Reinventing the online payment experience
As leaders in digital services monetization technology, we couldn’t miss an article about the top digital payments. The fact is that online payments have emerged as the most popular trend in the market. Offering different types of payment methods can upgrade consumers’ experience. Access to a user-friendly checkout process makes buying more convenient and satisfactory for the customer. Along with providing different options to pay from, you must keep your target audience in mind to make better decisions.
Great Global Payment Methods of 2023
Here we have compiled different methods of payment that can be offered to enhance the experience of online dealings and payments. Some factors come into play when deciding which type of electronic payment could be utilized.
Direct Carrier Billing (DCB)
Direct Carrier Billing (DCB) is a payment tech made through mobile devices and has been gaining popularity since it was introduced 20 years ago. There are approximately seven billion people around the globe who own a mobile device. All the tractions related to digital content are made with a mobile phone. This way, users do not have to risk putting their important personal information online, thus being safe and secure.
Several people worldwide do not have a bank account and do not use a bank either for making monetary transactions. In cases like these, this payment tech becomes the most convenient. Customers only have to own a mobile device and can transact anywhere and anytime!
Technology is advancing, and payment methods have changed drastically. E-Wallets, of which Apple Pay and Google Play are good examples. They store users’ payment information so they do not have to provide it every time they shop online or in person. According to a survey conducted by Dissertation Assistance UK, digital wallets have become the most successful payment method currently.
They are currently acquiring 49% of the market share of most used payment methods and are expected to grow to 53% by 2025. It is a convenient payment tech and is relatively efficient, reliable, and secure. That’s what makes it so popular and fast-growing.
Amazon Pay is used in combination with an Amazon Account. Thus, it is comparatively less popular than Google Pay and Apple Pay.
QR Code Payments
It is one of the fastest payment tech. When the buyers scan a QR Code, they proceed to a checkout page to fill in the necessary information, including payment details, to buy the product. Another way of making a payment is through Google Pay or Apple Pay.
Paying Via Cryptocurrencies
Although digital currency is normally used when making transactions, some businesses have resorted to providing Payments through cryptocurrencies.
However, one thing to note here is that the value of this currency changes a lot. Therefore, there are risks attached to using it as a form of payment.
Bizum is an emerging payment gateway for individuals and NGOs. The prime tagline of Bizum is about the payment process “If you have a mobile, you have money”. Customers using bank transfers to pay their lottery bills can scan the QR code and send and receive their desired amount instantly.
Many small business owners find sending and receiving money from their clients who want to buy something difficult. Bizum payment allows customers and business owners to use mobile numbers to transfer funds. In this process, both owner and customer will get the confirmation as the payment is released or received.
It is essential to consider all these payment modes once you know your target audience. Information such as their age, interests, location, and usage of technologies have to be evaluated when deciding which gateway to use for online payments.
Stores with unsuitable and friendly payment options for their customers risk their businesses. Users can not use those payment modes or not be ready to risk their personal details. Making an informed choice regarding the payment method will affect how your business flourishes and grows.
Claudia Jeffrey is currently working at crowdwriter.com. She keeps herself updated with the latest technology. Claudia loves reading and spends much time surfing the internet for technological advancements. Thank you, Claudia, for collaborating with us on this interesting article!