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Mar 25, 2023

It is included in the complete list of popular payment options.

The use of mobile wallets has exploded the last few years as researches expect the market for mobile transactions to be $273.1 billion in 2028. This is an issue for retailers on the internet to handle an array of payment options. An appropriate e-commerce platform can enable you to take advantage of some of the most popular mobile wallets. However, if you are working independently to keep current with the latest methods of mobile payments, here are a few most popular options:

  • PayPal The PayPal platform reported 435 million clients in 2022.
  • Google Pay is a global payment service. Google Pay boasts more than 150 million active users and makes up 14.9 percent of the local market portion.
  • Apple Pay: The Apple Pay platform is estimated to be able to serve 45.4 million users by 2022.

With the millions who use mobile wallets each day, it is easy to see why the compatibility of these payment options is essential for companies that operate online.

Online Credit, as well as debit card payments

Debit cards are responsible at 12.3 percent of online shopping. These cards act like cash and withdraw money directly out of the account of the buyer following purchase. The branding on the customer's credit card may be contingent on the bank issuing the card. majority of debit cards operate by using Visa as well as Mastercard. More specifically the most well-known debit cards include:

  • Visa (54.42% market share)
  • Mastercard (22.14 percent market share)
  • Domestic use debit cards (15.54 percent market share)
  • Private label cards (7.56% market share)
  • ATM cards (.34 percent of market share)

Credit cards account for 22.8 percent of all transactions made via e-commerce. These cards use money paid directly to an account in the bank of the buyer the customer, who has a contract to pay at a later date. Credit cards give customers more purchasing power in your shop. According to Shift the following are the top four credit cards your online shop will accept:

  • Visa (52.8% market share)
  • Mastercard (31.6 percent market share)
  • Locate (8.1 percent market share)
  • American Express (7.5% market share)

The Growing Importance of Pay Today and Later

Any payment method could be combined with a now, pay later (BNPL) platform, such as Klarna, Afterpay, and Affirm. This method of payment is extremely popular and allows consumers to control what they purchase and the way it's matched with the amount of their payments.

Pay now, pay later plan is a once-in-a-lifetime and interest-free installment loans. On popular platforms, users will only be charged by BNPL services in the event of missed loans and for extended time periods. As per Yipitdata among the top well-known BNPL platform is Affirm that has 40 percent of US market share. In general, the most popular payment and purchase now options are:

  • Acfirm (40 percent market share )
  • Klarna (19.6% market share)
  • Afterpay (16.4 percent of market share )
  • PayPal Pay in 4. (11 percent of the market )

A majority of these purchase now, pay later platforms split the price of the purchaser into four installments. First, the payment must be made in advance when the customer makes a payment through your shop. The following 3 installments are scheduled out, often every 2 weeks.

It's easy to understand why the buy now option to pay later is fast becoming the preferred option for large numbers of shoppers on e-commerce.

Flexible E-Commerce payments made that integrate

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