The convenience of online shopping during the covid pandemic increased consumer purchasing behavior even after in-person shopping resumed. As a result, the payment sector went through a transformation that accelerated the adoption of digital payments over traditional cash and card payment methods.
The checkout page, which is the final stage and payment section of any e-commerce business, is one of the most important stages of the consumer sales journey, which is why having a smooth payment process is critical for increased sales and consumer retention.
Ultimately, having up-to-date payment information and methods is crucial for any e-commerce business. As a result, knowing the latest e-commerce payment trends will help your business attract more customers and significantly reduce checkout abandonment.
That said, here are the top e-commerce payment trends to seamlessly aid your consumer sales journey and eliminate checkout abandonment.
Top Payment Trends For E-commerce
Digital Wallets
Digital wallets have become a popular payment method for e-commerce over the past year as consumers have grown more comfortable with them. In a recent survey, over 49% of consumers adopt digital wallets to pay their bills, making it a crucial payment method for every e-commerce business.
Thus, you're likely to lose a significant percentage of a potential sale without having digital wallets as payment options because consumers now expect to see digital wallets as a payment method at checkout.
Digital wallet is a top payment trend and a necessity for any e-commerce business. Some of the most popular digital wallets on the market are Apple Pay, Google Pay, Samsung Pay, Shop Pay, and Amazon Pay. Digital wallet is one of the most popular payment methods for e-commerce, and without them, you risk losing sales conversions.
Buy Now, Pay Later (BNPL)
The buy now, pay later (BNPL) shopping model has become popular, particularly among young consumers who want payment flexibility when making purchases. The payment model enables consumers to be flexible with their budget and keep their purchasing habits despite rising inflation.
The BNPL model is advantageous to consumers and allows e-commerce businesses to convert customers by promising lower initial payments and flexible installments for high-value products without breaking the bank. Therefore, because of the numerous advantages for consumers and e-commerce merchants, BNPL usage is expected to rise in popularity, with more adoption across different e-commerce sectors. Some of the most popular BNPL partners in the market are Klarna, Affirm, Afterpay, and PayPal Pay in 4.
Smartphone Payment Apps (Super Apps)
The majority of purchases are made via smartphone. Smartphones are now used in many aspects of people's lives, from social interactions to bank transactions, such as ordering a ride, booking dinner reservations, and many more.
However, this advancement necessitates installing more apps on their mobile devices. As a result, this trend has accelerated the development of super apps, which combine multiple virtual products and services to save users from having to deal with an overwhelming number of applications.
Payment services are frequently included in these multi-app ecosystems, which combine all consumers' needs in one place. One prime example is the well-known Chinese super app WeChat, which began as a messaging service but later expanded to provide other services like taxi services, virtual wallets, games, hotel reservations, and medical consultations.
This trend is expected to continue as more super apps adopt payment solutions such as digital wallets and BNPL services.
QR Code
QR codes are not a new payment method in e-commerce, but they did not gain widespread acceptance before the pandemic. On the other hand, QR codes are gaining popularity because they can be used for more than just payment but also to guide a consumer through their purchase journey to improve customer experience.
A consumer, for example, can view the menu of available products, the price list, and product information and unlock special discounts by scanning a QR code. As a result of the one-click checkout process, the popularity of QR codes as a payment option is expected to expand. PayPal and Venmo are popular online payment providers that have launched QR codes for businesses to use for purchases.
Cryptocurrency
Cryptocurrency payment in e-commerce is gaining popularity because it provides several distinct advantages, such as low transaction fees, instant processing, and cross-border payment without regional restriction. As a result, e-commerce businesses can accept global payments for their product and services without worrying about exchange rates or international transaction fees.
On the other hand, cryptocurrency provides consumers anonymity and user autonomy because they do not have to create an account revealing their identity to make payments. Therefore, cryptocurrency benefits e-commerce businesses by allowing them to attract and reach new customers who want to make purchases but want their identities concealed.
Although accepting cryptocurrency payments for e-commerce businesses is one of the industry's most recent payment trends. Cryptocurrency, on the other hand, remains a volatile financial instrument. As a result, you must understand how to integrate decentralized technology as a payment method for your e-commerce business.
How To Accept Cryptocurrency For Your E-commerce Business
Accepting cryptocurrency payments enables you to receive global payments from customers outside your region. To begin accepting cryptocurrency and providing a seamless payment experience for your customers, you will need a third-party wallet service. Cwallet Is a crypto wallet that provides secure crypto payment for your e-commerce business.
Cwallet enables you to create a payment button and receive payment with a single click without redirecting your consumer from the checkout page. Using Cwallet, creating a crypto account is simple and free. You can use your mobile number or third-party services like Twitter, Telegram, Discord, and Reddit.
The best part about using the Cwallet Payment Button on your e-commerce website is that you don't have to write a single line of code to include it as a payment option.
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