Diverse payment options are essential to earning customers and promoting sales. So which online payment methods are most popular? SamCart is here to help you decide which payment options your online business should accept
Payment Type: Credit Cards vs. Digital Wallets
Payments come in several forms—including credit cards, debit cards, and digital wallets. So which of these do customers prefer when shopping online? The 2021 Global Payments Report from Worldpay unpacks the 2020 payment method data for e-commerce, so you can see which option most buyers prefer:
- Digital and Mobile Wallets: Digital/mobile wallets—such as Apple Pay, Google Pay, and PayPay—took the top spot as the most popular payment option for consumers globally, accounting for 44.5% of online sales.
- Credit Cards: In second place, credit cards accounted for 22.8% of online payments.
- Debit Cards: Debit card payments were the third most popular option, accounting for 12.3% of global online purchases.
These top three payment options accounted for a majority of purchases, followed by Bank Transfers (7.7%), Cash on Delivery (3.3%), Charge & Deferred Debit Card (3.3%), Buy Now Pay Later (2.1%), Direct Debit (1.2%), Pre-Paid Card (1.1%), PostPay (0.9%), PrePay (0.4%), and Other (0.4%).
So, if you’d like to use the most popular payment option, Digital and Mobile Wallets are currently the way to go!
Which Digital Wallet is the Most Popular?
- Apple Pay was the most popular digital wallet, with a customer satisfaction rating of 78.7%.
- Zelle took second place with a customer satisfaction rating of 76.3%.
- Amazon Pay was the third most popular digital wallet, with a customer satisfaction rating of 73.5%.
- PayPal followed closely with a customer satisfaction rating of 73.0%.
- Google Pay took fifth place with a customer satisfaction rating of 71.1%.
Across the board, users seem to flock toward their most convenient payment options. For example, Apple Pay is popular among iPhone users, while Samsung Pay is popular among Samsung users. It also seems that many online buyers have accounts with multiple digital payment platforms.
How Important is the Payment Method?
So, how important is the payment selection you offer? Naturally, accepting a customer’s preferred payment method will make the sale easier—leading to more revenue for you. But why is this? We’ve compiled the most common reasons that your customers prefer their favorite payment method:
- Customers may be reluctant to consider alternative payment options or sign up for a new payment platform.
- The longer a customer spends thinking about their purchase, the more likely they are to abandon their cart. After all, impulsive online shopping is a multi-billion dollar industry, according to finder.com.
- In some cases, customers may be unable to accommodate restrictive payment methods—for example, if you only accept 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 SamCart, you can include multiple payment methods to account for all your customers’ favorites.
How Do You Incorporate Multiple Payment Methods?
When building your online business, it is important to find a selling platform that accepts a diverse range of payment methods. SamCart, for example, can give customers access to Stripe, Apple Pay, Google Pay, Visa, Discover, Mastercard, American Express (Amex), PayPal, and more!
SamCart: An E-Commerce Platform Built For Creators
SamCart’s e-commerce platform helps users maximize their revenue with a comprehensive selection of payment options. You can use SamCart to create sales webpages, manage your business, and sell almost anything—including digital products, physical products, subscriptions, and online courses. You can click here to get started for free today!