What are the top 10 payment methods used on the web?
- about 1 year ago
- 1 min read
Online shopping has seen a huge growth as a result of the COVID-19 pandemic as consumers adopted online shopping as a convenient and safe way to make purchases. For e-commerce sites to be attractive, they should offer a wide range of payment methods. But what are the most popular payment methods offered online globally?
Payment methods are systems that enable electronic payments on an e-commerce website, which our technology detects with image recognition.
A quick search in our structured search engine shows an overview of the most popular payment methods used on the web. Chart-topper PayPal is the most widely accepted payment method online with 66% of online stores offering this payment method. PayPal is closely followed by VISA and MasterCard, with acceptance rates of 62% and 56% respectively.
While major credit card companies are among the most popular payment methods on the web, the fast emerging fintech market is starting to claim its share with nearly 6% of e-commerce sites worldwide offering Klarna. Despite these new technologies, more traditional methods such as bank transfers or Boleto Bancário (a popular payment method in Brazil) still remain in demand.
It will be interesting to see how payment methods offered online evolve over the coming years with more and more fintech companies entering the global e-commerce market.