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is now available as a full guide to the most popular online payment options.
Popular Mobile Wallets
Mobile wallets have skyrocketed in popularity in recent times, with researchers expecting the mobile payment industry to reach $273.1 Billion in 2028. Online businesses are now struggling to navigate a myriad of payment options. A good e-commerce system will help you accept the top mobile wallets. However, if you are working independently to keep up with the latest payments on mobile Here are a few of the most popular options:
- PayPal Platform: The PayPal platform has reported 435 million users in 2022.
- Google Pay: Globally, Google Pay has over 150 million users, and it is responsible for 14.9 percent of the local market share.
- Apple Pay: The Apple Pay platform was estimated to have 45.4 million users in 2022.
With millions of customers using mobile wallets each day, it is easy to comprehend why the ability to work with the payment methods is essential to online businesses.
Credit Card Online as well as Debit Card Payments
The debit card is responsible for 12.3% of e-commerce purchases. They function as cash, taking money straight from a buyer's bank account when they make a purchases. The branding on the card of a buyer may depend on the bank that issued it The majority of debit cards operate through Visa or Mastercard. Particularly the most well-known debit cards include:
- Visa (54.42% market share)
- Mastercard (22.14 percent market share)
- Domestic debit cards (15.54% market share)
- Private label cards (7.56% market share)
- ACH cards (.34 percent of market share)
Credit cards are responsible for 22.8 percent of all transactions on e-commerce. These cards use money paid directly by a bank account of the purchaser, and the customer has to repay on a future date. Credit cards give customers more purchasing power when they shop at your store. According to Shift the following are the four main credit cards online stores should accept:
- Visa (52.8 percent market share)
- Mastercard (31.6% market share)
- Find (8.1% market share)
- American Express (7.5 percent market share)
The Growing Importance of Pay Now and Buy Later
Nearly any method of payment can be paired with a buy today, pay later (BNPL) platform like Klarna, Afterpay, and Affirm. This popular payment option gives consumers more control over how their purchases align with the amount of their pay.
The pay now and buy later arrangement is a short-term instalment loan that is interest-free. Across popular platforms, customers pay only BNPL services in the event of missed loans and for extended terms. According to Yipitdata one of the most popular BNPL service is Affirm, holding 40% of the US market share. In general, the most popular options for buy-now, pay-later options include:
- Reaffirms (40% market share )
- Klarna (19.6% market share)
- Afterpay (16.4 percent market share )
- PayPal Pay In 4 (11 percent market share )
The majority of these buy-now pay later and buy now platforms divide the order into four payments. First, the payment is paid at the time the purchaser makes a payment at your shop. The next three payments are made every two weeks.
It's not difficult to comprehend the reason why pay now and buy later options are quickly being embraced by most online buyers.