including debit cards, credit cards, along with digital wallets. What is the one that customers prefer when shopping through online? The 2021 Global Payments Report from Worldpay provides the payment method 2020 data for e-commerce, so you can see which option most buyers prefer:

  • Digital and mobile wallets mobile and digital wallets, such as Apple Pay, Google Pay and PayPay - took the first place as the preferred payment method to consumers around the world and are responsible for 44.5 percent of sales made on the internet.
  • The Credit Card. In second place, credit cards are responsible for 22.8 percentage of payments made online.
  • Debit Card purchase was the third frequent option, accounting for 12.3 percent of online purchase transactions.

The three most popular payment options accounted for a majority of transactions. They were closely followed by bank transfer (7.7 percent) and Cash at Delivery (3.3 percent), Charge & Deferred Debit Card (3.3 percent) Purchase Now and Pay later (2.1 percentage) Direct Debit (1.2 percent) and Pre-Paid Card (1.1%) PostPay (0.9 percent) PrePay (0.4%) (0.4%), PrePay (0.4 %)), and Other (0.4 percentage).

So, if you're interested in the most well-known method of payment, Digital and Mobile Wallets is the right choice!

The competition to claim the best digital wallet was a tense one--and there is no clear winner at this point. As a relatively new feature on the market, the information about digital wallets is very different from one source to the following. Current state is that there's no precise, trustworthy data that is consistent with the use of digital wallets or transactions. A survey by the Investor's Business Daily worked to uncover the types of digital wallets that are preferred by customers--here's what they found:

  • Apple Pay was the most well-known digital wallet with the highest satisfaction score at 78.7 percent.
  • Zelle was second in the rankings, with a satisfaction rating of 76.3 percent.
  • Amazon Pay was the third most popular payment method on the internet, having the highest satisfaction rate at 73.5 percent.
  • PayPal PayPal is being followed by a strict customer satisfaction rate of 73.0 percent.
  • Google Pay took fifth place with a satisfaction score at 71.1 percent.

The general trend is for consumers to prefer the most user-friendly payment options. In this case, Apple Pay is popular with iPhone users, while Samsung Pay is highly regarded by Samsung users. There is also a strong indication that lots of users who buy online are using accounts that have several choices for payment.

What's the importance of the method of payment?

What's the preferred method of payment method you will are able to offer? Naturally, accepting the payment option that customers prefer helps in facilitating the purchase, which results in more income for your business. What's the reason? Here are the most compelling factors that lead your customers payment using their preferred payment method:

  • Some customers may not want to think about alternatives to pay or sign up to a brand new payment system.
  • The longer a buyer is thinking about their purchase the more likely they will end up rescinding their order. In the end, online buying is a multi-billion dollar industry, as per finder.com.
  • In some cases, customers might not be able to accept strict payment procedures for example, if you accept only payments from platforms that aren't present in the country of your choice.

Every method of payment your business uses opens doors to new revenue, audiences and clients. Luckily, with the ability to include different payment methods, you can meet all your customers' favorites.

How can you integrate different payment methods?

If you're building your online company, it is essential to select a sales platform with a variety of payment methods. It can, for instance, allow customers to access Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal as well as other payment options!

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