YouTube icon
Diverse payment options are essential in bringing customers to you and encouraging sales. What online payment method are the most well-known? This article will help you select which payment method your website should be accepting
Payment Type: Credit Cards vs. Digital Wallets
Payments come in several forms--including debit cards, credit cards, as well as digital wallets. What is the one that consumers prefer to shop online? The 2021 Global Payments Report from Worldpay provides the payment method 2020 data for e-commerce, so you can see which option most buyers prefer:
- Mobile and digital wallets The digital and mobile wallets like Apple Pay, Google Pay, and PayPay--took the top position as the top payment option for consumers globally and account for 44.5 percent of sales made online.
- Credit Card: In the second position, credit cards were responsible for 22.8% of online payments.
- Debit Card payment was the third frequent option, accounting for 12.3 percent of online purchases.
These three top payment methods accounted for a majority of transactions, being followed by bank transfers (7.7 percent) and Cash at Delivery (3.3 percent), Charge & Deferred Debit Card (3.3 percent) Purchase Now and Pay Later (2.1 percentage), Direct Debit (1.2 percentage) and Pre-Paid Cards (1.1%) PostPay (0.9 percent), PrePay (0.4%), PrePay (0.4%)), and Other (0.4 percentage).
So, if you're interested in using the most popular method of payment, Digital and Mobile Wallets is the right option to choose!
Which Digital Wallet is the Most Well-liked?
The battle to be the top digital wallet was a tense one--and there is no clear winner as of now. As a relatively new feature on the market, the reports regarding digital wallets are wildly different from one source to the next. The current state of affairs is that there are no solid, reliable metrics that are consistent regarding user usage or transaction volumes. But a survey conducted by Investor's Business Daily worked to uncover the types of digital wallets that are preferred by customers--here's what they found:
- Apple Pay was the most well-known digital wallet with a customer satisfaction rating of 78.7 percent.
- Zelle was second with a a customer satisfaction rating of 76.3 percent.
- Amazon Pay was the third most popular wallet on the internet, having a satisfaction score of 73.5 percent.
- PayPal is followed closely with a customer satisfaction score of 73.0 percent.
- Google Pay took fifth place with a customer satisfaction rating of 71.1 percent.
In general, consumers tend to gravitate towards the most convenient payment methods. For example, Apple Pay is popular with iPhone users, while Samsung Pay is well-liked by Samsung users. It also seems that many online buyers have accounts with several payment options.
What's the importance of the method of payment?
What is the choice of payment you offer? Of course, accepting the customer's preferred payment method makes the sale easier--leading to more income for your business. But why is this? We've collected the top reasons why your customers select to pay with their preferred method of payment:
- Customers may be reluctant to think about alternatives to payment or join a new payment platform.
- The longer that a consumer spends thinking about their purchase the more likely they will be likely to drop their order. After all, impulsive internet shopping is a multi-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 not available in the country of your choice.
Each payment method that your business uses opens doors to new revenue, audiences, and customers. Luckily, with the ability to include different payment options that can accommodate all your customers' favorites.
How Can You Integrate multiple payment methods?
If you are building an online business It's important to find a selling platform that supports a broad 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!