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Different payment methods are crucial for attracting customers as well as promoting sales. So which online payment methods are most popular? is here to help you select which payment method your online business should accept
Payment Type: Credit Cards vs. Digital Wallets
The payment method is diverse, consisting of credit cards, debit cards, digital wallets and even debit. What is the one that customers prefer when shopping on the internet? In 2021, the Global Payments Report from Worldpay provides the payment method 2020 data for e-commerce, so you'll be able to determine which method the majority of buyers choose:
- Mobile and Digital Wallets: Digital/mobile wallets--such as Apple Pay, Google Pay, and PayPay--took the top place as the most used method of payment for customers around the world with a share of 44.5% of online sales.
- Credit Cards: In second place, credit cards were responsible for 22.8 percentage of payments made online.
- Debit Cards: Debit card payments were the third most frequent option, accounting for 12.3 percent of all purchase made online.
These top three payment options made up the majority of purchases, then Bank Transfers (7.7%) and Cash upon Delivery (3.3%) as well as Charge and Deferred Debit Card (3.3%) Purchase Now Pay Later (2.1 percent) Direct Debit (1.2 percentage) and Pre-Paid Cards (1.1 percent), PostPay (0.9%) and PrePay (0.4%), and Other (0.4%).
Also, if you're interested in using the most popular payment option, Digital and Mobile Wallets is the right option to choose!
What Digital Wallet is the Most popular?
The race to become the leading electronic wallet is a close one--and there is no clear winner as of now. As a relatively new feature in the industry, reports on digital wallets vary starkly among sources. The current state of affairs is that there are no credible, uniform metrics regarding user usage or transaction volumes. However, a recent survey released by Investor's Business Daily worked to uncover which wallets on the internet are liked by their customers. Here's the results:
- Apple Pay was one of the most used digital wallet with a rating of customer satisfaction of 78.7 77%.
- Zelle took second place with the highest customer satisfaction score of 76.3%.
- Amazon Pay was the third most popular wallet on the internet, with a customer satisfaction rating of 73.5%.
- 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%.
In general, consumers are overwhelmingly drawn to their most convenient payment options. For example, Apple Pay is popular with iPhone users, while Samsung Pay is most popular with Samsung customers. Also, it appears that a lot of online buyers have accounts with multiple digital payment platforms.
What is important about the Payment Method?
How important is the payment option you have available? Naturally, accepting a customer's preferred method of payment will make selling easier and result in greater profits for you. Why is that? We've compiled the most common reasons why your customers select the payment method they prefer:
- Some customers may not want to consider other payment options, or even to sign up with a brand new payment system.
- The longer a customer spends thinking about their purchase the more likely likely to drop their order. After all, impulsive internet shopping is a multi-billion dollar industry, according to finder.com.
- In some cases, customers may not be able to use restrictions on payment options, for example, when you accept only payments from a platform that is unavailable in their country.
Each unique payment method your business accepts opens the doors to new revenue, audiences, and customers. Luckily, with , you can include multiple payment options to accommodate the various preferences of your clients.
How do you incorporate Multiple Payment Methods?
When building your online business, it is important to select a sales platform that accepts a diverse variety of payment options. , for example, can allow customers to access Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal as well as many more!