Currently, there are various options for online payments for eCommerce shops. Due to the Covid19 pandemic, online purchases increased hugely, so do online payments too. Ecommerce payment systems are merely non-cash transactions that are happened after purchasing products from the website. Like other customer preferences, online payment systems also have some diversity. This article will bring light on the payment systems which shoppers prefer most.
Basically in the early days, shoppers preferred only the card payments, because there were limited payment options too. But now things are different, with the rise of eCommerce businesses, multiple payment options are there and thus eCommerce shops must have to understand the best option for their customers.
Why Businesses Care So Much For The Various Payment Options?
It’s been found from the data, many customers leave the site after selecting the products to buy as they just can’t find the proper payment option for themselves. This is a serious issue for the businesses as they are not seeing the sales amount as they really meant to be.
If multiple or accurate payment options were provided then a rise in the sold data was surely be found. This phenomenon led to the use of various payment options for various kinds of customers.
Whoever the customer is or whatever platform the customer is using, they must have options to checkout properly by paying digitally against the selected products. The data reports that a huge percentage of customers belong from the young age having digital wallets only, on the other hand, mature age people have bank card payment options or net banking options rather than digital wallets. So a mixed kind of situation hiked at the time for the eCommerce payment page. This ambiguity caused a lesser amount of sales for the brand.
Various Payment Options for Ecommerce Businesses
Payment options at the checkout pages directly depend on the customer types of the eCommerce site. As per the majority of customer preferences, businesses should implement payment options.
But the location also matters here. Payment options among the shoppers differ from country to country basis. Depending on the economic condition customers regarding a country resemble the same kind of preference of payment type.
From the recent data after the covid19 outbreak, it is found that payments made from e-wallets or digital wallets have increased astoundingly. So let us take a closer look at the various e-wallet options available currently:
Google Pay: A great app comes from Google to pay instantaneously through your smartphones. It is best used on mobiles or tablets. This app is easily downloadable from the Android play store.
Google pay is now integrated with millions of eCommerce sites, giving an easy and comfortable environment for cashless transactions worldwide.
Apple Pay: It’s an inbuilt app for Apple users to pay online on multiple eCommerce sites. If a user is offline the app will pay contactless and in online mode, it can be used for face recognition. For Apple users, the payment app gives a convenient way to leave the checkout page within seconds.
Amazon Pay: Amazon’s own e-wallet payment option not only helps its numerous Amazon accounts to checkout on the go but also gives options to pay money to other eCommerce sites as well. We all know there are huge user bases for Amazon itself in USA, India, and Australia, etc. So Amazon pay can become handy for those who shop regularly from Amazon. Also, Amazon prime customers surely prefer this app for the same reason.
Phonepe: For Indian customers, Phonepe has become one of the leading apps for transactions money online. Going neck and neck with Google pay in India, Phonepe is the very preferred UPI app for millions of customers purchasing from various eCommerce websites. Users also can pay bills and send-receive money hassle-free using Phonepe.
WhatsApp Pay: Currently came into the payment systems world, WhatsApp is eyeing to take the lion’s share with its payment option. People do use WhatsApp on regular basis, so integrating a digital payment option may seem very handy. But, the way it seemed the way it didn’t work! People prefer to chat through WhatsApp but pay through other above options. Although it’s a popular UPI app in the USA, India, etc.
Paytm: Yes Paytm is still holding its position in the digital wallet world. Recently launching the Paytm Bank option strengthens its root more. Similar gateway like Google pay or Phonepe it’s another choice for the million UPI users worldwide. Bill payment, money transactions are also done on regular basis by the Paytm app.
Card Payments: Card payments were the one and only option back in the past, and also now it is one of the essential modes of online payment among several shoppers. Shoppers who are not savvy with the UPI/ e-wallet facilities are still relying on card payment options.
Basically, debit and credit card, both the options are available and working fine. But, the number of transactions is much higher through debit cards than credit cards as per the recent data of 2021.
The above options are the most preferable options right now for shoppers worldwide. An eCommerce site must need to impose all of these options to see an upward growth in the sales graph.
There were more options available like net banking, but due to the emergence of mobile banking, users do not prefer net banking now standing on the doorstep of 2022. This same goes with the mobile banking option, as there are multiple excellent UPI e-wallet options available so classical mobile banking options are now very limited to some users.
If an online shopping site wants to prosper quickly within a limited amount of payment options then the list above must have met on their buy now option. A live chat option will be better to integrate as well as to understand the metrics in a broader way. These options can guarantee customers to transact quickly, safely, and correctly.
Having said all these things, eCommerce is expanding largely and thus nothing is remaining constant in this field. So payment options may vary from time to time may vary on the type of the eCommerce store and with the country of the main customers.