Offering alternative and local payment methods has become essential for merchants aiming to stay competitive and deliver a modern customer experience. Consumers now expect flexibility in how they pay, with preferences spanning from traditional credit cards to digital wallets and Buy Now Pay Later options.
Customers want a frictionless checkout experience, whether they’re shopping online or in-store. Offering alternative payment methods such as digital wallets (Apple Pay, Google Pay), Buy Now Pay Later (BNPL) options, or mobile payments allows them to choose their preferred payment method, leading to greater convenience and satisfaction.
Expanding into international markets necessitates adapting to regional payment preferences. For example, in Asia, mobile wallets and QR-code-based payments are dominant, while Europe prefers digital bank transfers. Merchants who offer alternative and local payment methods tailored to specific regions can more easily penetrate global markets.
A variety of payment options reduces cart abandonment. Studies show that customers are more likely to complete a purchase when their preferred payment method is available. This directly impacts conversion rates, especially in mobile and global eCommerce where preferences differ by market.
Offering the payment methods your customers prefer builds loyalty and trust. When merchants meet consumers’ payment preferences, they create a positive purchasing experience, leading to repeat business and long term customer retention.
As large retailers and eCommerce giants offer a broad array of payment options, customers expect smaller merchants to do the same. To remain competitive, merchants need to keep up with payment trends to meet the expectations set by industry leaders.
