Most Popular Online Payment Methods – A Statista study reveals that PayPal is currently the dominant online payment method among the US population.
PayPal is one of those companies that has become an actively used verb as well as a proper name. You’re not transferring money to people (because who would say something so mundane?), but PayPal to your friends, customers, and vendors. While it’s not at the same level of success as changing a company name to a common noun (making photocopiers instead of copies, even though Xerox is the brand name), it’s still ahead of the curve in the marketing game. There are many online payment options available to the public, especially as competitors like Apple, Amazon and Google join the fray. However, it should be noted that PayPal is not alone in this game.
Most Popular Online Payment Methods
Like all the other big conglomerates, PayPal has another popular alternative online service that has gained a lot of traction among the younger generations: Venmo! Even though Venmo is a very ill-conceived idea (who wants to build a digital empire around payments? Nobody likes having their finances discussed in public), it’s still managed to gain a lot of traction with millennials and Gen Z with the service. is an incredibly convenient way to pay friends and loved ones.
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Anyway, let’s take a look at Statista’s numbers from a survey of 7,600 US adults between the ages of 16 and 64. PayPal takes the majority of the US market share, with 37% of users having used it. at least once in the last 12 months. In second place came Venmo, whose use dropped sharply to 15 percent. Despite the huge difference, this is still a big win for PayPal because of its strong hold on consumers. Google Pay, Apple Pay and Amazon Pay are in third, fourth and fifth place with 12 percent usage. Our last three places are VisaCheckout (7%), Afterpay (5%) and Klarna (4%).
I will say this: Afterpay and Klarna deserve credit for being quintessentially indie startups that managed to make it to the big leagues, despite their relatively small stakes. Venmo didn’t exactly start out as an impressive money management platform, and it still managed to climb to second place; after all, the implementation of the platform covers young people. Home » Talousnuvoja » FA Online » eWallets are on the way to becoming the most used payment method
Although we cover more often the wealthtech and digital asset sector, we still think it’s important to keep an eye on what’s happening in payments as well. However, the following post from OnBuy.com was quite interesting as it analyzed recent research on current payment methods with an infographic on US trends. I know I’m using eWallets more and more, and I’m SURE FintekNews readers are too.
“Digital payment methods are evolving into ways of exchanging money and offer seamless convenience; combined with the growing popularity of online shopping, which naturally demands ease and security. Mobile applications are increasingly integrating payments into our daily lifestyles and routines, allowing all payments to be quick and effortless.
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The rapid spread of smartphones, combined with new mobile banking services, has enabled a real rise in digital payments. The likes of Uber make mundane tasks like ordering a taxi easy, fast and efficient – all at the push of a button.
Although the predictions of a cashless future will not come true in the near future, the use of cash is very important
Globally. By 2026, the use of cash is predicted to drop to 21 percent, while the use of electronic wallets will grow worldwide at an annual growth rate of more than 30 percent.
Online marketplace OnBuy.com set out to identify Britain’s most popular payment methods and find out how tech- and money-savvy UK consumers are coping with a changing world. OnBuy analyzes Worldpay’s findings in its “Global Payments Report”.
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Interestingly, the report predicts that the use of eWallet payment methods will increase from around 36% in 2018 to almost half of all online shopping transactions worldwide by 2022 (47%).
The most popular payment method among Americans, representing 32 percent of all online shopping payments and 40 percent of all in-store transactions. This is much higher than the global figures of 23% online and 20% in store.
Bank card (20%), eWallet (20%), Payment and Deferred Debit card (13%), Bank transfer (6%), Cash on delivery (4%) and Prepaid Card with 3%.
Surprisingly, Americans’ preferred payment method is changing when shopping in person. However, it should be noted that credit card is still the most common payment method at 40%.
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After that, Debit Card is the second most dominant with 35%, followed by cash (16%), eWallet (3%) and finally Pre-paid Card with only 2%.” The coronavirus pandemic has deeply affected many areas of life. It defined where and how we shop and pay for them In order to maintain social distance, we promote the use of contactless payment methods and placing orders without leaving home What online payments do today’s consumers prefer and how can it affect your business?
According to the “Digital Payments 2020” report by the Polish Chamber of Electronic Economy, up to 27% of people report that they are much more likely to shop online due to the coronavirus pandemic. The Visa data also confirmed the increase in demand for online stores. In September 2020, the number of online transactions made with Visa payment cards was no less than 25% higher than in the corresponding period of the previous year.
More and more consumers decide to shop online not only for security reasons. They appreciate the opportunity to quickly compare offers from many stores and choose the most attractive. They choose to shop online because they can do it anywhere at any time.
For online stores, this is an almost perfect situation. They can take advantage of the growing interest in e-commerce to acquire new customers, especially those who, before the pandemic, bought mainly from estate sales. However, it is important that the purchase process is simple, safe and intuitive. This is helped, among other things, by the wide availability of popular online payment methods.
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According to Gemius’ “E-commerce in Poland 2020” report, an attractive price, low delivery costs and previous positive experiences are the most important factors influencing the choice of a particular online store. When making a purchase decision, consumers in Poland also pay attention to an easy payment method, i.e. the possibility to pay by card and fast online payment systems (20% of respondents) and the versatility of payment methods (20%).
Men who shop online appreciate a user-friendly payment method a little more. On the other hand, several payment methods are more important to women. Consumers aged 25-34 appreciate the ease of paying by age group the most. A wide selection of payment methods is important for slightly older buyers, 35 years old and older.
What happens if the consumer visits the shop’s website for the first time? What affects their conviction about the credibility of the sales platform? Most of the respondents refer to online store reviews. Another important factor is the possibility of cash on delivery and clear information about returns and complaints. Consumers pay attention to the store’s presence on ranking and comparison websites, as well as the selection of available payment methods. As many as 21% of those who responded to the survey say that they consider the store reliable when it offers payment methods they are familiar with.
The store should offer different payment methods. The ones that customers like the most are especially important. The consumer can choose a competitor’s offer if he cannot find his favori
te payment method in the list of payment methods.
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However, when analyzing the most common payment methods, it is important to distinguish purchases made on a computer or laptop from purchases made directly on a mobile device.
Express transfers through a payment service are the most popular choice for the first group. According to the “Digital Payments 2020” report made in Poland, up to 35% of those who made a purchase online on a computer chose them in 2020. Consumers appreciate the convenience of such a solution and the lack of rewriting. data for transfer.
BLIK payments, which are also particularly popular in Poland, play a key role in consumer choice. This method was already chosen by 26% of those who responded to the survey. So you should make sure that this payment method for your order is available in your store. You can quickly activate it in the Pay system.
Other methods preferred by consumers in Poland are traditional bank transfer, which requires entering the account number (22%), card payment upon delivery (19%), cash on delivery (18%) and cash on delivery in store. (18%).
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As many as 17% of those who responded to the survey decided to pay directly with a card when ordering. The store should therefore offer such an opportunity and accept cards popular abroad (not only Visa and MasterCard, but also Bancontact,
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