Most popular online payment methods 2021

Your company plan to enter on new markets and develop? It is quite logical
decision. In this case, you need to understand which ways of online payment will be the
most popular in 2021.

Why is it so important?

It is important to learn about the most popular online payment methods because
the availability of the preferred method of payment will directly depend on the buyer's
decision to buy the goods. If it is convenient for buyer to pay for goods, it will increase the
probability of successful purchase by 70%.
Many companies make a common mistake. They choose one or two methods of
online payment, claiming that these methods will suit absolutely for all buyers. Isn't the
whole world still using PayPal?
You would be surprised, but no. Even if buyers use PayPal, they may have other
preferred payment methods. After all, their PayPal wallet may be empty at the time of
purchase.

The basic wish of all shoppers

Regardless of how long your company has been on the market, more than 5 years
ago or only yesterday, you should understand that the main desire of any buyer is the
availability of the maximum number of payment methods. Simply, buyers must have a
choice.
If there is no such choice, but the buyer will be in great need of the product and its
price will be one of the lowest, with a high degree of probability he will make the purchase.
But will he come back to you again?
Understand the main thing: currently 4.57 billion people are shopping online. All of
them are different, each has its own preferences regarding the method of payment.
If you want your customers always be satisfied, make sure the following payment
methods are available to them:

1. Cards. In 2018, 41% of all transactions worldwide were made with cards. Of
course, COVID-19 motivated many users to love electronic wallets. However, due to the high

level of protection of card transactions, this method of online payment will remain popular
even in 2021.
The popularity of debit and credit cards as payment methods is also due to the
various rewards that banks motivate their customers to actively use cards.
2. Electronic wallets
As a way of online payment, electronic wallets were popular a few years ago. As
for the near future, experts predict that by 2022, using electronic wallets will be more than
half of all online transactions.
The main advantage of electronic wallets is their convenience. To use electronic
wallets, you do not need to enter any additional data, just enter your login and password
and after logging into the system successfully complete the purchase.
3. Bank transfers
Having money in your bank account, you can quickly and conveniently pay for any
goods. Thanks to the mandatory authentication through the bank-client, the user cannot
worry about the safety of their funds in the account.
It is fair to say that every year the share of bank transfers in online payments is
somewhat reduced. In 2021, they will account for at least 10% of all transactions made
online.
4. Momentary loans
Remember these slogan "Take the goods now and pay then”. This is very
convenient, because it eliminates the need for the buyer to accumulate money for months
for the necessary purchase.

You can argue as much as you like about the advantages and disadvantages of this
online payment method, but according to a recent study by an American magazine, the
possibility of buying now and paying for it later convinced more than 30% of those surveyed
to buy the goods. At the same time, they admitted that otherwise they would have to give
up the purchase. The volume of online payments using this method has increased by 162%
only in the last two years. This says a lot.

New trends in online payments

Like any other industry, online payments are not standing still and are constantly
evolving. There is no doubt that some serious changes can be expected in the coming years.
Let us list only some of them:

What you can do right now?

Take care of your clients. In this article, we have listed only a few payment
methods that will be popular in 2021. However, why you must limit yourself to 3-5 payment
methods? You can access more than 350 popular payment methods at once, as well as more
than 10 methods of withdrawal.

PayOp guarantees fast verification of projects, availability of all our services for
companies and entrepreneurs all over the world, as well as the most favorable terms of
cooperation for you!