Top-15 payment methods in the e-commerce industry

The global e-commerce market is expected to reach $6.3 trillion in 2024, up from $5.8 trillion last year. This rapid growth is driven by technological advances and changing consumer behaviour. As online shopping becomes more prevalent, so does the need for diverse and secure payment options. Various payment methods in e-commerce cater to different regions, preferences, and security needs, enhancing the customer experience and ensuring efficient transactions. 

Here, we explore some of the top payment methods among our merchants and their customers in the e-commerce industry.

Bank transfers

Payop’s Pay by Bank

Our Pay by Bank method is a secure and efficient payment solution that enables direct bank transfers for e-commerce transactions. Available in 11 European countries, it allows customers to make payments directly from their bank accounts without the need to enter their card details. 

Pay by Bank is designed to enhance security and optimise the payment process. It uses advanced encryption and authentication technologies to protect user data. It is particularly advantageous for high-value transactions, as it minimises the risk of fraud and chargebacks.

EPS

EPS is an Austrian online payment method widely accepted by various e-commerce websites and service providers. It allows users to make payments directly from their bank accounts. To carry out transactions, customers must select EPS as their payment method at the checkout, log into their online banking, and complete the transfer. This method is popular due to its broad accessibility and high-security measures that inspire consumer confidence.

Interac®

Interac® is a Canadian interbank network facilitating electronic transactions, including e-commerce payments. It offers Interac Online, which allows customers to pay directly from their bank accounts without sharing sensitive information. Interac® is known for its security features, such as encryption and fraud prevention, making it a trusted payment method in Canada.

Digital wallets and banking apps

Pay by Revolut

Revolut is a digital banking app that offers a smooth payment experience with competitive exchange rates and low fees. Users can link their Revolut accounts to their online shopping profiles and pay directly using the app. Revolut supports multiple currencies, making it an excellent choice for international e-commerce. Its user-friendly interface and additional features like budgeting tools and instant notifications add to its appeal.

Pay by Monzo

Monzo is another digital bank popular in the e-commerce sector. Known for its transparency and customer-centric approach, Monzo offers simple and secure payments. Customers can use their Monzo cards for online transactions, benefiting from instant spending notifications and robust fraud protection measures. The real-time spending insights and budgeting tools make Monzo popular among consumers seeking greater control over their finances.

PIX

PIX is an instant payment system developed by the Central Bank of Brazil. It allows users to make real-time payments using QR codes. PIX is gaining popularity in Brazil due to its speed, convenience, and low transaction costs. It supports various transactions, from peer-to-peer payments to e-commerce purchases, providing a versatile solution for online shoppers.

PayDo

PayDo is a versatile digital wallet solution that supports a wide range of payment methods, including bank transfers, card payments, and other digital wallets. It provides comprehensive features such as multi-currency support, real-time transaction tracking, and robust security protocols. PayDo eWallet enhances the payment experience for consumers by offering quick and easy checkout processes while also helping merchants optimise their payment operations and reduce transaction fees.

Learn how alternative payment methods can help your business grow internationally. 

Prepaid cards and vouchers

Neosurf

Neosurf is a prepaid card that enables users to make online purchases without a bank account or credit card. It is particularly popular in regions where traditional banking services are less accessible. Payers can buy Neosurf vouchers at physical retail locations and use the codes for online transactions. This method provides a high level of privacy and security, as it does not require personal or financial information.

Local payment methods

Fawry

Fawry is a leading payment service provider in Egypt. It offers a range of financial services, including bill payments, mobile recharges, and e-commerce transactions. Fawry allows customers to pay for online purchases in cash through a vast network of physical payment points. This method bridges the gap between online shopping and cash-preferred consumers, enhancing financial inclusion in the region.

Webpay

Webpay is a popular payment gateway in Chile, allowing customers to pay using credit cards, debit cards, and bank transfers. It is widely accepted by Chilean e-commerce merchants and provides a secure and convenient payment experience. Webpay’s integration with major financial institutions ensures reliable and efficient transactions, making it a preferred choice for online shoppers in Chile.

Boleto

Boleto Bancário, commonly known as Boleto, is a payment method in Brazil that involves generating a payment cheque with a barcode. Customers can then pay for purchases at banks, ATMs, or online banking platforms. It is a widely used method in Brazil due to its simplicity and accessibility, especially for those without credit cards. Boleto provides consumers who prefer cash an opportunity to engage in e-commerce.

Banco Guayaquil

Banco Guayaquil, one of Ecuador’s leading banks, offers various payment solutions for e-commerce, including credit and debit card payments, online banking, and mobile banking services. The bank’s strong reputation and extensive network make it a reliable payment option for Ecuadorian consumers. Its secure and efficient services cater to the country’s growing e-commerce market.

OXXO

OXXO is a popular convenience store chain in Mexico that offers a cash payment solution for e-commerce transactions. Customers can select OXXO as a payment method at checkout and receive a barcode. They can then visit any OXXO store to pay in cash. This method is ideal for consumers who prefer cash payments or do not have access to traditional banking services, expanding e-commerce accessibility in Mexico.

Servipag

Servipag is a payment service in Chile that facilitates bill payments, online purchases, and financial services through its network of physical locations and online platform. It allows customers to pay for e-commerce purchases using cash or bank transfers, offering flexibility and convenience. Servipag’s widespread presence and user-friendly interface make it a popular choice among Chilean consumers.

Learn about E-commerce payment trends and consumer behaviour across the world.

Cater to diverse customer preferences with Payop

The e-commerce industry thrives on the diversity and security of its payment methods. With Payop, you get access to over 500 payment options and 100 currencies. That allows your business to cover the needs and preferences of different customer segments, ensuring a satisfactory shopping experience for all. 

As technology continues to evolve, the e-commerce sector will likely see further innovations in payment solutions. With Payop, you won’t have to worry about integrating these new methods and the accompanying paperwork. All current and future methods are available to you under one initial contract and integration. 

Our partnership will enable you to improve customer satisfaction, boost sales and contribute to your company’s global growth and international expansion. Contact our team at [email protected] to get an individual consultation.