To answer the question which payment method do people prefer to use, we have to consider a number of factors, such as the availability of the payment method, to fees and convenience of using the particular service. There are a lot of payment methods available out there, each with their own benefits and drawbacks. So, let’s take a look at the popular payment methods to see which payment method comes out on top.
PayPal Leading the Way
Few can deny that PayPal comes out in first place when it comes to quick, easy and safe online payments. PayPal has become a must-have for every online business. A large number of websites, from big online shops to online casinos, support PayPal as a payment method on their platforms. Speaking of the latter, top PayPal casinos in the UK are actually regarded as the best in the industry, as they are a guarantee of safety and reliability. Of course, besides PayPal, there are a number of reliable e-wallets and similar payment services. Just a few of them include globally accepted payment services such as Neteller, Skrill and Payoneer.
Credit and Debit Cards
Credit and debit cards are the most widespread payment methods all over the world. This is by no coincidence. They have been around for decades and offer multiple benefits to its users and are universally accepted as a safe and trustworthy payment method. Credit card users can collect bonuses, frequent flyer miles and various other benefits. These are just some of the reasons why online shoppers decide to use credit cards when purchasing anything and everything over the internet.
We’ve recently talked about the importance of phone payments, and how they can be used to grow an online business. As technology sets new trends, more and more people are starting to use mobile phones as a vital part of their everyday personal and business lives.
Mobile payments are probably the most convenient way of paying online, as everything is regulated directly through the user’s account. They are very secure and faster than most other payment services. Still, since they are still not as popular and widely accepted as other popular payment methods, they still haven’t reached their full potential.
Online Bank Transfers
Easy access to online banking has made bank transfers a very popular payment method, whether to pay for services or purchase things from the internet. Many online users opt for bank transfers because they know that the transactions are protected and monitored by the bank, ensuring maximum safety and data security. Online bank transfers are popular for a number of reasons, but they also come with some unique drawbacks. High fees and significantly slower transfer times compared to other payment methods, put online bank transfers slightly behind other popular payment methods.
Other Payment Methods
Since the financial market is constantly growing and evolving, it’s no surprise that there are plenty of payment methods being introduced. While the four types mentioned above of payment services are among the most popular ones, other, less popular payment methods include gift cards such as Amazon cards, vouchers, cash on delivery and the increasingly popular cryptocurrencies. All of these deserve a mention but still, aren’t as popular to be directly compared with the biggest payment services.
Comparison of Popular Online Payment Methods
These are the biggest and currently most popular payment service available online. Here’s how they fare among online users:
When looking at the stats from the table above, it’s clear to see that two payment methods stand side by side as the most popular choices for online customers. But, it’s also essential to understand these numbers. Namely, credit and debit cards are on a slow but inevitable decline, and there is no doubt that PayPal and other wallets will take the top over the next few years. Credit cards primarily enjoy popularity among the older demographic and are mainly used for everyday purchases.
In direct comparison to the decline of credit and debit cards, PayPal and other digital payment methods are growing in popularity, especially thanks to its young and booming customer base. Unlike credit and debit cards, e-wallets are mostly used by millennials, primarily for gaming, online shopping and entertainment.
Important Things to Keep in Mind
Nowadays, websites and online businesses have more payment services at their disposal than ever before. Choosing a payment method is ultimately a subjective decision, as it depends on the personal expectations and the specific advantages a particular payment method brings to the user. None of the above-mentioned payment services is perfect and without drawbacks. That’s why it’s important to understand all of the aspects of a payment service before using it.