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What are the 4 main methods of online payment?

21 Feb 2022 By PAYCEC

There are 4 types of major online payment methods:

  • E-wallets

In 2020, digital and mobile wallets accounted for roughly 45 percent of global e-commerce payment transactions, making the digital wallet by far the most popular online payment method worldwide. Although digital and mobile wallets were globally the leading choice when buying online, some regions used this payment method more than others. For instance, the digital or mobile wallet was most popular in the Asia Pacific Region, where it accounted for approximately 60 percent of e-commerce transactions in 2020. In contrast, this method’s transaction share amounted to only about 20 percent in Latin America.

Consumers in the United Kingdom and the United States both liked using digital or mobile wallets when paying for products or services online. One major difference between these two groups, however, was their approach to card payment methods.

  • Credit cards & Debit cards

Credit/Debit cards usually known as payment cards are one of the most popular online payments when it comes to ecommerce and online business. Consumers have a variety of choices to open cards from different card issuers namely Visa, Mastercard, American Express, JCB, Discover, etc. To pay online, customers are required to provide card details whether they own a physical card or virtual card at the checkout pages to complete the purchase process.

Credit cards ranked second with a 23 percent market share in 2020, a figure which is projected to decline in the coming years.

Approximately 30 percent of online shoppers in the UK made payments using debit cards, while U.S. shoppers had a clear preference for credit cards in 2020.

Source: statista.com
  • Bank transfers

Digital banking transfers accounted for about 7.7% in 2020. Many consumers prefer to choose bank transfer to pay for their bills, or to buy goods or services with huge budgets. In Europe, bank transfers or wire transfers are made with IBAN (international bank account number) in the SEPA network. Online businesses can leverage this method to accept payments from shoppers and scale up their company.

  • Crypto

Cryptocurrencies are a new emerging trend not only in digital investment but also in payment. A lot of people choose crypto payments to purchase goods, foods and services popularly. Now there are more and more companies that accept crypto like Micrisoft, Paypal, Overstock, Whole Food, Etsy, Starbucks, Newegg and Home Depot, etc.

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