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perks live now.
A payment method refers to the way a customer chooses to pay for a product or service. It includes various options such as credit cards, debit cards, digital wallets (like Apple Pay or Google Pay), bank transfers, Buy Now Pay Later (BNPL) services, and even cryptocurrency in some cases.
In both ecommerce and physical retail, payment methods are central to completing a transaction and can significantly impact conversion rates.
Offering multiple and convenient payment methods enhances the customer experience and removes friction at checkout. The right mix of payment methods can:
For merchants, aligning with customer preferences is key to reducing cart abandonment.
Common types include:
Selecting the right payment methods depends on your audience, location, and business model.
A customer is checking out on an online electronics store. At the payment step, they see multiple payment methods available, like credit card, UPI, PayPal, Apple Pay, and Cash on Delivery.
They choose UPI, enter their UPI ID, approve the payment on their phone, and complete the purchase instantly.
To boost conversions, offer localized payment methods based on your customers’ location and allow saving of preferred payment options for future purchases.
