The Most Used Payment Methods for E-commerce

with the various payment methods available these days, you can conclude transactions that could have taken days

The Most Used Payment Methods for E-commerce

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Considering the growth in the e-commerce sector, there are several payment methods nowadays. Besides, the competition is rift among payment methods because customers are looking for efficient and less expensive options.

In the past, you could only use cash or bank transfers to send money to a merchant. Usually, this takes days before the merchant can confirm the receipt of the money sent. Based on this, transactions often took more than 2 weeks or more to complete.

However, with the various payment methods available these days, you can conclude transactions that could have taken days.

Types of Payment Methods Used For Ecommerce Transactions

The most used e-commerce payments are categorized as follows:

Credit and Debit Cards

One of the widely used payment methods is credit or debit cards. Aside from Europe and America, credit and debit cards are used more often in Africa and Asia too. With these payment methods, merchants can reach out to a global audience.

More so, credit and debit cards are easy to use. What's more, credit and debit cards are safe and secure. To use your credit and debit card, you have to insert your card's expiry date, card number, and CVV code. Not to mention, the CVV code is a unique code that is peculiar to every card.

Also, the CVV code helps in detecting fraud. If the CVV code is wrong, the transaction will fail.

E-wallets

E-wallets are becoming popular by the day because they are a secure and faster way to make payments. Recognizing this fact, most e-commerce platforms now accept e-wallets as a payment option on their platform.

To use an e-wallet platform, the merchant and customer have to sign up to the platform. Also, the e-wallet account will be required to be linked to an existing bank account. Not to mention, most e-wallet platforms now have mobile applications thereby making them easier to use.

Cryptocurrencies

With cryptocurrencies becoming increasingly popular, a lot of e-commerce websites now accept cryptocurrencies on their platform. Nevertheless, cryptocurrencies have proven to be a safe payment method. Since a lot of cryptocurrencies use the blockchain method, it is very difficult to steal a person's digital currency.

Furthermore, it requires just a few minutes to complete payment via cryptocurrencies.

Bank Transfers

Using bank transfers for e-commerce transactions is still popular. Although it was one of the very ways in the past to transact, most customers still prefer bank transfers. Although bank transfers may be slower, it is also safe. However, bank wire transfers are seldomly used for international transactions except huge funds are involved.

Wrapping Up

No doubt, e-wallet, and credit or debit methods are the most secure and fastest. However, cryptocurrency is safe too but not currently accepted by all e-commerce platforms. Bank transfers are still safer but they are slower. Also, it is difficult to halt a transaction if it is done via bank transfer. Therefore, you can opt for Paypound for safe and secure e-commerce transactions.

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