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Jun 9, 2022

A variety of payment options is essential to attract customers in addition to boosting sales. So which online payment methods are most popular? This article will help you select which payment method your online business should accept

Payment Type: Credit Cards vs. Digital Wallets

Payment methods are diverse that includes debit cards, credit cards, digital wallets and even debit. What is the one that consumers prefer to use when they shop on the internet? In 2021, the Global Payments Report from Worldpay provides the payment method 2020 information for online shopping, so you'll be able to identify the payment method that customers prefer the most:

  • Mobile and Digital Wallets: Mobile wallets that are digital, like Apple Pay, Google Pay and PayPay--won the first place in the list of the top utilized method for payment by users around the globe with a the equivalent of 44.5 percent of all online sales.
  • Credit Card: In the 2nd place, credit card contributed 22.8 percent of all payments online.
  • Debit Card: Debit card transactions were third in frequent option, accounting for 12.3 percent of all purchase made online.

The top three options for payment comprised the largest portion of transactions, followed by Transfers to banks (7.7%) and cash on delivery (3.3 percent) and Charge and Deferred Debit Cards (3.3%) Payments made through Purchase Now and Make Later Payment (2.1 per cent) Direct Debit (1.2 percent) as well as Pre-Paid Cards (1.1 percent), PostPay (0.9%), PostPay (0.9) or PrePay (0.4%), and Other (0.4 percent).

Additionally, if you're looking to use the most popular payment option, Digital and Mobile Wallets is the right option to choose!

The race to become the leading electronic wallet is a tight one--and there is no clear winner as of now. It's a relatively recent feature within the market, information about digital wallets differ starkly from one source to another. What is happening is that there's any reliable, consistent measurements of usage by users or the volume of transactions. A recent study published by Investor's Business Daily worked to uncover what online wallets are liked by their customers. These are the findings:

  • Apple Pay is among the most frequently used digital wallets that has a customer approval of 78.7 77%.
  • Zelle was second having the highest satisfaction score of 76.3%.
  • Amazon Pay was the third most visited wallet on internetwith a satisfaction ratings of 73.5%.
  • PayPal can be followed closely with a customer satisfaction rating at 73.0 percent.
  • Google Pay took fifth place with a satisfaction score of 71.1 percent.

The general consensus is that consumers are overwhelmingly drawn to their most convenient payment choices. For example, Apple Pay is popular for iPhone users, while Samsung Pay is the most popular with Samsung users. Additionally, it seems that the majority of customers who purchase online have accounts on various payment services.

What is important about the What is the significance of the Method?

How important is the choice of payment you can offer? Of course, accepting the customer's preferred method of payment makes selling much easier and will result in higher profit for your business. How come? We've collected the most frequent reasons your clients choose the payment method they prefer:

  • Certain customers might not wish to think about other payment options, or even to sign up with a brand innovative payment method.
  • The more time a consumer spends considering their purchase, the more likely likely to drop their order. Since impulsive online buying is a billion-dollar business, as per finder.com.
  • In some instances, clients might not be able use restrictions on payment options such as accepting only payment from a platform that is accessible in their region.

Every payment option your company accepts opens possibilities of new revenue sources as well as audiences and customers. With the help of a payment processor , you can include multiple payment options to accommodate the different preferences of your customers.

How do you incorporate Multiple Payment Methods?

In the process of creating your own online business, it is important to select a sales platform that supports a range of payment methods.  For instance, it can allow customers to access Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal and many more!

A.K.A. HTML0: An E-Commerce Platform for Creators

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