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Diverse payment options are essential for attracting customers as well as promoting sales. So which online payment methods are the most well-known? is here to help you choose which payment methods you should allow for your business online.
Payment Type: Credit Cards vs. Digital Wallets
There are a variety of payment options, including debit and credit cards, and digital wallets. What is the one that customers prefer when shopping online? The 2021 Global Payments Report from Worldpay provides the payment method 2020 details for e-commerce so that you can see which option customers prefer the most:
- Mobile and Digital Wallets: Digital/mobile wallets--such as Apple Pay, Google Pay, and PayPay--took the top spot as the most popular payment option for consumers globally with a share of 44.5% of online sales.
- Credit Cards: In second position, credit cards were responsible for 22.8% of online payments.
- Debit Card: Debit card transactions were third in frequent option and accounted for 12.3 percent of all purchase made online.
These top three payment options were the most popular choices for transactions, being followed by bank transfers (7.7%) and Cash at Delivery (3.3%), Charge & Deferred Debit Card (3.3%), Buy Now, Pay Later (2.1%), Direct Debit (1.2 percentage) Pre-Paid Card (1.1%)) PostPay (0.9%), PostPay (0.9) PrePay (0.4 percent), and Other (0.4 percent).
So, if you're looking to make use of the most popular method of payment, Digital and Mobile Wallets are currently the method to use!
What Digital Wallet is the Most Well-liked?
The race to become the leading digital wallet was a close one--and there is no clear winner as of now. As a relatively new feature within the market, information on digital wallets vary starkly between sources. There are currently no credible, uniform metrics in terms of user or volume of transactions. A recent study published in Investor's Business Daily worked to uncover which wallets on the internet are liked by their customers. Here's what they discovered:
- Apple Pay was the most well-known digital wallet with a rating of customer satisfaction of 78.7%.
- Zelle was second with a an overall satisfaction rate of 76.3 percent.
- Amazon Pay was the third most popular digital wallet, with a customer satisfaction rating of 73.5%.
- PayPal was followed closely with a customer satisfaction rating of 73.0%.
- Google Pay took fifth place with a satisfaction score of 71.1%.
All over the world, people are overwhelmingly drawn to the most convenient payment methods. For example, Apple Pay is popular for iPhone users, while Samsung Pay is most popular with Samsung customers. There is also a possibility that many consumers who buy online are using multiple digital payment platforms.
What is important about the Payment Method?
What is the payment selection you offer? Naturally, accepting a customer's preferred payment method makes selling easier and result in greater profits for you. But why is this? We've compiled the most common reasons that your customers prefer the payment method they prefer:
- Some customers may not want to consider alternative payment options or to sign up with a brand innovative payment service.
- The longer that a consumer thinks about the purchase, the more likely to leave their shopping cart. After all, impulsive internet shopping is a multi-billion dollar business, according to finder.com.
- In certain cases, clients may not be able to use restrictive payment methods--for example, in the event that you can only accept payment via a payment platform unavailable in their country.
Each unique payment method your business uses opens possibilities of new revenue sources, audiences, and customers. With this the ability to include different payment options that can accommodate every one of your customers' favorite options.
How Do You Incorporate multiple payment methods?
When building your online business, it is important to select a sales platform that can accept a wide selection of payment methods. It can, for instance, provide customers with access to Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal and many other payment options!