Over the past 15 years, online shopping has moved from a novelty to a necessity. And in a highly competitive online marketplace, having one way to accept payments is necessary but having multiple ones puts you at an advantage. Customers are more likely to make a purchase from sites based on which payment methods are accepted. This means that having a well functioning payment getaway is a crucial step to achieving profitability.
So what are the most common online methods of payment?
1. Debit/Credit Cards
They are considered the most popular method of payment worldwide. For one thing, one of the main perks of using Debit/Credit card is installments. According to research, 63% of credit card users prefer installments over 10% discounts. Moreover, these installments allow your products to be more accessible to a wider range of income levels.
Debit/Credit Cards are composed of multiple providers such as:
Visa holds the primary market share in the category of international credit cards. It has 323 million cardholders worldwide.
The second largest credit card network, It has 191 million cardholders worldwide.
c. American Express
One of the most popular preferred methods. It has 58 million cardholders worldwide and it’s active in more than 130 countries. American Express tends to target a higher-income consumer than other credit card companies.
This card is the latest financial inclusion initiative by the Central Bank of Egypt (CBE) to push towards more cashless payments. The CBE aims to issue 20 million Meeza cards in the next three years. This prepaid card, which does not require a bank account, can be recharged at banks and ATMs. Once a card has been loaded, consumers can access online shopping, pay government bills, and buy from different network of merchants who have point-of-sale terminals.
eWallets are becoming a more popular payment method around the world, many consumers are shifting away from credit/debit cards and toward eWallets and bank transfers. The most famous types of which are:
PayPal is a service that enables you to pay, send money, and accept payments without revealing your financial details.
b. Google Pay
Google states that hundreds of millions of their users already have card information saved to their Google accounts. This means providing a Google Pay option offers added convenience for a significant number of people. Also, they don’t charge you anything for using the service; It’s free for both businesses and customers.
Tahweel is a new mobile money transfer system in the banking sector which allows citizens to simply go with an updated national ID and phone number to open a bank account.
3. QR Codes QR codes are considered a promising trend for the future of mobile payments. Many retailers are looking for easy, quick and safe methods for their mobile shopping experiences and QR codes fulfil those needs.
How can Kashier help you?
Even with the wide acceptance of online shopping, payments can still be a challenge for customers. That’s why Kashier is considered an all in one solution, making this setup quicker, easier, safer and even cheaper because it offers favorable transaction rates.
As shown above, there’s a big wave of cashless transactions and not just in MENA region but worldwide. Looking ahead, everyone could benefit immensely from improvements to the way transactions are processed. With businesses enjoying reduced costs and consumers enjoying increased convenience, cashless payments are the future.