What is the Most Popular Payment Method Online in 2022?
In 2012, bitcoin was a novelty. Today, it is the fastest-growing payment method online, surpassing even credit cards and debit cards. Bitcoin's popularity relies on the fact that it can be used without any banking intermediaries. Compared to debit card payments, bitcoin is not widely used, and not everyone knows how to use it. However, at a certain point in time, it will play a key role in e-commerce.
Today, eWallets have become the most popular payment method for online shoppers. Currently, they account for nearly 50% of all eCommerce transactions worldwide. They've already surpassed credit cards as the number one choice for shoppers. In Asia Pacific alone, eWallets had a 60% share of all transactions. They're also poised to increase their market share even further in the coming years.
PayPal is another big player in the payment space. The buy now, pay later installment financing service has hooked consumers in recent years and is expected to make a major impact by 2022. It enables consumers to spread payments over several months or years. With the rising popularity of e-commerce, the buy now, pay later players have managed to fend off the competition from card giants, large banks and PayPal.
What is the most popular payment method online in 2022? The payment industry has changed a lot in the last two years because of the covid-19 pandemic. The world has seen a spike when it comes to the demand of contactless payment. People these days do not prefer to transact using cash as it may be a medium for virus transfer however they prefer to use contact less payment options(Virus free payment gateway). In countries like India the most common payment method is UPI. In the United States of America most of the customers preferNFC cards, Apple pay or Google pay. In other Asian countries people prefer contactless payments using NFC cards as well as bank to bank transfer. Definitely the most popular payment method in the year 2022 will be contactless payment method.