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Diverse payment options are essential in bringing customers to you and encouraging sales. Which online payment options are the most well-known? is here to help you choose which payment methods your website should be accepting
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 can see which option customers prefer the most:
- Digital and Mobile Wallets: Digital/mobile wallets--such as Apple Pay, Google Pay and PayPay--have risen to the top place as the most used payment option for consumers globally and account for 44.5 percent of all online sales.
- Credit Card: In the 2nd place, credit card accounted for 22.8% of online payments.
- Debit Card transactions were third in popular option, accounting for 12.3% of global purchase made online.
The top three options for payment were the most popular choices for purchases. They were followed by Bank Transfers (7.7%), Cash at Delivery (3.3%) as well as Charge and Deferred debit card (3.3%) and Buy Now and Pay Later (2.1 percentage), Direct Debit (1.2 percentage) and Pre-Paid Cards (1.1 percent), PostPay (0.9 percent) PrePay (0.4%), and Other (0.4 percentage).
So, if you're looking to make use of the most popular payment option, Digital and Mobile Wallets are currently the option to choose!
Which Digital Wallet is the Most Well-liked?
The competition to become the top digital wallet has been a close one. There isn't a clear winner at this point. As a relatively new feature in the industry, reports regarding digital wallets are wildly different among sources. It is not yet possible to establish solid, reliable metrics that are consistent for user numbers or payment volumes. However, a recent survey published in Investor's Business Daily worked to uncover which digital wallets are most preferred by customers--here's what they found:
- Apple Pay was the most used digital wallet with a rating of customer satisfaction of 78.7 77%.
- Zelle took second place with an overall satisfaction rate of 76.3 percent.
- Amazon Pay was the third most popular wallet on the internet, with a rating of customer satisfaction of 73.5 percent.
- PayPal was followed closely by achieving a high approval rating of 73.0 percent.
- Google Pay took fifth place and had a rating of customer satisfaction of 71.1%.
All over the world, people seem to flock toward their preferred payment methods. As an example, Apple Pay is popular for iPhone customers, while Samsung Pay is popular among Samsung customers. Also, it appears that a lot of consumers who buy online are using multiple digital payment platforms.
How Important is the method of payment?
How important is the choice of payment you have available? Naturally, allowing a client to use their preferred payment method will make sales easier, resulting in more income for your business. What's the reason? We've compiled the most common reasons why your customers select to pay with their preferred method of payment:
- Users may be reluctant to consider alternatives to payment or sign up for a new payment system.
- The more time a buyer thinks about the purchase The longer they think about their purchase, the more likely they are to leave their shopping cart. After all, impulsive online shopping is a billion dollar business, according to finder.com.
- In some cases, customers might not be able to accept strict payment procedures, such as when you accept only payments from a platform that is unavailable in their country.
Each payment method that your business uses opens possibility of new revenue streams, audiences, and customers. With this the ability to include different payment options to accommodate the various preferences of your clients.
How Can You Integrate Multiple Payment Methods?
If you are building an online business It's important to select a sales platform that can accept a wide range of payment methods. It can, for instance, allow customers to access Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal, and others!