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Most used online payment methods in 2024

  • Articles
  • B2B, Business, Company, Ecommerce, ERP, Finance
  • 4 min
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The online payment landscape is constantly evolving, adapting to new consumer needs and preferences.

Índice

In this article, we will delve into the most used online payment methods in 2024, analyzing their features, advantages and disadvantages so you can make informed decisions and boost conversions in your business.

Credit and debit cards

Credit and debit cards continue to be the most widely used option globally due to their convenience, security and wide acceptance.

Advantages

  • Ease of use: The payment process is simple and familiar to most consumers.
  • Security: The issuers’ security measures offer protection against fraud.
  • Wide acceptance: They are accepted in the vast majority of online stores.

Inconveniences

  • Fees: Fees may be charged by the issuing bank.
  • Fraud: If adequate security measures are not taken, there is a risk of fraud.

PayPal

PayPal has become a leading online payment platform for its simplicity, speed and buyer protection.

Advantages

  • Security: Offers protection in transactions and against fraud.
  • Convenience: No need to share bank details with the seller.
  • Speed: Transactions are processed quickly.

Inconveniences

  • Commissions: Applies transaction commissions.
  • Availability: Not available in all countries.

Digital wallets

Digital wallets such as Apple Pay, Google Pay and Samsung Pay are rapidly gaining ground, offering a seamless and secure payment experience through mobile devices.

Advantages

  • Speed and convenience: Quick and easy one-touch payments.
  • Security: Biometric security for added protection.
  • Rewards: Possibility of accumulating points and discounts.

Inconveniences

  • Compatibility: Requires a compatible smartphone.
  • Acceptance: Lower acceptance compared to other methods.

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Bizum

Bizum, the instant mobile payment system developed by Spanish banks, has experienced exponential growth in recent years.

Advantages

  • Speed: Immediate payments between users.
  • Convenience: No card or bank account required, just a cell phone number.
  • Security: Secure system with the guarantee of Spanish banks.

Inconveniences

  • Territorial limitation: Only available in Spain.
  • International purchases: Not available for international purchases.

Bank transfers

Bank transfers, although less used in today’s e-commerce, are still a viable option for some buyers.

Advantages

  • Security: Maximum security in transactions.
  • Control: The buyer has full control over the transaction.
  • No commissions: In some cases, there are no additional commissions.

Inconveniences

  • Slow: May take several days to complete.

Cash on delivery

Cash on delivery, although less common online, offers security to the buyer by paying at the time of receiving the product.

Advantages

  • Security for the buyer: You pay only when you receive the product.
  • No initial financial information required: No need to share bank details.

Inconveniences

  • Inconvenience for the seller: More complex returns management.
  • Possible additional costs: The seller may incur return handling costs.

Cryptocurrencies

Cryptocurrencies, such as Bitcoin and Ethereum, are gaining presence in online commerce, although their use is still in the minority.

Advantages

  • Security: High security measures thanks to blockchain technology.
  • Decentralization: They do not depend on traditional banking entities.
  • Anonymity: In some cases, they allow anonymous payments.

Inconveniences

  • High volatility: Its value can suffer large fluctuations.
  • Complexity: May be complex for some users.
  • Limited acceptance: Not all stores accept them as a form of payment.

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Conclusion

In 2024, the online payment landscape offers a range of possibilities for online stores. The key to success in your ecommerce lies in offering a variety of secure, convenient and popular payment methods to your target audience.

Analyze your customers’ preferences, the characteristics of your business and market trends to choose the combination of online payment methods that best suits your needs. Remember that a smooth and secure payment experience can be a determining factor in the conversion of your customers.

Remember

  • Stay updated on the latest trends in the most used online payment methods.
  • Offer a variety of payment options to meet your customers’ needs.
  • Ensure the security of transactions in your online store.
  • Facilitates a clear and simple payment process.

By following these recommendations, you will be on the right track to optimize the checkout experience in your online store and increase your conversions.

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At Stoam, we offer you a comprehensive SaaS solution that will allow you to optimize online payments in your virtual store. other advantages!

Visit our our website and find out how we can help you take your ecommerce business to the next level!

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