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is now available as a full guide to the most popular online payment options.
Popular Mobile Wallets
Mobile wallets have exploded in popularity in recent years, with researchers expecting that the market for mobile payments to reach $273.1 Billion in 2028. Online businesses are now struggling to juggle a wide variety of possible payment methods. An appropriate e-commerce platform can allow you to accept the most well-known mobile wallets. If, however, you're working independently to keep up to date with new mobile payment options, here are some of the most popular options:
- PayPal: The PayPal platform has reported 435 million people using it in 2022.
- Google Pay: Globally, Google Pay has over 150 million users, and it is responsible for 14.9 percent of the regional market part.
- Apple Pay: The Apple Pay platform boasted an estimated 45.4 million people using it in 2022.
With millions of users accessing mobile wallets each day It is simple to understand why compatibility with the various payment options is vital for online companies.
Online Credit and Debit Card Payments
Debit cards account for 12.3% of e-commerce purchases. They act as cash, removing money directly from the bank account of the buyer when they make a purchases. The branding on the card of a buyer may depend on the issuing bank the majority of debit cards operate through Visa as well as Mastercard. Particularly, the most popular debit cards include:
- Visa (54.42% market share)
- Mastercard (22.14 percent market share)
- Domestic debit cards (15.54 percent of market share)
- Private label cards (7.56% market share)
- ATM cards (.34% market share)
Credit cards make up 22.8 percentage of transactions made through e-commerce. These cards use money paid directly to the bank of the buyer, which your customer is contracted to pay back at a later date. Credit cards offer customers greater buying power in your online shop. According to Shift There are four primary credit cards that online shops should accept:
- Visa (52.8% market share)
- Mastercard (31.6 percent of the market)
- Find (8.1% market share)
- American Express (7.5 percent market share)
The Importance Increasing of Buy Now Pay Later
Almost any payment method can be combined with a buy now pay later (BNPL) platform--like Klarna, Afterpay, and Affirm. This payment method is popular and gives consumers more control over what they purchase and how it is matched with their earnings.
The pay now, buy later arrangement is a short-term and interest-free installment loan. On the most popular platforms, users will only be charged by BNPL services for missed repayments and loan terms that are extended. According to Yipitdata, the most popular BNPL service is Affirm which holds 40% of US market part. The most well-known options for buy-now, pay-later choices include:
- Affirm (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 and buy now platforms split the purchase of the buyer into four installments. The first payment is made in advance when the customer is able to check out of your online shop. The next three payments are scheduled out, often each two weeks.
It's not difficult to comprehend the reason why pay now and buy later choices are rapidly becoming the preferred option for many e-commerce buyers.