Payment methods for eCommerce

by Pedjam

There are different types of payment methods for eCommerce.

for shoppers, they will choose the best and easiest way to pay.

according to globalpaymentsreport show payment method share of eComeWallets has established a dominant position globally

Firstly, from the chart.E-wallet is growing rapidly from 40% in 2019 while credit card payments tend to decrease from 20%

Secondly, for bank transfer and debit card will remain stable

What is an e-wallet? 

An e-wallet is a digital system that stores a person’s payment information. ‘Digital’ means it exists purely electronically. It is a secure, online wallet. We also call it a digital wallet.

The e-wallet stores users’ cards digitally so that they can buy things electronically, i.e., online. If you have this kind of wallet, you can pay for things online using your laptop, tablet, or smartphone.

You can also use your digital wallet to pay for things in some cafes and shops that you physically visit.

Some e-wallets store your loyalty cards, insurance cards, and driver’s license. They can also store your health card plus other IDs that you’d normally keep in a traditional wallet.

An e-wallet may also refer to where people store their cryptocurrencies, i.e., it may mean a cryptocurrency wallet.

A cryptocurrency is a type of digital money, i.e., money that exists purely online. Bitcoin, for example, is a cryptocurrency. – marketbusinessnews

The benefit of digital wallets is more convenient for customers. they don’t have to fill out card number details.

Moreover, they can log in to their digital wallet account and transfer money

However, for those who don’t familiar with digital wallets. they have other payment methods. for example, credit card debit card or bank transfer.

for some reason that not popular compare with digital wallets is about personal data security and more task to do 

Sometimes, shoppers worry about credit card fraud or not receiving products. they will take COD or Cash On Delivery option

For instance, they are paying after receiving the product. It is very safe and there is no question of any fraud or loss of your money

Learn more >> How to start dropship business

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