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is available with the full guide to the most popular online payments.
Popular Mobile Wallets
Mobile wallets have skyrocketed in the last few years in popularity, with researchers expecting the industry of mobile payments to reach $273.1 Billion by 2028. This leaves online businesses struggling to navigate a myriad of possible payment methods. The right e-commerce platform will enable you to take advantage of the most popular mobile wallets. However, if you are trying to work on your own to stay up to date with new mobile payment options, here are some of the most popular options:
- PayPal Platform: The PayPal platform reported 435 million users in 2022.
- Google Pay: Globally, Google Pay has over 150 million customers, and accounts for 14.9% of the local market share.
- Apple Pay: The Apple Pay platform had an estimated 45.4 million customers in 2022.
With the millions of people who use mobile wallets each day It is simple to understand why compatibility with these payment options is crucial to online businesses.
Credit as well as Debit Card Payments
Debit cards are responsible for 12.3 percent of online shopping. They function as cash, removing money directly from the bank account of the buyer after purchase. While the branding of the card of a buyer may depend on the bank that issued it, most debit cards are processed through Visa as well as Mastercard. In particular the most well-known debit cards include:
- Visa (54.42% market share)
- Mastercard (22.14 percent market share)
- Debit cards for domestic use (15.54 percent market share)
- Private label cards (7.56% market share)
- AACH cards (.34% market share)
Credit cards are responsible for 22.8 percentage of transactions made through e-commerce. Credit cards are used to pay directly from a buyer's bank--which customers are contracted to repay on a future date. Credit cards offer customers greater purchasing power when they shop at your retail store. According to Shift the following are the four main credit cards that online shops must accept:
- Visa (52.8 percent market share)
- Mastercard (31.6 percent of the market)
- Discover (8.1 percentage market share)
- American Express (7.5 percent market share)
The growing importance of Buy Now, Pay Later
Any payment method could be combined with a buy today, pay later (BNPL) platform like Klarna, Afterpay, and Affirm. This payment method is popular and gives consumers more control over how their purchases align with the amount of their pay.
The pay now and buy later structure is a short-term and interest-free installment loan. Across popular platforms, customers pay only BNPL services for late payments and extended loan terms. According to Yipitdata the most widely used BNPL platform is Affirm which holds 40% of US market part. In general, the most popular options for buy-now, pay-later options include:
- Acfirm (40% market share )
- Klarna (19.6% market share)
- afterpay (16.4 percent market share )
- PayPal Pay In 4 (11 percentage market share )
Most of these buy now, pay later platforms break up the customer's purchase into four payments. First, the payment is paid in advance when the customer is able to check out of your online shop. The next three payments are made every two weeks.
It's easy to understand why the buy now pay later options are quickly being embraced by most online buyers.