According to a report from WorldPay, which is a UK based payment service provider, there has been a large increase globally of online transactions. It has been estimated that by 2017 59% of all online purchases will be made via alternative methods of payment as opposed to card payments.
Alternative payment methods include direct debits, e-wallets and mobile payments. E-wallets, such as PayPal, are becoming increasingly popular methods for buying products online as they are easy for customers to use.
The report showed that in the UK 78% of British customers use cards to pay for products and services with 16.2% using e-wallets. According to data from The British Retail Consortium the use of alternative payment methods in the UK more than doubled in 2012. This has mostly been driven by the growth of new ways to pay such as PayPal and online payments
It is really important for online retailers to keep up-to-date with the latest payment trends and make changes to the payment methods they accept accordingly.
E-tailers should work with a payment provider, which has a good knowledge of alternative payment methods, as all the signs point to this becoming an increasingly popular means for consumers to purchase goods online.
Our websites offer a choice of payment gateways for online retailers using SagePay, which also has the option of an integrated Paypal wallet, PayPoint with an option of integrated Paypal or WorldPay/Cardsave.